Iran peace negotiations with the US, in Islamabad failed, following a long weekend of negotiations. Oil prices zoomed back to US$100pb, while equities nervously await further developments. President Trump immediately blocked the Strait of Hormuz to all shipping, in response, stranding the Iranians. This was enough to trigger a response from the Iranians, who contacted the US immediately following the move, which will perhaps encourage them to be more flexible in negotiations. The fragile ceasefire continues so markets remain nervous. The US Dollar was lower, with the EUR trading 1.1760, while the GBP pushed just above 1.3500.The AUD looks to regain 0.7100, with the softer reserve, while the NZD consolidates above 0.5850. All eyes remain focused on the Middle East and the energy crises.
