Overview

• Israel and Iran have held to a tentative ceasefire brokered by President Trump, reducing threats to Strait of Hormuz shipments and driving Brent crude toward $68 a barrel.
• Global equities rallied with the MSCI world index reaching a record high as investors embraced risk and Asian benchmarks stabilized.
• The dollar index fell to around 97.9, boosting the euro to near its strongest level since October 2021 and supporting other major currencies.
• The Indian rupee opened marginally weaker at 86.01 per dollar yet remains within its expected 85.50–86.25 trading range amid Middle East developments.
• Federal Reserve Chair Jerome Powell reiterated that rate cuts will await clearer economic data, even as markets price in a chance of easing by July.