Markets rallied overnight, following some stronger than expected data, from the ever-improving housing market in the US. Iran-US talks in Geneva also had some positives, according to the Iranian spokesman, although US VP Vance showed concern. Negative comments from VP Vance, towards the Iranians, led to a spike in the price of oil. UK inflation crashed to 3%, inline with expectations, confirming recession is a great way to combat inflation. In response, the GBP slumped back to 1.3500, while the EUR traded 1.1790.The RBNZ was dovish in their commentary, while leaving rates unchanged, citing an accommodative monetary policy was required to assist the weak economic recovery. The NZD crashed below 0.6000, following the RBNZ commentary, while the AUD held around 0.7070. This sent the NZD/AUD cross rate, crashing to new lows, not seen since the GFC.
