The war with Iran may be coming to an end soon, according to President Trump, a welcome relief to markets. Oil prices crashed back down, from over US$100p.b., to US$80p.b., calming volatile markets. Global equities stabilised and the safety of the US Dollar was reversed. The EUR jumped to 1.1650, while the GBP blasted through 1.3450. Oil price falls were also attributed to G7 Countries considering tapping their emergency reserves and the US lifting some sanctions on Russian oil sales.Chinese trade data was extremely strong, with a big surge in exports, boosting commodity prices and the associated currencies. The AUD was the big beneficiary, surging to 0.7150, while the NZD pushed back towards 0.5950. This crisis is far from over, but peace negotiations will continue to calm the markets.
