US equity markets surged on the open of the new trading week, supported by the promise of yet another peace arrangement, between the US and Iran. The prospect of peace, has seen the arrival of a temporary ceasefire, which is a boost to market confidence. Manufacturing PMI numbers were flat in Australia, Japan and Europe, but showed positive signs in the US. The US Dollar regained some ground, with the EUR slipping to 1.1500, while the GBP struggled to hold above 1.3400.Commodity currencies suffered under a resurgent reserve, with the AUD surrendering 0.7000, while the NZD fell back to 0.5870. There has been intervention in the currency markets to support the battered Yen, which has seen a 5% recovery, but fundamentals point to further weakness.
