Market Brief, North America

Good morning and welcome back. The US dollar is struggling to climb off a three-month low as traders digest last week’s Treasury buyback announcement and the breakdown in US-Canada trade negotiations, and await Friday’s speech from Federal Reserve chair Kevin Warsh at Jackson Hole. Treasury yields are holding steady, equity futures are pointing to modest gains at the open, and the euro, pound, yen, and Swiss franc are all marginally softer—but still up solidly relative to a week ago. The dollar tumbled last week when Treasury Secretary Scott Bessent said his department would “at least” double its purchases of long-term...

Good morning. Markets are shifting onto a broadly positive footing after Iran said that it had reached a deal with Oman to permit shipping through the Strait of Hormuz. Under the temporary arrangement reported yesterday, tankers would pass without charge for sixty days—though Iran is said to want an eventual toll of 5-7% of cargo value, against the 3% Oman favours. The Trump administration appears content to let this play out: stocks of key munitions are running low, and mid-term elections are looming. Brent crude is steady around $80 a barrel and Treasury yields are holding firm, while equities are...