President Trump announced that peace negotiations with Iran were in their ‘final stages’. This was enough to sustain confidence in markets, with bond yields settling and equities trading around record highs. Oil prices continued to drift lower, trading below US$97/b, while the US Dollar drifted. The EUR held above 1.1600, while the GBP pushed up to 1.3440. PMI data in Europe was much weaker, as economic activity was hit hard, by the energy crises.Commodity currencies consolidated, with the NZD pushing back up towards 0.5900, while the AUD jumped back above 0.7150. The NZD was boosted by some stronger than expected trade numbers, with a spike in exports, while Australian Unemployment surged to 4.5%. Market expectations are high going into the weekend.
