USD, SEK, NZD flows: Some relief at partial ceasefire; Iran yet to review
Pullbacks on yesterday's sharp moves after Trump does intervene
Story remains the only focal point at present
Yesterday’s panic somewhat tempered after Trump does intervene, speaking to Hezbollah through intermediaries and Netanyahu, with Israel agreeing to pull back troops preparing to attack southern Lebanon, and a partial ceasefire agreed, though fighting does continue. Oil has backed off yesterday’s highs, Nymex on a $91 handle, after almost hitting $95 yesterday, if still off the mid $80s seen last week. Likewise, some back off seen in the dollar across the board after Monday’s haven lift. Still very much the only real focal point for the market at present, even with the relentless US-centric tech rally and relative US macro strength as an unbroken story in the background.
Iran's Mehr News meanwhile says Iran has not yet responded to the US' latest proposed final agreement. At the moment, betting odds have slightly improved but the market is only slightly leaning back to a next announcement by June 30, so the market isn't really buying into Trump's suggestions that a deal could be seen as early as next week after seeing hopes dashed a number of times to date.
UK has money and credit data and the EZ May HICP but both neither are the main interest today.