Markets:<\/p>\n
WTI crude oil up $2.23 to $97.96Gold down $53 to $5025US 10-year yields flat at 4.28%S&P 500 down 48 points to 6625Bitcoin up 1.3%USD leads, NZD lags<\/p>\n
There was some sense of the war doves throwing in the towel today, at least in the short term. News that the US was sending over a Marine Expeditionary Unit that won’t arrive for 12-16 days stretches the timeline to the end of the month and the full 4-5 weeks Trump touted, at minimum.<\/p>\n
There is a sense that Iran isn’t ready to end the war even if Trump wants to and that means there could be a battle to control the Strait of Hormuz or persistent naval escorts. If that’s where this is headed that it’s going to be a long spring and oil prices will stay high.<\/p>\n
We saw that today with crude falling to $92 in Asian but rising all the way to $99.32 and finishing near the highs of the day. At the same time, US equities started with a 50 point gain that turned into a 45 point loss as the de-risking continues.<\/p>\n
The FX market had been taking the fighting in stride but is increasingly shifting into dollars. That’s pushed the euro to the lowest since July after a break of 1.1500 and a continued run lower.<\/p>\n
The Australian dollar had been immune to the war trade up until now but it cracked on Friday and fell 83 pips to 0.6995.<\/p>\n
The Canadian dollar stands to benefit from the higher oil prices but fresh worries about the domestic economy hit after a poor jobs report — the second one in a row and the worst headline since 2022. So even with oil up $40 in a month, USD\/CAD is flat at 1.3729.<\/p>\n
Much of the final hours of trading was speculation about what could happen over the weekend. There is a huge range of possibilities from peace to sunken US ships and that will ensure another intense opening on Sunday night. Until then, have a nice weekend.<\/p>\n","protected":false},"excerpt":{"rendered":"Markets: WTI crude oil up $2.23 to $97.96Gold down $53 to $5025US 10-year yields flat at 4.28%S&P 500…\n","protected":false},"author":2,"featured_media":535822,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":{"0":"post-535821","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ca","10":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/535821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=535821"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/535821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/535822"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=535821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=535821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=535821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}