Equity markets in the US and Europe came off record highs, as oil prices jumped higher, with speculation that Iran has rejected the latest rendition of a peace plan. Iran has completed visits to their super-power allies, Russia and China, receiving support and advice. Markets will be watching the important Non-Farm Payrolls, due for release tonight, but the Middle East remains the main driver of market direction. The US has calmed markets before weekend market closure, almost since the conflict began, so expect more of the same this coming weekend. The US Dollar was steady, with the EUR sits below 1.1750, while the GBP trades above 1.3550.
Commodity currencies were also steady, with the NZD trading around 0.5950, while the AUD holds above 0.7200. Australian trade data for April revealed the first deficit in more than 8 years, with a fall in exports and a huge spike in imports. This was no surprise, with global trade turmoil and the surge in energy prices. The other notable was the massive spike in AI related tech imports.
