EUR

• Geopolitical jitters. US/Iran tensions dampen sentiment. Equities lower, oil firmer. Cyclical currencies like AUD & NZD weaken. AUD at ~2-month low.• Data pulse. US CPI confirmed an oil-driven acceleration in headline inflation. ECB expected to hike rates tonight. US producer prices also released. Global Trends Risk sentiment has remained on the backfoot with renewed hostilities in the Middle East dampening the market mood. Following President Trump’s proclamation the US would ‘strike Iran hard’ the US launched strikes on multiple targets. The latest moves highlight President Trump’s growing impatience with the stalled ‘peace efforts’/negotiations. Recall, the initial ‘two-week ceasefire’ began...

• Market wobbles. Renewed tensions in the Middle East dampen sentiment. Tech stocks slip back again. AUD still on the backfoot. AUD underperforms.• Macro news. AU consumer confidence falls further below average. Doubts RBA may hike again. US CPI out tonight. Jump in US inflation may generate vol. Global Trends More wobbles and volatility across financial markets overnight. Tension and uncertainty in the Middle East remains. On the one hand, there were reports Kuwait is offering to sell oil to refiners in Asia for the first time since the conflict kicked off and that oil/gas supply via the Strait of...

• Market swings. Modest improvement in sentiment overnight after risk aversion on Friday. Markets bring forward US rate hike pricing. AUD near 2-month low.• US data. Better than expected US jobs report on Friday. US CPI out this week. Markets may continue to adjust their US Fed thinking. More vol. expected. Global Trends A few turbulent sessions across markets the past few days with a rather acute bout of risk aversion on Friday night and during yesterday’s Asian trade partially unwound overnight. Risk appetite improved a bit during last night’s US trade on the back of Middle East headlines. After...