US equity markets tumbled overnight, as US PPI Wholesale inflation rate jumped for February. The fears that inflation is surging, will only be enhanced, by the energy crises triggered by the war in Iran. The Fed left rates unchanged, enabled by the rise in inflation which supported their hawkish stance. Fed Chairman Powell will be gone soon enough, so expectations of a looser monetary policy, are high. Trump suspended the ‘Jones Act’ overnight, to free up global shipping, increasing shipping opportunities. The US Dollar was steady overnight, with the EUR trading above 1.1500, while the GBP holds 1.1500.Commodity prices remain under pressure, as a feared global recession becomes closer to a reality, the longer the Middle East crises continue. This translates directly into commodity currencies, with the AUD falling back below 0.7100, while the NZD surrendered 0.5850.
