The report is from earlier today with it noting that there were three tankers that entered the Gulf via the Strait of Hormuz on the first day of the US naval blockade. It is believed that the three vessels were not heading to Iranian ports, so they were not stopped by the blockade that was put in place.That being said, these vessels appear to have some ties to Iran. So, it is something perhaps worth noting. The tankers in question are:Peace Gulf, a medium-range Panama-flagged tanker, which typically moves Iranian naphthaMurlikishan, formerly known as MKA, a handy tanker that has transported Russian and Iranian oilRich Starry, a medium-range tanker, but one who has been sanctioned by the US alongside its Chinese owner Shanghai Xuanrun Shipping Co Ltd for having dealt with Iran previouslyAccording to shipping data, Peace Gulf was reported to be headed towards the Hamriyah port in the UAE. Meanwhile, Murlikishan is set to be heading to Iraq to load ​fuel oil while Rich Starry is believed to have loaded cargo at its last port of call in the UAE and would be the first ‌vessel to ⁠make it through the strait and to exit the Gulf since the blockade began.As much as the major headlines are capturing most of the broader market interest, the shipping data is worth looking at to get a better feel of the situation on the ground. This article was written by Justin Low at investinglive.com.

FUNDAMENTAL OVERVIEWUSD:The US dollar opened the week higher yesterday following the breakdown of US-Iran negotiations over the weekend. The gains didn’t extend further though as the ceasefire remained intact and we got reports of US and Iran continuing to exchange messages through diplomatic backchannels.There were still risks of another escalation after Trump decided to put pressure on Iran by blockading their ports, but everything turned around in the first part of the US session as we started to get positive headlines and the greenback sold off across the board.In fact, we got the first boost to risk sentiment after the New York Post reported that Iranian officials were studying abandoning uranium enrichment as a US condition for ending the war. The moves then extended as we got further reports confirming the ongoing negotiations between US and Iran and finally a second round of talks was set for this weekend. JPY:On the JPY side, the currency has been mostly driven by US dollar strength and weakness as Japanese macro conditions continue to point towards a neutral policy. In fact, despite the growing expectations of a rate hike at the upcoming meeting, inflation in Japan has been gradually easing with most metrics being near or below the 2% target. Moreover, the US-Iran war hasn’t only put upward pressure on inflation but also downward pressure on growth. The end of the war would certainly be good news for the economy and should lift business sentiment which might eventually translate into favourable conditions for a rate hike.For now, the BoJ is more likely to hold rates steady and let things settle after the conclusion of the war. What the BoJ could do at the April meeting is to lay the groundwork for a rate hike in June if they think they have the right conditions in place. USDJPY TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that USDJPY bounced around the 158.00 handle and almost reached the 160.00 level before retracing. The recent consolidation might have formed a head and shoulders pattern with the neckline around the 158.00 support. If the price falls back to the support, we can expect the buyers to step in with a defined risk below the support to position for a rally into the 162.00 handle. The sellers, on the other hand, will look for a break to pile in for a drop into the 155.00 level next. USDJPY TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price rejected the downward trendline near the 160.00 handle and eventually broke below the upward trendline that was defining the pullback. The sellers stepped in around the downward trendline and increase the bearish bets on the break of the upward trendline targeting the 158.00 support. If we get another pullback into the downward trendline, we can expect the sellers to lean on it to keep pushing into new lows, while the buyers will look for a break to pile in for a rally into the 162.00 handle. USDJPY TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we don’t have clear levels where to lean on other than the resistance around the 159.40 level. If the price gets there, we can expect the sellers to step in with a defined risk above the trendline in case the pullback extends and target the 158.00 support. The buyers, on the other hand, will look for upside breaks to pile in for a rally into new highs. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we have the US PPI report. On Thursday, we get the latest US Jobless Claims figures. The focus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.

This is mostly a repeat to what we've heard from earlier in the day, that both sides are eyeing talks on Thursday in Islamabad.But as the echo chamber gets louder, we're seeing market players pick up on the optimism and running with it. It's a funny thing that even though the latest development is essentially a reset to last week, markets are growing even more optimistic of a positive outcome. All this while the Strait of Hormuz remains in de facto closure for longer.I would argue that reservations are still warranted, not least with there needing to be more positive progress before next week for the oil market. From earlier: Oil prices fall back on renewed hope of a US-Iran dealBut at the same time, it would be bad form to underestimate the odds of a peace deal of sorts here. That especially since US president Trump is wanting to push for it so badly. It feels like we will get there eventually. The only question is how and what happens next on the Strait of Hormuz?For now, market players are just tuning out the questions and noise but choosing to run with the buzz instead.The market mood continues to pick up on headlines like these. The dollar is slipping lower across the board while stocks in Europe are kick starting the day on a more positive note. S&P 500 futures are also seen up 0.1% currently. Meanwhile, WTI crude oil is down well over 3% to $95.60 at the moment. This article was written by Justin Low at investinglive.com.

Prior +2.3%HICP +3.4% vs +3.3% y/y prelimPrior +2.5%Core annual inflation is seen at 2.9% and that is a step up from the 2.7% reading in February. As higher energy prices bump up headline inflation, it will eventually also spill over to core prices down the road. That even more so the longer that this US-Iran conflict keeps up and the Strait of Hormuz remains in de facto closure.For now though, the broader market mood is still one that is leaning more towards being more optimistic. However, the reality of the situation remains that nothing will change until something changes on the Strait of Hormuz. Traders and investors are holding out hope but is it only a matter of time before it all comes tumbling down? This article was written by Justin Low at investinglive.com.