From Marc Chandler at Bannockburn Global Forex:
The markets have put much stock in President Trump’s signal that the war on Iran may be nearly over. News today suggests that the Strait of Hormuz remains mostly blocked and several European countries have committed more military hardware to defend the UAE. In the fog of war, public pronouncements are part of the war effort. Nevertheless, the markets seem hopeful. Still, the follow-through enthusiasm from yesterday appears to have run its course, and it is as if they are waiting for fresh developments or clarification.
The dollar is mostly narrowly mixed against the G10 currencies. April WTI extended yesterday’s setback but is several dollars a barrel off the earlier low (~$84.45). Equities are higher. China reported another large trade surplus while the PBOC set the dollar’s fix relatively sharply lower (0.25%) to a new multi-year low....
....MUCH MORE
