The North American trading session has simply been a celebration of U.S. domination as the U.S. dollar has returned to the ‘King Dollar’ throne (at least for a day) and U.S. equity markets had one of their best days in recent weeks.
Iran talks go into overtime causing some traders to believe that they may actually get some type of a deal done. The crude oil market today will be torn between focusing on the renewed strength in the dollar versus Iran nuclear talks that at least in the short term like they are going into overtime.
Crude oil mounted a strong surge last Thursday as Saudi Arabia-led forces carried out a series of airstrikes against Houthi militants in Yemen, part of which is bordered by the Bab el-Mandeb strait, an important shipping “chokepoint.”
A healthy correction on the dollar is underway while we reckon this is only temporary at best. There were various discussions about the strong dollar which affect the equity market. Any plans for a rate hike look set to delay until June or September period. Further evidence of better than expected economic data will drive the need to raise interest rates.
The Air Intelligence Unit (AIU) under the Indian Customs Department seized three kilograms of abandoned gold from a private air carrier that arrived at Sardar Vallabhbhai Patel International Airport, Ahmedabad from Dubai.