- Yesterday’s session on Wall Street ended with a strong sell-off, with major U.S. indices posting one of their worst days since the beginning of the Middle East conflict. The S&P 500 fell by more than 1.7%, the Dow Jones declined by 1%, while the Nasdaq closed the day down 2.4%.
- After the close of the U.S. session, President Donald Trump announced a pause in the planned strikes on Iranian energy infrastructure. The pause is set to last 10 days, ending on April 6 at 8:00 PM Eastern Time.
- President Trump stated that talks with Tehran are progressing very well and that the expanded diplomatic window may bring the long-awaited outcome of de-escalating tensions in the Persian Gulf.
- Nevertheless, additional forms of pressure on Iran are emerging. The Pentagon is considering deploying 10,000 troops despite the announced pause in attacks.
- Despite the declared “pause” in U.S. actions, oil prices remain slightly above the $100 per barrel level.
- It should be emphasized that despite the suspension of airstrikes on Iranian energy facilities, the conflict remains unresolved, with ongoing reports of reciprocal missile attacks.
- The Asian session was mixed. Modest declines were recorded in Japan, Korea, and Australia, while Chinese indices performed relatively better.
- On the Forex market, Japan’s Finance Minister Katayama struck a firm tone, warning that authorities are closely monitoring the market and are ready to act. She also announced a G7 finance ministers’ call and emphasized the possibility of “decisive steps,” typically associated with intervention risk.
- The People’s Bank of China (PBOC) set today’s USD/CNY reference rate at 6.9141, compared to market expectations of 6.9083.
- Cyclone Narelle hit Australia, disrupting LNG supplies from the country.
- On the precious market, we are seeing a rebound following recent sharp declines. Gold is up around 2%, testing the $4500, while silver is gaing around 3%, breaking above $70.
- A different picture is visible in the cryptocurrency market, where major assets remain under pressure. Bitcoin is down nearly 2%, falling back below the $69,000 level, while Ethereum is losing around 2.5%, testing the $2,050 level.
Source: xStation5
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