From Marc to Market:
The capital markets remain hopefully that the US and Iran will reach an agreement. Oil is a little softer and bond yields are lower. However, in Polymarket, the odds that the Strait of Hormuz is open by the end of the month is at around 22%, down from around 35% last week. The odds it is open by the end of next month is 41%. It briefly was below 40% yesterday for the first time in around three weeks.
The dollar is mostly a little softer but within well-worn ranges. The dollar continues to ease slowly against the Chinese yuan. Against the offshore yuan, a new three-year low was recorded today even as the PBOC set the dollar’s fix slightly higher. Meanwhile, the greenback is trading in a narrow range near yesterday’s high against the Japanese yen (~JPY159.75), which is the highest the it has been since the April 30 intervention....
....MUCH MORE
