EUR

Good morning. The dollar is holding firm as a new outbreak of hostilities in the Middle East sends oil prices to their highest since late July, raising the stakes ahead of Friday’s US inflation report—and next week’s Federal Reserve meeting. Brent crude, the global benchmark, is holding near $100 a barrel after the US and Iran each attacked oil tankers over the weekend, and Yemen’s Iran-backed Houthis struck energy facilities and cities across Saudi Arabia. Ten-year Treasury yields are near levels last seen in January 2025, equity futures are pointing to a weaker open, and speculators are paring long bets...

Good morning. The dollar is back on the defensive after the yen posted its biggest two-day gain since last month’s historic US-Japanese intervention. Brent crude is trading just below $95, after this week’s escalation in military hostilities between the US and Iran. Sovereign-bond yields are steadying below their recent highs, and equity futures are holding firm ahead of the North American open. The euro and pound are treading water amid a lack of domestic catalysts. The yen is up almost 2%, having surged twice in the last day. The causes are somewhat mysterious. One possibility is that the moves were...

Good morning. The dollar is advancing against all its major counterparts as the conflict in the Middle East turns hot and the rout in global bond markets grinds on. The euro, pound, and yen are trading softer ahead of a raft of US data releases, including the monthly ADP employment print, durable goods orders, and Beige Book survey—none of which are typically market moving, but any of which might contribute to expectations for monetary tightening in the months ahead. Oil prices are climbing after the US launched another round of strikes on Iranian targets—including two tankers—and Tehran said it had...