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09 Jul 2026
Karl Schamotta, Chief Market Strategist
Good morning. Oil prices and currency markets are stabilising after yet another escalation in the conflict between the United States and Iran left the status quo* in the Strait of Hormuz largely intact. In the aftermath of Tuesday’s Iranian attacks on shipping, President Trump said the ceasefire was “over” and authorised American forces to launch a second wave of strikes against Iranian targets last...
08 Jul 2026
Karl Schamotta, Chief Market Strategist
Good morning. The dollar is advancing and oil prices are climbing after a fragile ceasefire between the US and Iran collapsed, endangering a nascent recovery in global energy supplies. A series of Iranian missile and drone attacks on commercial shipping yesterday prompted the United States to revoke a sanctions waiver that had allowed Tehran to sell oil on international markets and to launch more than...
07 Jul 2026
Karl Schamotta, Chief Market Strategist
Good morning. Foreign exchange markets are enjoying a quiet, range-bound session, with most currencies little changed against the dollar amid a lack of first-tier economic data and a paucity of geopolitical catalysts. Treasury yields are inching lower, equity futures are pointing to a modest drop in the Nasdaq at the open, and all of the major currency pairs are less than 0.1% off yesterday’s close.
Oil...
06 Jul 2026
Peter Dragicevich, Currency Strategist, APAC
• US markets. US stocks rose with the tech sector leading the way. USD Index treads water. The AUD ticked up thanks in part to strength on the crosses.• Data flow. Limited data releases in Australia & the US. RBNZ meets tomorrow. Will the RBNZ deliver its first interest rate hike of this cycle?
Global Trends
It has been a relatively positive start to the new week in US markets. US equities...
06 Jul 2026
Karl Schamotta, Chief Market Strategist
Good morning. The dollar is holding firm even after Thursday’s disappointing non-farm payrolls report triggered a pullback in Federal Reserve tightening expectations. American employers added just 57,000 workers in June, far short of the 115,000 forecast, and revisions lopped a combined 74,000 from the previous two months. The unemployment rate fell to 4.2%, but not because of a pickup in hiring—labour-force...
02 Jul 2026
Peter Dragicevich, Currency Strategist, APAC
• US jobs. Non-farm payrolls weaker than expected. Some noise in the monthly report. US Fed rate hike pricing pushed back. USD softer. AUD a bit firmer.• JPY focus. Reports out of Japan indicate officials may move to a less predictable FX intervention strategy. Will they step in during the US holiday?
Global Trends
Ahead of the US’ Independence Day long weekend markets were focused on the latest...
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