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Uncertainty surrounding last week's Federal Reserve meeting was unusually high. In the end, not only did the Fed not raise rates, but chair Warsh sounded rather dovish.

The Iran war has dragged on for longer than markets had anticipated in the spring, which is creating a challenging backdrop for emerging market currencies.

Markets are finally beginning to take notice of the renewed US-Iran hostilities and surge in oil prices, which last week jumped back above $100 a barrel.