USD

Good morning. The dollar is beating a retreat from two-week highs as traders process the implications from four major central bank decisions, three critical economic data releases, another leg higher in crude prices, and a “final” currency intervention warning from Japanese authorities. The Federal Reserve left interest rates unchanged in a meeting that exposed a growing hawkish tilt among many members of the policy committee. With inflation risks intensifying, regional presidents Hammack, Kashkari, and Logan backed the decision to hold but objected to statement language implying the central bank will eventually resume easing. Governor Miran again dissented in favour of...

Oil benchmarks and the dollar are extending yesterday’s gains after the Wall Street Journal said US president Donald Trump is preparing to maintain an indefinite blockade against Iranian shipping, rather than accepting Tehran’s peace proposal or resuming military attacks. Barrels of Brent crude are trading for more than $114, while West Texas Intermediate changes hands for $103, and the greenback is reversing last week’s losses as hopes for a diplomatic resolution to the conflict fade. Equity futures, by contrast, are climbing ahead of the open as investors anticipate strong earnings from a number of technology behemoths, including Alphabet, Amazon, Meta,...

Good morning. The dollar is advancing and Brent crude prices are back above $110 a barrel as the US and Iran fail to make meaningful progress toward a deal that might relieve strain on global energy markets. Over the weekend, Iranian Foreign Minister Abbas Araghchi reportedly proposed that Tehran and Washington end their blockades and maintain a regional ceasefire while postponing nuclear talks to a later date, but the White House response was cool: press secretary Karoline Leavitt said President Trump was reviewing the proposal, adding that his red lines on Iran had been made “very, very clear”. With oil...