USD flows: Tech, yields, and Iran remain in focus

Twin focus still on Iran backdrop and tech performance (and yields). Israel continues to destabilise the ceasefire progress, targeting the Mahshahr complex in the first energy strikes since the ceasefire. That despite Trump reportedly telling Netanyahu to refrain from further attacks (‘he doesn’t call the shots’) after Iran responded to the strikes in southern Lebanon.  Brent up around $3. US2s remain up at the yield highs, just off 4.2%.

On the tech side, Kospi dumped -8.3% on the back of Friday’s US price action, but the Nasdaq future is currently holding around flat as is copper. Still to be seen though how the correction fares once the next US session gets under way.  Nasdaq comp’s got another 3.5% or so to go if its going to pull all the way back to the 50dma for instance.

Dollar steadies overnight but retains a better bid and still scope to extend the retracements of the moves from late March.