From Marc Chandler at Bannockburn Global Forex:
The US dollar is mostly firmer, though the Australian and New Zealand dollars are resisting the pull. The euro is trading in almost a 15-tick range on both sides of $1.16, and even with a Gilts-rally spurred by lower-than-expected inflation, sterling is struggling to recapture $1.34. The yen has fallen for the past seven sessions and is little changed now, in a narrow band around JPY159. There has not been intervention, but the market knows it is tempting officials. At the same time, the fragile ceasefire in Iran may ended in the coming days and this is keeping investors on edge. Oil prices are softer amid reports of three supertankers have passed through the Strait of Hormuz today.
The preliminary May PMI surveys are due tomorrow and are expected to show more of the war’s disruption to both prices and activity. The minutes from the Powell’s last FOMC meeting as chair are due today and will likely show more support for a neutral stance than the three dissents indicated. After the markets close today, Nvidia will report earnings....
....MUCH MORE
