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Good morning. Currency markets are still struggling to navigate conflicting signals from the Middle East. Iran’s deputy foreign minister reportedly told Sky News Arabia that Tehran might be willing to surrender its enriched uranium stockpile in “return for something good”, but an empty tanker was struck off the coast of Kuwait overnight, pointing to a widening campaign against Gulf shipping....
An uneasy sense of calm is settling on currency markets this morning as signs emerge that the conflict in the Middle East may be approaching a negotiated end. According to the New York Times, Iranian intelligence officials have made indirect contact with their US counterparts to “discuss terms for ending the conflict,” dovetailing with a shift in tone from president Trump, who said in a Sunday interview...
• Market swings. Middle East conflict generated a burst of volatility overnight. Equities declined, oil prices rose. AUD traded in a ~2.5% range yesterday.• Macro news. AU Q4 GDP today. RBA Gov. Bullock noted the March meeting is “live”. China PMIs also due. US ISM services & ADP employment out tonight.
Global Trends
The broadening conflict in the Middle East and concerns that it...
Good morning. The dollar is steamrolling its major rivals for a second consecutive session as geopolitical risks and inflation fears reinforce one another. With the conflict in the Middle East showing few signs of easing, and shipping through the Strait of Hormuz effectively halted, traders are unwinding cross-border positions and retreating to the world’s deepest and most liquid financial markets...
Good morning. Financial markets are experiencing violent price action after the weekend’s US-Israeli strike on Iran triggered a classic—if short-lived—flight to safety and a sharp repricing in global energy markets. With shipping through the Strait of Hormuz grinding to a standstill and Gulf producers curtailing output, crude prices are up roughly 9 percent from Friday’s close, while natural gas benchmarks...
• Geopolitical nerves. US/Israel conflict with Iran has dampened risk sentiment in early Asian trade. USD firmer. NZD slips back. AUD underperforms.• Lingering risks. Market nervousness may persist for a while. Focus on oil. Risk of a jump up in prices. This could have macro impacts & be USD supportive.
Global Trends
The weekend geopolitical news looks set to dominate the market action, at...