FX markets

Daily Market View 19-05-2026

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1:06

Trump puts off strike on Iran after plea from Gulf countries

1 Minute Market Rundown

Trump insists he was imminently going to strike Iran before Gulf countries convinced him a deal was close
Oil whipsaws in early trading before settling lower as traders take this as a sign of an imminent end to hostilities
Pound loses traction from yesterday after a soft UK jobs figure reading

USD -

Whilst UK news of a potential change at the top has crowded out much of the news regarding Trump's trip to China and the ongoing negotiation's in and around the Gulf. Trump yesterday in a press conference stated that he was "very close" to resuming the kinetic conflict with Iran, before Gulf allies, including Saudi Arabia, Kuwait the UAE and a number of others, insisted against such action given how close they were to a deal.

Screenshot 2026-05-19 081848

Brent traded lower following Trump's comments as the market prepares to get hopeful for the 6th time in this war of its conclusion.

The Dollar traded sideway whilst the Pound dropped following a nightmare UK jobs report that saw unemployment rise from 4.9% up to 5%, a further slowing in private sector wage growth and 100,000 job losses, just in March.

Markets Today

*Please be aware the below rates represent the market rate at 7:30 AM, contact your Caxton dealer on check online for a live quote

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