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Plenty to discuss today as Oil soars to its highest since 2022 as President Trump is set to be briefed by military top brass on Thursday regarding ways to turn the screw in Iran. The conflict, now in its eighth week, must have rumbled on much longer than the President anticipated and the market is concerned this frustration could boil over into a lash out. 

Just as it seemed that the worst of the war was over, Trump has up scuttled this happy (if over optimistic) consensus by placing a re-escalation back on the table. USD has not quite followed Oil on its path upwards, with the Dollar index printing a paltry rise today.

This comes despite the more hawkish than expected Fed interest rate meeting yesterday, where policymakers proved their most divided since 1992. 8 members voted to hold with 4 backing a hike of 0.25%, illustrating much larger degree of hawkishness within the FOMC than expected.

Good news for Dollar bulls, bad news for everyone else, it's the Bank of England and ECB's turn today, where neither bank is expected to shift rates. However, how the two banks discuss the forecast for inflation and for rates, will be the need to know. 

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