Currency markets brace for modest moves as Iran strikes fail to shift strategic calculus
Currency markets are set for a jolt when trading resumes this afternoon, though the reaction may prove less dramatic than the weekend’s headlines might suggest. US and Israeli strikes on Iran have sent missiles arcing across the Middle East and claimed the life of Supreme Leader Ali Khamenei, prompting celebrations in Iranian cities. Yet for all the pyrotechnics, the military campaign appears calibrated to avoid the kind of escalation that would force a wholesale repricing of risk assets. American and Israeli forces are conducting what military planners often describe as “lawn mowing” operations—hits on missile infrastructure and targeted assassinations of...