The ceasefire between Israel and Iran appears to be holding. A quick glance at financial markets confirms that most traders believe the conflict is over for now. Crude oil prices have totally collapsed since Monday, meaning no one is expecting any supply disruptions in the region. Brent Crude futures are back down to $68 a barrel, $10 down from just a couple of days ago. Gold is once again struggling to justify its high price tag and is now down to $3,330 an ounce. US indices put in solid performances on Tuesday, with all three majors gaining over 1% and the S&P 500 and Nasdaq Composite climbing to within a short step to their respective record highs.
On the other side of the equation, the Dollar is taking an absolute beating. The DXY is currently floundering below 98 and looks tempted to plunge to new multi-year lows. The Euro edged above $1.16 yesterday while the Pound Sterling closed above $1.36 – both multi-year highs against the Greenback. Weakness in the Dollar followed comments from Fed Governor Michelle Bowman, who on Monday suggested that the central bank might be in a position to lower interest rates as early as July. The comments follow those of Governor Christopher Waller, who last week also claimed that the Fed could start cutting rates during the next meeting. Friday’s PCE price index may well be pivotal in this regard.
Besides crude oil, one of the more aggressive pivots sparked by the ceasefire in the Middle East occurred in cryptocurrencies. Bitcoin’s sojourn below $100,000 was short-lived indeed, rising back above $105k on Monday and pushing higher still yesterday and this morning. After rising to 66%, Bitcoin dominance has taken a hit over the past few sessions, allowing the broader crypto market to catch up.
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