Markets tumbled again overnight, with the Israeli war on Iran, totally pre-occupying markets. The war rages on, with devastating air attacks launched and received, from both sides. US equities tumbled, once again, while the safety of the US Dollar was sought. The EUR crashed back below 1.1500, while the GBP fell to 1.3430. US Retail Sales sharply contracted in May, servicing as a perfect excuse to the Fed, to cut rates. Markets are expected the Fed to hold rates, but the recent visit to the White House by Fed Chairman Powell and extreme public pressure, may surprise many.The Bank of Japan surprised no one, leaving rates unchanged, but indicating bond purchases will be tapered. This was in line with expectations and did little to move markets. The surge in the reserve smashed the commodity currencies, with the AUD plunging back below 0.6500, while the NZD looks to lose 0.6000. All eyes remain on the Middle East, although the Fed looms large.