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Latest Analysis
Iran optimism fades, leaving FX markets bracing for more turbulence
26 March, 2026
Good morning. Risk appetite is deteriorating across the financial system as the Middle East conflict shows little sign of easing ahead of President Trump’s deadline for resuming military strikes...
Markets rally on peace hopes
25 March, 2026
A wave of cautious optimism is washing over financial markets after the United States reportedly offered Iran a 15-point peace plan, reinforcing the belief that Washington is looking for an exit from the...
Oil prices retrace higher as Mideast conflict continues
24 March, 2026
Energy prices are ratcheting higher once again as fighting in the Middle East rages unabated, suggesting that President Donald Trump’s efforts to find a diplomatic off-ramp have not met with success thus...
Twists & turns
23 March, 2026
• Risk reversal. Comments by Pres. Trump saw oil prices fall & sentiment improve. USD weaker. AUD ticked up, but AUD also underperforms on crosses.• Fragile markets. Situation in Middle East remains...
Markets stage violent reversal after Trump signals de-escalation in Iran conflict
23 March, 2026
Oil prices are tumbling and currency markets are snapping back toward pre-war levels after President Donald Trump said that Washington and Tehran had held “very good and productive conversations”...
Middle East concerns & spillovers
22 March, 2026
• Market nerves. Concerns about the duration of the Middle East conflict & global economy remain. Equities fell on Friday, bond yields rose. AUD underperforms.• Risk radar. Situation in Middle East...
Oil prices soar as Mideast conflict widens
19 March, 2026
Global energy benchmarks are approaching last weekend’s panic-driven highs as the Middle East conflict shows signs of spiralling out of control. Brent is trading above $115, West Texas Intermediate...
Market wobbles return
18 March, 2026
• Negative vibes. Another jump in energy prices & upward repricing in interest rates dampened risk sentiment. USD firmer. AUD & NZD underperform.• Macro news. Asia exposed to higher energy costs....
Fed holds rates, downplays oil price-driven shift in risk calculus
18 March, 2026
The Federal Reserve left interest rates unchanged this afternoon and did little to acknowledge an Iran war-driven shift in the balance of risks facing the US economy in the accompanying statement, suggesting...
Bank of Canada holds, signals willingness to look through energy price shock
18 March, 2026
As markets had overwhelmingly anticipated, the Bank of Canada left its policy settings on hold this morning, and expressed concern over persistent weakness in the Canadian economy, suggesting that policymakers...