Key facts
- The U.S. dollar index hovered near a one-week high amid conflicting Middle East signals.
- New British Prime Minister Andy Burnham assured President Trump of the UK's commitment to securing shipping in the Strait of Hormuz.
- Reports of mediation efforts sent Brent crude prices below $90 per barrel.
- Donald Trump announced 50% tariffs against some $20 billion of Canadian imports.
- Andy Burnham appointed John Healey as his new Chancellor of the Exchequer.
The U.S. dollar index hovered near a one-week high as markets navigated conflicting signals from the Middle East and U.S. tariff developments. Hostilities in the region stoked fears over energy supplies, though reports of mediation efforts sent Brent crude prices below $90 per barrel. New British Prime Minister Andy Burnham assured President Trump of the UK's commitment to securing shipping in the Strait of Hormuz and appointed John Healey as his new Chancellor of the Exchequer, signaling potential shifts in fiscal policy.
Meanwhile, Donald Trump announced 50% tariffs on approximately $20 billion of Canadian imports, prompting Canadian Prime Minister Mark Carney to state his intention to negotiate the issue. The dollar remained largely flat against the yen and the euro, while the British pound saw some movement following the UK political developments.
Eyes are also on upcoming corporate earnings, with Alphabet set to report its quarterly results. The tech giant is expected to show significant revenue growth, particularly in its cloud division, and has reportedly been developing new server chips integrating its Gemini AI model.