Markets closed the week under pressure, with US equities heading into correction territory and bond yields pushing higher. The attempts at peace in the Middle East is underway, according to the Americans, but the Iranians reject these moves, causing further market disruption. The war must be settled and the Strait of Hormuz opened, for this mayhem to end. The energy crises could quickly become a ‘full-blown economic crises’ and perhaps even a global recession. The safe status of the US Dollar continues, with the EUR trading around 1.1500, while the GBP crashes to 1.3250.The fears of a global recession are hitting commodity demand, prices and the associated currencies hard. The AUD has plunged to 0.6870, while the NZD has sunk to 0.5740. Market disruption and uncertainty will only result in more economic turmoil, while the coming week will be focused on the Middle East, once again. This coming two weeks are shortened trading weeks due to Easter celebrations.
