Will the Dollar be a Casualty of the Iran War?

Gulf Energy Shock Spreads To Global Plastics As War Sparks Force Majeure Wave Building on our earlier "Global Demand Destruction" note, which mapped how the Gulf energy shock is spreading globally and the immediate effects of rationing, price controls, and fuel shortages, another second-order disruption is quickly emerging: supply chain disruptions in critical plastic feedstocks. Plastics are core to the modern economy, and a troubling new Bloomberg report indicates that several producers of monoethylene glycol (MEG) and purified terephthalic acid (PTA) have declared force majeure, as tanker flows through the Strait...

US Jobs Soar By 172K In May, Smashing Estimates In 4 Sigma Beat; Unemployment Rate Remains At 4.3% With Wall Street expecting a strong - not great - number, and a modest decline from April's 115K, moments ago the BLS reported a shocker: in May the US added 172K jobs... ... not only a 4-sigma beat to the median estimate of 88K, but also above the highest estimate of 125K. The change in total nonfarm payroll employment for March was revised up by 29,000, from  +185,000 to +214,000, and the change for...

War 'Very Close' To Over, Trump Says, As Iran Ceasefire Extension Reportedly Advances, But More US Troops Deploy Summary The Iran war is "very close to over" with authorities in Tehran eager to agree a peace deal, Trump says, adding: "We've beaten them militarily." AP/Bloomberg reporting the two sides have an "in principle agreement" to pursue further diplomacy; however, this is batted down as 'unconfirmed' by Tehran & a US official. The Pentagon is sending thousands of additional troops into the Middle East in coming days: WaPo Trump claims China "very happy" the US is...