Open, Shut Them
• Ongoing uncertainty. Weekend news the Strait of Hormuz has been closed dampened sentiment. USD a bit firmer. AUD gives back some ground.• Volatile situation. More twists & turns likely. Impact on global economy still in its infancy. Q1 NZ CPI due (Tues). Global PMIs also out this week (Thurs). Global TrendsMiddle East related events have remained in the driver’s seat with the unfolding situation generating bursts of volatility. Risk sentiment was upbeat at the end of last week due to news the Strait of Hormuz had re-opened to commercial traffic. On Friday the US S&P500 (+1.2%) reached a fresh...