Daily Market View 8-03-2026
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2 Week Ceasefire Agreed
USD -
A very serious, but certainly welcome, surprise came last night in the form of a temporary 2 week ceasefire agreement between Iran, the United States and Israel, contingent on a full reopening of the Hormuz Strait.
In the hours just before Trump's deadline was set to expire it was understood that the Pakistani and Omani mediators of talks were seeking an extension to the "apocalypse deadline".
The market reaction has been dramatic, with Brent Crude falling 19%, European Gas prices down 20% and USD down broadly 1% this morning. Traders are also slashing their expected number of hikes from Central Banks this year, suggesting a generally better picture after this ceasefire.
Of course, the continuance of this good feeling relies on the holding of the ceasefire and a reopening of the strait, two items that are totally unguaranteed for the moment.
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