From Marc to Market:
War developments pulled in both directions, leaving investors on edge. On the one hand, Iran struck an oil tanker, carrying Kuwait oil, in port in Dubai. On the other hand, reports suggest President Trump told aides he is willing to wind down hostilities and pressure Iran diplomatically to re-open the Strait of Hormuz. May WTI has held about $100 today and approached $107 a barrel. June Brent reached almost $110 and is now almost flat on the day around $107.50.
The dollar is narrowly mixed with a slightly firmer profile. The jump in the eurozone’s CPI this month was no surprise. There are large options struck at $1.15 that expire today and tomorrow that may help block much of a euro recovery. Tokyo reported softer March CPI but also weaker February industrial production and retail sales. Still, the greenback has held below JPY160. Several Fed officials speak today, including Presidents Goolsbee and Schmid on the economy, while Governor Barr speaks late in the session on regulation of stable coins. With today’s February JOLTS report, the economic focus in the US shifts to the labor market, with the ADP private sector estimate out tomorrow and the March nonfarm payroll report on Friday. The median forecast in Bloomberg’s survey is for a 65k increase from a preliminary estimate of a loss of 92k jobs in February....
....MUCH MORE