Today marked a much calmer session after Yesterday’s wild swings, as the situation hasn’t changed much since the repricing of a potentially closer end to the US-Iran War.
Trump welcomed Markets with a positive surprise early Monday morning, announcing that the US had already begun discussing a deal with the remaining Iranian diplomats. The news sparked a wave of optimism among Investors. Still, despite its strength, the move did not extend further.
Doubts remain as a gigantic US Marine convoy is approaching the Middle East and should reach its destination towards the end of the week. Are Markets going to see boots on the ground, or will a fair deal first materialize?
The Israeli side expressed its discontent with the 15-point plan drafted by President Trump, as it would fall short of more hopeful concessions from the Islamic regime.
The IRGC stated that they would want to maintain control of the Strait of Hormuz and their Ballistic Missiles program.
Looking at the damage done from those all across the Middle East, this certainly will be an area of debate (and would not reassure Iran’s neighbors).
Oil prices across the globe did not hold their previous session’s lows, which helped the US dollar bounce higher, now forming a range above 99.00 (DXY) and containing risk sentiment. Cryptos actually rejected their previous relative strength, with BTC back below $70,000 ($69,000 is the real key level to watch).
Keep a close eye on WTI, Brent, the US Dollar, and Stock Markets, as headlines don’t help much in understanding the ongoing situation – except for fundamentally changing news. It could be more informative to search for breakout spots and execute them when decisive flows come in.
#boring #confusion #chaotic #open #North #American #Session #Market #Wrap #March