Daily Market View 08-05-2026

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Daily Market View 08-05-2026
1:02

Labour thrashed, predictably so, less predictable is the Gulf

1 Minute Market Rundown

  • UK Labour party suffers serious losses in early local election results as Reform storms ahead
  • Pound steady in aftermath of results, recovering much of its losses against the Dollar late last night as the US and Iran clashed in the Gulf
  • US Naval assets fired missiles at targets within Iran, even as the Iranians are said to be mulling peace proposal from the US


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With the UK local elections, I was hoping that I may get the chance to write about something other than the Gulf, but alas, the President has finished that hope off. Late last night, US forces conducted several strikes within Iran, targeting missile launch sites and various other military targets. 

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I do not suspect that this is yet another Trump rug pull of those hopeful of peace, this may actually be a more kinetic and forceful attempt to bring Iran to the table more quickly. Although, so far at least, the Iranians have shown themselves pretty resistant to threat and so the chances of this backfiring and actually making the Iranians less likely to negotiate. 


Overall, I suspect this weekend will all the difference when it comes to the conflict. 

Markets Today

*Please be aware the below rates represent the market rate at 7:30 AM, contact your Caxton dealer on check online for a live quote

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Today's Economic Calendar

No major releases today 

 

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