US FX WRAP: DXY gains as disruptions to flows through Strait of Hormuz look set to stay
The disruptions to flows through the Strait of Hormuz indicate a persistent geopolitical risk that could support the USD as a safe-haven asset.
TREASURY WRAP: T-NOTE FUTURES (M6) SETTLE 3 TICKS HIGHER AT 112-14+
Iran has begun laying mines in the Strait of Hormuz, according to CNN
US FX WRAP: DXY gains as disruptions to flows through Strait of Hormuz look set to stay
CRUDE WRAP: WTI (J6) SETTLES USD 11.32 LOWER AT 83.45/BBL; BRENT SETTLES USD 11.16 LOWER AT 87.80/BBL
IEA meeting ends with no decision on crude stockpile release, FT reports; 32 IEA member countries met Tuesday afternoon
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Given the DXY's gains, this suggests that traders are reacting to heightened concerns over stability in global oil supplies, which could have ripple effects across commodities and risk assets. Watch for potential implications on USD crosses, especially in emerging markets and commodity-linked currencies like AUD and CAD.
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