■ Daily Overview
Hopes for a Middle East ceasefire have faded,
bringing markets back into an unstable phase.
Oil moved as follows:
- $117 → dropped to $91
- Then rebounded toward $100
👉 Geopolitical risk has not fully disappeared
Markets are now entering a difficult phase:
👉 “Rising inflation vs. slowing growth”
■ Core Market Theme
Rising Stagflation Concerns
- Higher oil → inflation pressure
- Inflation → rate hike expectations
- At the same time → growth slowdown risk
👉 Central banks face extremely difficult policy decisions
■ FX Market Developments
- USD: lacks clear direction
👉 If inflation dominates → USD bullish
👉 If growth slows → USD bearish
👉 Market can flip direction depending on the catalyst
■ Key Focus (Critical)
- Oil prices (primary driver)
- Middle East headlines
- Inflation data (especially US CPI)
📌 US CPI forecast:
+3.4% YoY (previous: +2.4%)
👉 Strong expectations for re-accelerating inflation
■ Scenario Outlook
① Continued Oil Rally
→ Inflation resurges
→ Rate hike expectations rise
→ USD strengthens
② Growth Deterioration
→ Risk-off environment
→ Equities decline
→ USD either strengthens or becomes unstable
③ Inflation Peak Expectations
→ Equities rise
→ USD weakens
■ Additional Notes
- Ukraine ceasefire expectations → EUR strength
- Dual geopolitical risks: Middle East + Europe
■ Strategy Points
- Assume no clear directional trend
- Use oil as the primary decision anchor
- Focus on short-term trading opportunities
■ Summary
The current market is:
👉 “An oil-driven market”
👉 Inflation vs growth
👉 Direction depends on which dominates
■ Final Take
👉 What matters most:
Flexibility and rapid reaction — avoid fixed bias
