A weekend update on the Middle East, where there are no reports that the ground war in Gaza has begun yet.

  • An convoy of trucks carrying emergency aid has entered into Gaza
  • The aid, a consignment of food, water and medical supplies, has arrived while air attacks continue
  • The UN and US have warned Hamas from stealing the supplies, that the aid is intended for the Palestinian people: "We have been clear: Hamas must not interfere with the provision of this life-saving assistance" (US Sec State Blinken)
  • A summit in Cairo failed to reach a ceasefire agreement


For markets, the impending ground war saw shifts into 'haven' Treasuries at the end of the week, albeit against the persistent UST downtrend.

CHF also gained towards the end of last week, hourly candles chart:

CHF hourly candles 22 October 2023

No ground war over the weekend should be likely to prompt tentative moves back into non-safe haven assets at the beginning of the new trading week.