As long as oil drives the narrative, everything else is noise.
Geopolitics led last week, with Iran at the center of the move.
Markets moved ahead of macro, volatility picked up, and correlations began to shift.
→ Keep your positions sized for the market you're in -> not the one you want.
Last week recap: It wasn't pretty:
→ US equities -2% | DAX -4.5%
→ Bonds sold off alongside equities -> nowhere to hide
→ Brent above $112 -> Hormuz tensions, Pentagon ground force preparations, Kharg Island speculation
→ Gold had one of its worst weeks in decades (-10%)
→ Fed held (hawkish) | ECB held at 2%
Watch this week:
→ Tue: Flash PMIs (EU, UK, US) + Japan CPI + BoJ Minutes
→ Wed: UK inflation, German Ifo, US Durable Goods
→ Thu/Fri: German consumer confidence, UK retail sales, Moody's Italy
#DeskNotes #VSCapital #FX #Macro #Oil #Gold #Liquidity
