The dollar was on the brink of its most significant weekly increase in a month, primarily at the expense of the yen, which has declined for five of the past six weeks and is currently trading at its lowest level since late 1986. This has prompted a flurry of warnings from Tokyo officials that intervention may be necessary.
The MSCI All-World index experienced a 0.15% decline following the withdrawal of US Vice President JD Vance from a scheduled voyage to Switzerland to meet with Iranian negotiators on Friday. Earlier gains were pared by European equities, which fell 0.12%, while US stock futures declined between 0.1% and 0.2%. The United States stock market was closed on Friday in observance of the Juneteenth holiday.
According to a US official, oil prices declined below $80 per barrel on Friday as a result of a ceasefire agreement between Israel and Hezbollah in Lebanon. This came in response to an escalation in fighting that threatened the potential for an interim agreement to end the war in Iran to materialize into an enduring Middle East peace agreement.
After the United States lifted its blockade on Iran on Thursday, tankers have resumed transiting the Strait of Hormuz, which was effectively closed during the conflict. In a note to clients, analysts at RBC Capital Markets acknowledged that a number of ships will be anxious to depart the Gulf’s warm waters, and they believe that crude will struggle to establish a foothold amidst a flurry of “open for business” headlines. However, they questioned the deal’s durability.
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