DAILY REPORTS

NZD Offered Post RBNZ Hike, While CAD Bids On BoC Hawkish Hold
NZD Offered Post RBNZ Hike, While CAD Bids On BoC Hawkish Hold
Markets remained defensive as US-Iran tensions escalated further, with Iran targeting US bases in Iraq and Bahrain with missiles and drones, while Kuwaiti air defences also confronted hostile drones. The... Read more...
DXY Outperforms On Fresh US Strikes On Iran - Yields Rise Across The G10
DXY Outperforms On Fresh US Strikes On Iran - Yields Rise Across The G10
Markets turned more defensive as US-Iran tensions escalated further, with Trump confirming that the US was striking Iranian targets near the Strait of Hormuz in retaliation for Iran’s attempted sea-mining... Read more...
Repeated US Strikes On Iran Over The Weekend - Trump Weighs Further Limited Strikes
Repeated US Strikes On Iran Over The Weekend - Trump Weighs Further Limited Strikes
Markets turned more defensive as US-Iran tensions escalated over the weekend, with US forces striking IRGC missile and minelaying capabilities on Larak Island, prompting Iran to retaliate with missile and... Read more...
No US/Iran Resolution In Sight Ahead Of The Fed' Warsh Speech at Jackson Hole
No US/Iran Resolution In Sight Ahead Of The Fed' Warsh Speech at Jackson Hole
Markets turned marginally defensive as US-Iran tensions hardened, with Oman reportedly stopping cooperation with the US on escorted tanker movements through southern Hormuz and Iran reiterating that hostile-country vessels are... Read more...
Aussie and Greenback Outperform On The Back Of Hot Inflation Prints
Aussie and Greenback Outperform On The Back Of Hot Inflation Prints
Markets remained more constructive on the US-Iran situation, with Rubio saying the US is shifting from strikes toward sanctions and that no new US strikes are expected for the time... Read more...
Canada Retaliates as Crude Complex Slips on Constructive Headlines
Canada Retaliates as Crude Complex Slips on Constructive Headlines
Markets turned more constructive on the diplomatic side, with reports of significant progress in the high-level talks in Tehran helping to push the geopolitical premium out of oil. Reports that... Read more...
US/Canada Trade Talks Collapse - Carney Vows To Retaliate Dollar-for-Dollar
US/Canada Trade Talks Collapse - Carney Vows To Retaliate Dollar-for-Dollar
Trump reiterated warnings against countries providing Iran with a lifeline, while the US Treasury sanctioned nearly 60 Iran-linked entities, people and vessels across nuclear, missile, cyber and oil networks. Bessent... Read more...
Long-End Treasury Yields Rebound - US/Iran Economic Warfare Continues
Long-End Treasury Yields Rebound - US/Iran Economic Warfare Continues
US-Iran tensions continue to rise, with Trump announcing sweeping economic measures targeting Iran and threatening significant consequences for countries and entities providing Tehran with financial or economic support. Trump also... Read more...
Long-end US Treasury Yields Sell-Off On Buyback Announcement
Long-end US Treasury Yields Sell-Off On Buyback Announcement
Markets remained cautious as the US-Iran conflict showed no sign of resolution, with Trump reportedly shifting toward a longer-term pressure strategy while talks remained uncertain. Iran continued to assess potential... Read more...
US 30yr reaching 5.32% - Geopolitical Uncertainty and Firmer Crude Prices
US 30yr reaching 5.32% - Geopolitical Uncertainty and Firmer Crude Prices
Markets remained cautious as US-Iran developments continued to point toward a stalemate, with reports of an agreement in principle to extend the ceasefire offset by Iran rejecting ceasefire proposals and... Read more...
USD Sold Off As Market Continues To Reprice The Fed
USD Sold Off As Market Continues To Reprice The Fed
Markets remained cautious as US-Iran headlines kept the geopolitical backdrop highly fluid, with conflicting signals around the 60-day truce and the Strait of Hormuz. Reports of progress between Iran and... Read more...
Dollar Sold Off On Fed Dovish Repricing Post Inflation Data
Dollar Sold Off On Fed Dovish Repricing Post Inflation Data
Markets remained cautious as the US intensified its maximum pressure campaign on Iran, with Treasury Secretary Bessent signalling further measures targeting Iranian bank accounts and digital currencies, alongside economic isolation... Read more...
Soft PPI Print Affirms Fed's Hold View
Soft PPI Print Affirms Fed's Hold View
Markets remained mixed as US-Iran headlines provided rhetoric rather than tangible progress, with Iran saying talks with Oman were ongoing and positive while Pakistan continued efforts to extend the truce.... Read more...
US CPI Print In Line With Expectations - 25bps Hike Remains Fully Priced
US CPI Print In Line With Expectations - 25bps Hike Remains Fully Priced
Financial markets remained cautious as optimism around a reopening of the Strait of Hormuz continued to fade, with Iran reiterating that the strait will remain closed until its conditions are... Read more...
FOMC Underdelivered On Market Expectations - Dollar Offered
FOMC Underdelivered On Market Expectations - Dollar Offered
The FOMC held rates at 3.50–3.75% as expected, although the 9-3 vote split, with Hammack, Logan and Kashkari dissenting in favour of a 25bp hike, initially reinforced the hawkish backdrop.... Read more...
Conflict Eases Over Weekend / SNB On Hold Until The End Of 2027
Conflict Eases Over Weekend / SNB On Hold Until The End Of 2027
Financial markets began the week on a firmer footing after the US paused strikes against Iran over the weekend, easing immediate escalation concerns and supporting a broad improvement in risk... Read more...
Conflict Continues While The Oil Flow Through SoH Decreases
Conflict Continues While The Oil Flow Through SoH Decreases
Markets remained focused on the US-Iran conflict, with CENTCOM conducting a 13th consecutive night of strikes against Iranian military targets. President Trump said Iran wants a deal but is "not... Read more...
Escalation Continue to Drive Oil prices, Treasury yields and the US Dollar
Escalation Continue to Drive Oil prices, Treasury yields and the US Dollar
Markets remained driven by the US-Iran conflict, with both sides exchanging strikes for a 12th consecutive night. President Trump said Iran is "getting hit so hard" and believes Tehran wants... Read more...
Energy Continues To Lead Broader Macro Sentiment
Energy Continues To Lead Broader Macro Sentiment
Markets remained focused on the US-Iran conflict, with the US carrying out an 11th consecutive night of strikes against Iran. The tone remained escalatory after President Trump warned that any... Read more...
Trump Dismisses Ceasefire Proposal - DXY, US Yields and Equities Bid
Trump Dismisses Ceasefire Proposal - DXY, US Yields and Equities Bid
Markets remained dominated by the escalating US-Iran conflict, with investors balancing hopes for diplomacy against a steady stream of increasingly hawkish rhetoric from Washington. Read more...
Middle East War Broadening Increasing Defensive Flows
Middle East War Broadening Increasing Defensive Flows
Markets stayed focused on the US-Iran conflict, with the US carrying out a sixth consecutive night of strikes. Iran said power facilities, bridges and civilian infrastructure were hit, while warning... Read more...
Further Escalation in the ME Driving Flows in the USD
Further Escalation in the ME Driving Flows in the USD
Iran's top military commander warned the Strait of Hormuz is a red line and threatened to "crush" regional infrastructure if the US continues its campaign. Reports also suggested Iran instructed... Read more...
US Soft Inflation Data triggers Fed's Repricing - USD Offered
US Soft Inflation Data triggers Fed's Repricing - USD Offered
Markets remained focused on the escalating conflict between the US and Iran after the US carried out fresh strikes overnight, with President Trump warning that further attacks would follow on... Read more...