From Marc Chandler at Bannockburn Global Forex:
The US dollar is trading with a slightly firmer bias against most currencies today. New hostilities in the Middle East war have blunted the hopes of an extended ceasefire, but such skirmishes are not uncommon in such situations. On Polymarket, the odds that the Strait of Hormuz opens by the end of June was cut to about 45% from a peak of almost 60% at the end of last week. August Brent crude oil is paring yesterday’s nearly 6.8% drop but is still holding mostly below $97 a barrel. July WTI is a little below $92 after settling last week near $96.60.
Outside of the Middle East, the news stream is light and the North American response to the geopolitical developments will set the for the remainder of the session. Although the offshore yuan is nearly flat, the PBOC set the dollar’s reference rate at a new three-year low. The Reserve Bank of New Zealand meets first thing tomorrow and is expected to keep its target rate at 2.25%....
....MUCH MORE
"Dad, why do people trade the New Zealand currency?"
"I don't know son, I just don't know."
