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Daily Pivots: (S1) 1.3724; (P) 1.3756; (R1) 1.3796; More...

Intraday bias in USD/CAD stays on the upside at this point. Rebound from 1.3480 is seen as correcting the whole down trend from 1.4791. Further rise should be seen to 1.3927 resistance, and probably further to 38.2% retracement of 1.4791 to 1.3480 at 3981. For now, risk will stay on the upside as long as 1.3669 support holds, in case of retreat.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, break of 1.3927 resistance will argue that the correction has completed with three waves down to 1.3480 already.

Loonie weakened as oil prices pulled back, with markets turning cautious while awaiting clarity on ceasefire negotiations between the US and Iran. Brent crude easing to the 100 level has triggered a de-risking move in energy-linked assets, removing a key pillar of support for the Canadian Dollar.

The move reflects more than just oil price dynamics. With Canada heavily reliant on energy exports, shifts in crude prices quickly feed into currency performance. At the same time, the domestic economy remains too fragile to absorb tighter policy, limiting the Bank of Canada’s ability to follow more hawkish peers.

Beyond oil, markets are broadly in a “wait-and-hope” mode. Negotiations around a US-led 15-point ceasefire plan appear to be ongoing, while Iran has signaled that non-hostile vessels may obtain safe passage through the Strait of Hormuz under coordination. These developments offer tentative signs of de-escalation, but fall short of a confirmed resolution.

That lack of clarity is keeping overall price action muted. While sentiment has improved marginally, it has not translated into decisive risk-on positioning. Instead, markets are holding steady, with investors reluctant to commit ahead of clearer geopolitical signals.

In currency markets, divergence is becoming more pronounced. Sterling firmed modestly following the UK’s February CPI release, while Aussie and Kiwi remain under pressure, reflecting their sensitivity to global growth risks.

The UK inflation data itself offered a slightly hawkish tilt beneath the surface. While headline CPI matched expectations, core inflation edged higher, driven by services and clothing prices. This suggests that underlying price pressures remain persistent.

More importantly, the data reflect pre-escalation conditions. Since then, energy prices have surged following disruptions linked to the Strait of Hormuz. Analysts are already projecting inflation to rise toward 3.5%–4.0% by autumn as higher fuel costs feed through.

This shift is reinforcing expectations that the Bank of England may be forced back into a tightening stance. Today’s CPI release adds weight to that view, suggesting that the disinflation path may be interrupted.

Comments from BoE Chief Economist Huw Pill yesterday further support this narrative. His remark that uncertainty “cannot be an excuse for inaction” signals that the hawkish camp within the MPC remains prepared to act if inflation risks become more persistent.

In contrast, Canada’s policy outlook appears constrained. With growth already soft and oil prices retreating, the Bank of Canada is unlikely to tighten, widening the divergence with central banks such as the BoE and ECB.

For the day so far, Dollar is the strongest performer, followed by Sterling and Euro. Aussie leads losses, followed by Kiwi and Loonie, while Yen and Swiss Franc are holding in the middle.

In Europe, at the time of writing, FTSE is up 0.92%. DAX is up 1.22%. CAC is up 1.10%. UK 10-year yield is down -0.153 at 4.799. Germany 10-year yield is down -0.007 at 2.967. Earlier in Asia, Nikkei rose 2.87%. Hong Kong HSI rose 1.09%. China Shanghai SSE rose 1.30%. Singapore Strait Times rose 0.87%. Japan 10-year JGB yield fell -0.016 to 2.255.

UK Inflation Unchanged at 3.0% as Services Keep Price Pressure Elevated

UK CPI held at 3.0% while core inflation rose to 3.2%, with rising energy prices now threatening to derail the disinflation trend. Read More.

German Business Sentiment Drops as Iran War Hits Confidence

Germany’s Ifo index weakened as firms turned more pessimistic, reflecting rising geopolitical uncertainty and fading recovery prospects. Read More.

Australia Inflation Eases Pre-War, RBA Still Faces Sticky Core Pressures

Pre-war data show modest easing in Australia inflation, though underlying pressures remain firm and could rise again as energy costs increase. Read more.

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3724; (P) 1.3756; (R1) 1.3796; More...

Intraday bias in USD/CAD stays on the upside at this point. Rebound from 1.3480 is seen as correcting the whole down trend from 1.4791. Further rise should be seen to 1.3927 resistance, and probably further to 38.2% retracement of 1.4791 to 1.3480 at 3981. For now, risk will stay on the upside as long as 1.3669 support holds, in case of retreat.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, break of 1.3927 resistance will argue that the correction has completed with three waves down to 1.3480 already.

Today, the USD/CAD currency pair climbed above the 1.3787 level for the first time since late January.

• → Demand for the US dollar is being supported by concerns over escalating tensions in the Middle East. Market participants are favouring the USD as a safe-haven asset.
• → The Canadian dollar is under pressure due to domestic economic concerns. According to media reports, recent data point to weak GDP growth and a soft labour market. This increases the likelihood that the Bank of Canada will cut interest rates, while the Federal Reserve is expected to keep them unchanged.

Technical Analysis of USD/CAD

On 23 February, when the pair was trading around the 1.3700 level, we:

• → highlighted the ongoing long-term descending channel and the key support at 1.3500;
• → noted similarities with a rounding top pattern;
• → suggested a scenario in which bears might attempt to regain control and resume the longer-term downtrend.

Indeed, in the following sessions, USD/CAD showed signs of strong selling pressure, with the most pronounced move occurring on 9 March, when the pair dropped below 1.3530.

However, the onset of the Middle East conflict and other factors have significantly shifted market sentiment. The long-term descending channel has now been broken, suggesting that:

• → bulls have regained control of the market;
• → the pair may continue to develop within a newly formed ascending channel (shown in blue);
• → the 1.3700 level, which previously acted as resistance, may now serve as support going forward.

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• The global economy is heading towards 1970s-style stagflation.
• EURUSD depends on US-Iran talks.

The world is moving towards stagflation, and the currency market risks repeating the experience of the 1970s. Back then, the oil crisis led to soaring prices and a slowdown in economic growth. The Fed yielded to pressure from the White House and started cutting rates. The result was runaway inflation and a double-dip recession. With Kevin Warsh at the helm of the central bank, this remains a possibility. However, for now, the USD continues to respond to news from the Middle East.

The increase in prices tied to the armed conflict is slowing European and American business activity to its lowest levels since April–May 2025. Purchasing Managers’ Indexes, by contrast, are rising swiftly. These indicate a stagflationary scenario, which is purportedly supporting the US dollar. Goldman Sachs believes the greenback will weaken if investors fear not stagflation but recession, causing capital to flow into the Swiss franc and the Japanese yen.

New talks are fuelling rumours of US-Iran negotiations. Washington has provided Tehran with a list of 15 demands, and Tehran is preparing its own list in reply. Brent is falling, stripping the dollar of the advantage that has propelled its rise in recent weeks, driven by a flight to safe-haven assets and a reassessment of the trade balances of the world’s largest economies.

If the talks do indeed take place and are constructive, EURUSD will revert to its main drivers. Primarily, monetary policy. Divergence in this area favours the euro. The futures market anticipates the Fed will keep the federal funds rate on hold until the end of the year, with some chance of a hike. Meanwhile, the ECB can tighten monetary policy two or three times. However, this may not be necessary. If oil prices drop, the inflation spike will be brief.

It is by no means certain that progress will be made in the US-Iran talks, especially in the initial phase, given the parties’ significant differences. Bad news will put pressure on EURUSD, though a collapse is unlikely. Similarly, one should not harbour hopes that Brent prices will return to pre-war levels, regardless of how quickly the Strait of Hormuz is reopened.

Market Overview

The crypto market cap has increased by 0.3% over the past 24 hours to $2.43 trillion. The market’s ability to hold at recent highs while maintaining low volatility is a sign of buyer confidence and readiness for a further rally. Conversely, bears may be merely allowing these fluctuations for now, as the market remains within a correctional rebound pattern following the collapse two months ago. A move above $2.5T will be necessary before we can consider a bullish breakthrough and evaluate the prospects of a recovery to $3–3.3T.

Bitcoin is trading near $71K, encountering resistance for the sixth consecutive day as it attempts to climb above $71.5K. However, this seems to be a short-term setback, considering the pattern of higher local lows since early February. Additionally, the 50-day moving average over the past two months has dropped from $90K to $70K, lowering the barrier that bulls need to overcome to signal a trend reversal.

Ethereum, trading above $2,200, continues to rebound from a long-term support line near $1,800, up from $1,550 a year earlier. However, the second-largest cryptocurrency remains below its 50- and 200-week moving averages, indicating a bearish market sentiment. By all accounts, Ethereum is no longer a good choice for a ‘buy and hold’ strategy. However, right now is a relatively good time to buy for a holding period of up to a year, with the potential for a twofold increase.

News Background

Bitcoin could boost its growth if it surpasses $72K, as there is no major seller resistance in the $82K range, according to Bitfinex Research.

The Bitcoin miner activity index has fallen to its lowest point ever. CryptoQuant describes this as a potentially bullish signal.

According to Bloomberg, Hostplus, one of Australia’s largest pension funds with $105 billion in assets, is considering offering participants access to cryptocurrency investments.

The stablecoin market has gained a new long-term growth driver: autonomous programmes based on artificial intelligence (AI agents), notes Bernstein. Circle and Coinbase could be the key beneficiaries of AI-powered payments.

The Financial Stability Board (FSB), under the G20, has highlighted the growing risks associated with stablecoins, despite the crypto market’s limited influence on the financial system in 2025.

The Ethereum Foundation has unveiled a new strategic vision for the role of layer-2 (L2) networks. Ethereum will remain the most decentralised hub for settlement, liquidity, and decentralised finance.

The Solana Foundation has introduced a new approach to attract major institutional clients, based on adaptable privacy options.

Germany’s Ifo Business Climate index deteriorated in March, falling from 88.4 to 86.4, as the escalation in the Middle East weighed heavily on corporate sentiment. The decline was driven by a notable drop in expectations, which fell from 90.2 to 86.0, while the current situation index remained unchanged at 86.7.

The weakness was broad-based across sectors. Manufacturing sentiment worsened from -11.5 to -14.3, while services saw a sharp shift from slightly positive territory at 0.1 to -5.1. Trade and construction also deteriorated further to -24.6 and -15.8 respectively, underscoring the widespread impact of rising uncertainty and weaker demand conditions.

Ifo President Clemens Fuest noted that sentiment has “dropped by a considerable degree,” adding that the war in Iran has effectively put any recovery hopes “on ice.” The data suggest that Germany’s fragile recovery has stalled, with geopolitical risks now compounding existing structural weaknesses in Europe’s largest economy.

Full German Ifo release here.

• UK annual inflation held steady at 3% in February 2026, matching the previous month’s figure.
• The Bank of England (BoE) faces a policy dilemma as public inflation expectations soar amid war fears and manufacturing cost increases.
• The GBP/USD pair remained largely flat, trading in a "squeeze" between key moving averages, which suggests an imminent technical breakout is likely.

Data from the ONS showed the UK's annual inflation rate held firm at 3% in February 2026, matching the previous month's figure and meeting market expectations. This consistency marks a continued period of relative stability, with inflation remaining at its lowest point since March 2025. While the headline figure remained unchanged, the underlying data revealed shifting price pressures across various sectors.

Source: TradingEconomics

Primary Drivers of Price Growth

The most significant upward pressure came from the clothing and footwear sector, which saw prices climb by 0.9%. This represents the first increase in four months, largely driven by the seasonal arrival of new spring collections following the conclusion of January sales. Additionally, costs for housing and utilities experienced a slight acceleration, rising to 4.6% from 4.5% in January.

Sectors Seeing a Slowdown

Conversely, several categories helped keep the headline rate in check:

• Transport: Prices slowed to 2.4% (down from 2.7%), primarily due to a drop in motor fuel costs. Petrol prices fell by 1.6 pence per litre this month, a sharp contrast to the 2.0 pence per litre increase seen during the same period last year.
• Essential Goods and Leisure: Food inflation eased to 3.3%, while recreation and culture slowed slightly to 2.5%.
• Hospitality and Services: Costs for restaurants and hotels cooled to 4%, and the closely watched services inflation rate ticked down to 4.3%.

Overall, the data suggests a balancing act where rising retail and housing costs are being offset by cheaper fuel and a gradual cooling in service and food prices.

Inflation expectations soar on Iran war fears

The Bank of England (BoE) faces an increasingly complex policy environment as new data released on Tuesday revealed a surge in public inflation expectations. This shift in sentiment compounds an already difficult situation for policymakers, as manufacturers have reported their sharpest cost increases since 1992, pressures that are expected to be passed on to consumers in the near future.

Household energy tariffs are currently capped, a scheduled price adjustment in July looms as a significant upcoming catalyst for further inflation. These mounting pressures have created a notable divide between market participants and economic forecasters regarding the BoE's next move.

As of Tuesday per LSEG data, investors were pricing in nearly three quarter-point interest rate hikes before the end of the year to combat rising prices. This should keep GBP partially supported in the interim.

However, any significant escalation to tensions in the Middle East could see the US Dollar surge once more and this could drag on cable.

The initial market reaction

Markets seemed to shrug off today's data with GBP/USD remaining largely flat after the release.

Looking at the bigger picture technical outlook, GBP/USD is caught between long-term bearish momentum and a recent short-term recovery.

The pair is currently trading in a "squeeze" between two critical Simple Moving Averages (SMAs). While the price has recovered from its mid-March lows, it remains capped by the 200-period SMA (dark blue) at 1.34567, which is currently acting as dynamic resistance.

Conversely, the 100-period SMA (light blue) at 1.33560 has shifted from resistance to support, providing a floor for the recent price consolidation. The narrow range between these two averages suggests an imminent breakout is likely as the price searches for a definitive direction.

The path of least resistance appears slightly tilted to the downside unless the bulls can clear and close above the 1.34500 – 1.35000 resistance cluster. A rejection at the 200 SMA could lead to a retest of the 1.3333 support.

However, if the price holds above the 100 SMA, we may see further consolidation before a breakout attempt.

GBP/USD H4 Chart, March 25, 2026

Source: TradingView.com

USD/JPY continues its upward trajectory on Wednesday, rising to 158.78 following a volatile start to the week. Pressure on the yen has eased amid a pullback in oil prices and expectations of a potential resolution to the Middle East conflict-a development of particular significance for Japan's energy-importing economy.

The move comes amid reports of US diplomatic efforts aimed at resolving the conflict with Iran. However, scepticism persists in the market, as Tehran had previously denied the existence of any negotiations with Washington.

Additional support for the yen stems from expectations of possible government intervention. Japanese officials have signalled their readiness to take necessary measures to stabilise the currency.

It has also been reported that Japan's Ministry of Finance is in contact with market participants regarding potential intervention in the oil futures market, given its impact on the yen.

Technical Analysis

On the H4 chart, USD/JPY is forming a consolidation range around the 158.60 level. A decline to 157.40 is expected today, followed by an increase to 158.50. Should the market break upwards from this range, a correction towards 160.10 would be relevant to consider. Subsequently, a new downward impulse to 157.40 is anticipated, with the potential for the correction to extend to 156.00.

Technically, this scenario is confirmed by the MACD indicator-its signal line is below zero and pointing strictly downwards, reflecting the potential for continued correction.

On the H1 chart, the market is shaping a downward wave pattern towards 157.40. Reaching this target level will be considered today. Following the completion of this wave, the development of the next growth wave to 160.10 (test from below) is expected.

The scenario is confirmed by the Stochastic oscillator-its signal line is below the 50 level and pointing strictly downwards towards 20, indicating that short-term downside potential remains.

Conclusion

USD/JPY remains in a growth-oriented mood as easing oil prices and tentative hopes for diplomatic progress in the Middle East offer some relief to the yen. While reports of US-led negotiations with Iran have contributed to a pullback in energy markets, market scepticism persists given Tehran's earlier denial of talks. Japanese authorities stand ready to intervene should volatility spike, adding an element of caution for traders. Technical indicators point to a short-term correction lower before the broader upward trend potentially resumes towards 160.10. The yen's trajectory remains closely tied to developments in both energy markets and geopolitical tensions, which continue to shape the Bank of Japan's policy landscape.

AUD/USD is attempting a recovery wave from 0.6910. NZD/USD is also correcting losses and might recover if there is a clear move above 0.5885.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar found support near 0.6910 and is now recovering against the US Dollar.
•  There is a key bearish trend line forming with resistance at 0.7015 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is attempting a recovery wave above 0.5800.
• There is a major bearish trend line forming with resistance near 0.5840 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair dipped from well above 0.7050. The Aussie Dollar declined below 0.7000, but the bulls were active near 0.6910 against the US Dollar.

The recent swing low was formed near 0.6938, and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward wave from the 0.7062 swing high to the 0.6938 low.

However, the bears are active near 0.7015 and the 61.8% Fib retracement. There is also a key bearish trend line near the same region. The pair is now trading below 0.7000 and the 50-hour simple moving average. On the upside, immediate resistance is 7000.

The first major hurdle for the bulls could be 0.7015. A clear upside break above 0.7015 could send the pair toward 0.7060. The next area of interest on the AUD/USD chart is near 0.7095, above which the price could rise toward 0.7120. Any more gains might send the pair toward 0.7150.

On the downside, initial support is near 0.6940. The key breakdown zone could be 0.6910 and 0.6900. Any more losses might send the pair toward 0.6840.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5885 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5850 against the US Dollar.

The pair even dropped below the 50-hour simple moving average and tested 0.5800. A low was formed near 0.5793, and the pair is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the downward wave from the 0.5887 swing high to the 0.5793 low.

However, there was no close above the 50-hour simple moving average and the 61.8% Fib retracement. There is also a major bearish trend line forming with resistance near 0.5840.

On the upside, the pair is facing hurdles near the same trend line. The next key breakout zone sits near 0.5850. If there is a move above 0.5850, the pair could rise toward 0.5885. Any more gains might open the doors for a move to 0.5940.

On the downside, immediate support on the NZD/USD chart is near 0.5800. The next key area for the bulls might be 0.5785. If there is a downside break below 0.5785, the pair could extend the decline toward 0.5760. The main target for the bears below 0.5760 might be 0.5720.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Key takeaways

• Volatility driven by conflicting war narratives: The S&P 500 and Nasdaq 100 swung between risk-on and risk-off as mixed signals on US–Iran negotiations triggered sharp reversals, while prediction markets still show low near-term ceasefire odds.
• Cross-asset signals point to fragile sentiment: The US Dollar Index remains supported, AUD/USD failed at resistance, and WTI crude oil holds key support—indicating no clear shift to sustained risk-on positioning.
• Technical resistance caps upside, downside risks persist: Equities are struggling at key moving averages (e.g., S&P 500 at 200-day MA), with downside triggers still in play—suggesting markets remain vulnerable to further declines despite intermittent rebounds.

The global markets have once again seen a “wild swing of the pendulum” in the past eight hours, driven by conflicting news narratives related to the ongoing US-Iran war, which has lasted 25 days as of Tuesday, March 24, 2026.

Tuesday’s session marked a mild reversal from Monday’s sudden burst of risk-on behaviour triggered by US President Trump’s claim that the US and Iran are back on the negotiation table, and a deal is imminent to end the conflict. Iranian officials refuted such claims, which led to a sell-off in global equities, a rebound in the US dollar, and a decline in benchmark oil prices, accompanied by an intraday softening of gold and silver.

By the end of Tuesday’s US session, three major benchmark US stock indices ended with losses; S&P 500 (-0.37%), Nasdaq 100 (-0.77%), and Dow Jones Industrial Average (-0.18%), with a slight risk-off backdrop backed by an increased odds that the US White House is sending military ground forces to Iran to odd US-Israel joint offensive as media reports stated that US administration has ordered the 82nd Airborne Division to deploy around 2,000 soldiers to the Middle East.

At around 4.15 am Singapore time, Wednesday, 25 March (right after the close of Tuesday’s US session), US President Trump gave a press conference that signalled that Iran had offered a “present” as a show of good faith in negotiations he has claimed are ongoing, hinting at a possible ceasefire to happen “very soon”.

The S&P 500 and Nasdaq 100 e-min futures rose sharply at the start of Wednesday, 25 March Asian session, with an intraday gain of 1% before it dwindled to 0.7% at this time of writing.

However, Polymarket’s prediction market platform is not reflecting an imminent US-Iran ceasefire, and several key cross assets’ price action behaviour is not displaying clear signals of an all-out risk-on herd sentiment at this juncture.

Unfolding them as follows…

Low odds of a ceasefire by 31 March

Fig. 1: Polymarket’s US-Iran ceasefire timing odds as of 25 Mar 2026 (Source: MacroMicro)

Data sourced from Polymarket compiled by fundamental data provider, MacroMicro, has indicated that the prediction market-implied probability for a US-Iran ceasefire by 31 March 2026 has only increased slightly to 17.5% on Wednesday, 25 March at this time of writing from its prior day of 12.5% (see Fig. 1).

A higher probability of a ceasefire at 62.5% is being priced in at a longer period, by 31 May 2026 (a jump from 56.5% printed on Tuesday, 24 March).

S&P 500 bulls get rejected again at the 200-day moving average

Fig. 2: US SPX 500 CFD minor trend as of 25 Mar 2026 (Source: TradingView)

The current price actions of the US SPX 500 CFD index (a proxy of the S&P 500 E-mini futures) have its intraday rally cut short again at its 200-day moving average, now coinciding with the 6,648 key short-term pivotal resistance (see Fig. 2).

A breakdown with an hourly close below 6,540 near-term support (downside trigger) may open up scope for the bears to retest Monday’s 23 March 2026 swing low area at 6,470/442 in the first step.

The US Dollar Index remains supported by its 20-day moving average

Fig. 3: US Dollar Index medium-term trend as of 25 Mar 2026 (Source: TradingView)

The recent 1.6% decline seen in the US Dollar Index from its 100.10/100.54 medium-term range support has managed and continued to find support at the 99.00 level, which confluences with the 20-day moving average and the ascending trendline in place since the 27 January 2026 low of 95.55 (see Fig. 3).

AUD/USD bulls capped below the 50-day moving average

Fig. 4: AUD/USD minor trend as of 25 Mar 2026 (Source: TradingView)

The Australian dollar is considered a proxy of risk appetite, where a rally in the AUD/USD represents a risk-on behaviour.

On Wednesday, 25 March, the Asian opening session intraday rally seen in the AUD/USD has been wiped out after a bearish reaction right at the 50-day moving average, with an intraday loss of 0.4% at this time of writing.

Watch the 0.7027 key short-term pivotal resistance on the AUD/USD, and it has staged a bearish breakdown from a minor “Head & Shoulders” bearish reversal configuration on Monday, 23 March 2026 (see Fig. 4).

A break below 0.6910 key medium-term pivotal support exposes further potential weakness towards the next intermediate support at 0.6838 in the first step.

WTI crude oil is still holding above the 20-day moving average

Fig. 5: West Texas Oil CFD index minor trend as of 25 Mar 2026 (Source: TradingView)

Wednesday’s Asian opening session sell-off seen in the West Texas Oil CFD index (a proxy of the WTI crude oil futures) has managed to find support once again at the 20-day moving average, which also stalled Monday’s intraday plunge of 10% triggered by US President Trump’s claim of a new round of negotiations between the US and Iran.

Watch the $88.36/85.50 key short-term pivotal support, and a clearance with an hourly close above $93.70 may see a further push up to retest the minor range resistance of $102.25 (see Fig. 5).

Conclusion

An analysis of the current price structures of the related cross asset classes, S&P 500, US Dollar Index, AUD/USD, and West Texas crude oil, suggests that we are not out of the woods yet for a significant bullish reversal in risk appetite to take form.

Perhaps the market is rebuking US President Trump’s claims of an imminent ceasefire between the US, Israel, and Iran.