Market participants are discounting the possibility of a war. The communication from both sides cools things down. The Foreign Minister of Iran, Javad Zarif, had tweeted “we do not seek escalation or war”, and today at an interview on CNN he said “…Trump has been fed with misinformation. Needs to apologize and change course…”. Trump addressed the US citizens by saying “…America has achieved energy independence… we do not need Middle East oil…we do not want to use it (military equipment)…”. On top of that, the US House is expected to vote a resolution that would limit President Trump’s ability to take military action against Iran.
Meanwhile, the French strikes against President Macron’s pension reform plan continue.
The World Bank revised down its June projection for the global GDP growth by 0.2%. Now it expects 2.50% GDP growth in 2020.
Macro releases: Markets have not yet rewarded the Aussie for the much higher trade balance that Australia reported. Today’s economic calendar includes the European unemployment rate and two readings on the Canadian housing market.
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