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Labor data from the US added further ammunition to the doves in the Federal Reserve, and rate markets continued pushing back their expectations of hikes in the US.
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.
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.
The latest flare up in tensions between the US and Iran failed to trigger any significant safe haven flows in currency markets, or in any financial markets for that matter.
A pull back in risk sentiment saw stocks markets drop globally last week, led by the big winners of the last few years, technology companies.
The Fed, now under the stewardship of the new chair Kevin Warsh, seems considerably more concerned about inflation than markets expected, if his first press conference at the helm is anything to go by.
Markets have been cheering the US-Iran framework deal to end their conflict, which sent oil prices to the lowest levels since the early days of the conflict.
Stock markets reacted to the strong US payroll report with a sell-off that accelerated into Friday's close.
Investors will be forgiven for having half an eye on the sports pages this month as the 2026 FIFA World Cup kicks off, bringing the usual mix of drama and excitement. That said, financial markets are set to serve up a spectacle of their own.
The May local elections have accelerated an already precarious political situation for Keir Starmer’s government, and once again brought domestic political risk firmly back onto the radar for currency markets.
Peace talks between the US and Iran continue to inch slowly but surely towards an agreement.
While signs abound that the negotiations between Iran and the US are making progress, the US dollar is holding on to its safe haven gains, and European currencies appear to have trouble taking advantage of the positive investor sentiment.
