Currency markets stall as geopolitical narratives fade
Good morning. Foreign exchange markets are giving back the weekend’s moves as Venezuela-related geopolitical concerns recede, shifting attention to US macro conditions. The trade-weighted dollar is moving sideways after a restrained round trip, while traditional havens—the yen and Swiss franc—are coming under light selling pressure, leaving the British pound and Australian dollar slightly ahead. Ten-year Treasury yields are steady near 4.17 per cent, equity futures are pointing to a flat open, and cross-asset implied volatility remains subdued. Many of the biggest oil majors saw share prices rise yesterday, especially after Donald Trump suggested that the US might subsidise their efforts...