A fiery speech by President Trump, threatening destruction upon Iran if they failed to reopen the Straits of Hormuz, was enough to surge oil prices and hit market confidence, once again. Market sentiment turned negative, following two days of huge gains in equities, plus a return to the safety of the US Dollar. The EUR fell back towards 1.1500, while the GBP crashed towards 1.3200. This negative mood hit markets as they closed for the four-day Easter break. The US President is mindful of markets, but going into a four-day break, we should expect more than fireworks.Commodity currencies also came under pressure from the rise in the reserve, with the AUD testing below 0.6900 and the NZD tumbling to 0.5700. We can expect plenty of action in the Middle East over the weekend, but negotiations continue.
