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Good morning. The dollar is recovering from yesterday’s losses as crude prices ricochet higher following a series of Iranian strikes on energy infrastructure in the Persian Gulf and near the Strait of Hormuz. Brent and West Texas Intermediate are each up more than 3 percent on the session after a tanker was struck by a projectile in the Gulf of Oman, and drone attacks hit the United Arab Emirates’...
There was lots of drama over the weekend. Sinners. One Battle After Another. A Shakespearean tragedy. The Secret Agent. Mr Nobody Against Putin. And that was just the Middle East — the Oscars were on too.
Markets are reversing direction and turning cautiously optimistic after several oil tankers navigated the Strait of Hormuz over the weekend, easing fears of a prolonged disruption to crude flows...
• Market nerves. Higher oil prices & Middle East developments dampened risk sentiment on Friday. USD firmer. NZD & AUD underperform.• Macro events. Central banks in the spotlight this week. High chance of a RBA rate hike. But its not guaranteed. AUD volatility around the RBA likely.
Global Trends
Risk sentiment remained negative at the end of last week with the situation in the Middle East...
The Federal Reserve’s preferred inflation measure landed in line with expectations in January, but left markets mostly unmoved, given that it predated the Iran conflict and was stale on arrival. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.4 percent from the prior month, accelerating slightly to 3.1 percent on a...
• Oil jolt. Another jump in oil prices weighed on sentiment. Equities lower, USD firmer. NZD weaker. AUD underperforms after its strong run.• Twists & turns. Markets pricing a supply risk premium in oil. More volatility likely. RBA next week with chances of a rate hike now sitting at ~70%.
Global Trends
Middle East developments continue to be in the driver’s seat. Sentiment remained negative...
Inflation slowed in the United States last month—before the war in Iran sent oil prices spiralling higher and triggered a sharp reappraisal of the Federal Reserve’s expected policy path. According to data published by the Bureau of Labor Statistics this morning, the core consumer price index—with highly-volatile food and energy prices excluded—rose 0.2 percent in February from the prior month, decelerating...