Houthi attacks in Red Sea causing bigger impact on supply chain than early pandemic
Source Fxstreet
A maritime advisory firm Sea-Intelligence said the disruptions to shipping from the Houthi rebel attacks in the Red Sea are already more damaging to the supply chain than the early COVID-19 pandemic.
The vessel capacity drop is the second largest in recent years. The only single event with a bigger impact than the Red Sea crisis was “Ever Given,” the giant cargo ship that got stuck in the Suez Canal for six days during March 2021.
Market reaction
At the time of writing, the US Dollar Index (DXY) is trading near 103.17, down 0.08% on the day.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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AUD/USD holds ground near 0.6700 due to cautious RBA toneAUD/USD moves little after two days of gains, hovering around 0.6700 during the Asian hours on Friday. The pair steadies as the Australian Dollar (AUD) receives support amid cautious sentiment surrounding the Reserve Bank of Australia’s (RBA) policy outlook.
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