The war rages on in the Middle East, and Trump has now demanded nothing less, than a complete surrender from Iran. His post was met with a surge in Oil prices, which blew through USD$90pb, only adding to the disruption and chaos markets are suffering. US equities tumbled, along with European, which suffered losses of nearly 5% for the week. On top of all the Geo-Political mayhem, economic conditions are becoming more difficult. US Non-Farm Payroll lost 92,000 jobs, where markets had been expecting gains of more than 50,000, while Unemployment rose to 4.4%. This will make life more difficult for the Fed, as they must balance the need for lower rates to stimulate the labour markets, with resurgent inflation. The safety of US Dollar remained sought after, with the EUR trading around 1.1600, while the GBP held close to1.3400.Commodity currencies are battling, with the AUD just under 0.7000, while the NZD trades just below 0.5900. The war in the Middle East and the escalating energy catastrophe, could lead to a ‘global economic crises’, if the war does not end soon.
