US equity markets retreated off record highs, as the details of the Iran/Oman deal started to slip out into the broader media. There were negative connotations, with regards control over the Straits of Hormuz, who and who did not have access and at what price? This was enough to turn market sentiment negative, which saw oil and bond yields both spike. Attention will now turn to Non-Farm Payrolls, which is expected to be positive, confirming strong recent US economic data. The US Dollar was steady, with the EUR trading 1.1520, while the GBP traded around 1.3450.Commodity currencies surrendered some of the recent gains, with the AUD drifting back to 0.7030, while the NZD fell under 0.5870. The NZ Economy is back on struggle street, confirmed by the Unemployment stat, revealing a big move up to an 11 year high. Business conditions in NZ remain tough, as investment is hogged by Government spending, while inflation and energy cost remain prohibitive. The Middle East remains the key macro Geo-Political driver of markets.
