Asks how much further the dollar can run if the war continues and Fed hikes look more likely.
Lizzy
Kit Juckes
Dollar can run quite a long way. Can't imagine wanting to own a currency of a country that isn't an oil producer.
Asks if the dollar would reverse gains if Iran reopens the Strait of Hormuz.
Lizzy
Kit Juckes
You would pause for a bit. The situation is too fluid to say everything is good now.
Asks what drives the big moves in precious metals (gold down 8.7%, silver down 9.6%) and how much further the trend has to run.
Anna
Kit Juckes
Some people have been using gold to sell (since it's gone up a lot) in order to buy more expensive oil and things in the short run. Some of this is just practical.
Asks about the pound weakening against the euro despite hawkish BOE language, reflecting traders' disbelief in hikes given weak growth.
Lizzy
Kit Juckes
The growth backdrop is more important than the rate backdrop. The UK has a difficult growth-inflation trade-off.