DXY is holding on.
AUD is breaking down somewhat.
Lead boots are getting heavier.
The Trump fool has unleashed oil.
Metals no bueno.
Miners far to fall yet.
EM meh.
Junk still OK.
US markets were closed but the European tell is heading south fast.
War is not complex. Credit Agricole.
Investors remain on tenterhooks as tensions in the Middle East remain high.
President Donald Trump has suggested the US could join Israel’s attack against Iran’s nuclear facilities as soon as this weekend while also holding out the hope of negotiations with the regime. A hawkish tilt to the Fed’s on-hold decision also weighed on sentiment.
FOMC Chair Jerome Powell expressed concern that tariffs could generate persistently higher inflation. The Fed’s summary of projections shifted towards indicating a stagflation scenario and pointed to the Committee being more focused on the inflation side of its dual mandate, according to our US
economist.
At the time of writing, most Asian bourses as well as S&P500 futures were trading in the red. Risk-off trading led to the Antipodean currencies underperforming during the Asian session and the JPY and USD outperforming.
Soft Australian labour market data weighed on the AUD. A modest upside surprise in NZ’s GDP data did not help the NZD.’
The Trumpian idiot has done it again. Putting a two-week deadline on Iran to do nothing in particular is just allowing oil a free rein to run on speculation.
Once again, MAGA proves to be little more than the convulsions of a narcissistic con man with no core values at all.
Increasingly, I am of the view that Trump is not the saviour of MAGA, he is its destroyer.
Along with the Persians and, so long as the deadline to nowhere continues, the AUD.
