Following President Trump's speech, a renewed surge in "flight-to-safety" dollar buying

【4/2Market Overview

During Tokyo time, President Trump mentioned that the war against Iran is nearing its end, but stated, “in the next2-3weeks, we will deliver extremely severe blows to Iran” and “if no agreement is reached, we will also attack Iran’s power plants.” Tensions in the Middle East surged, crude oil futures spiked, and the Nikkei average that had risen, fell, while the U.S. 10-year Treasury yield rose and the dollar/yen temporarily reached159.47yen. In European time, as expectations for a resolution of the conflict between the United States and Iran faded, “safe-haven dollar buying” reemerged, and the dollar/yen rose to159.74yen. In New York time, backed by expectations of reopening the Strait of Hormuz, crude oil futures stalled, and after U.S. stocks that opened sharply lower recovered, dollar selling dominated. The dollar/yen briefly fell to159.23yen. Thereafter, as crude oil futures strengthened again, the dollar/yen’s downside was firm, and rose to159.72yen.

【4/3Market Outlook