EUR/USD, USD/JPY, NOK Flows: Trump and Korea keep eye on oil, tech, into FOMC

Not the most helpful backdrop to the FOMC with oil further lifting off its recent correction, Brent front- month now up over $5 ½ as Trump pledges to 'hit Iran hard' after attacks on bases in Jordan. Obviously threatens to pull the rug on the recent, if poorly observed, pause, with way too many proxy skirmishes for things to settle at all. UST yields up modestly on the day if still largely in wait and see.

S.Korea meanwhile announcing another series of equity moves amid the recent freefall (albeit freefall from the prior vertical rally). More ETF restrictions but also preparing legal ground for market stabilisation measures. Whether that actually steadies or instead adds to panic and required liquidation, and any ripple out from Korea to wider regional and tech risk, is certainly on to watch.