---
title: Daily Market View 08-05-2026
description: Tensions rise in the Gulf as US strikes Iran amidst local election shifts in the UK, impacting currency markets and creating uncertainty in FX trading.
---

[FX News | Caxton Daily Market View ](https://caxton.io/fx-news)

# [Daily Market View 08-05-2026](https://caxton.io/fx-news/daily-market-view-08-05-2026)

 Written by [David Stritch](https://caxton.io/fx-news/author/david-stritch) | May 8, 2026 8:47:48 AM

# Labour thrashed, predictably so, less predictable is the Gulf

USD -

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. 

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

## Today's Economic Calendar

## No major releases today 

 

[View full post](https://caxton.io/fx-news/daily-market-view-08-05-2026)

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