investingLive Asia-pacific FX news wrap 14 Jul

Asia-Pacific markets were driven by a sharp escalation in Middle East tensions and strong Chinese trade data. Oil extended a move higher after Monday’s >9% jump as US strikes on Iran and a naval blockade of Iranian shipping intensified supply-risk concerns. Gold briefly dipped below $4,000 as the inflation and Fed-hike implications of surging oil outweighed safe-haven demand. The New Zealand dollar strengthened after RBNZ chief economist Conway reinforced a hawkish stance, saying further tightening could follow if conflict-driven inflation persists. The yen saw only a short-lived boost from comments suggesting Japan’s GPIF asset allocation could be reviewed. Separately, China’s June exports and imports beat forecasts by a wide margin, supporting the outlook for stronger near-term growth. South Korean equities weakened further, with the KOSDAQ falling 5% and triggering a five-minute sidecar halt.