Dollar Slips as Cooler US PPI Confirms Disinflation Trend, Even as Brent Crude’s Fresh Surge Past $85 on Renewed Hormuz Strikes Complicates the Rate Story, Wall Street Grinds Toward Record Highs and Crypto Extends Its Post-CPI Rally | U.S. Session – Technical Analysis | 15 July 2026
Dollar Stays on the Back Foot as a Softer-Than-Expected June Producer Price Index Confirms Tuesday’s Cooling CPI Trend,Wall Street Grinds Toward Record Highs on Chip Strength Ahead of the Bank of Canada’s Rate Decision, While Bitcoin and XRP Extend Their Post-CPI Rally
The Dollar stays soft as a cooler Producer Price Index confirms Tuesday’s disinflation trend, even as Brent crude presses back above $85 on fresh Iran strikes, Wall Street grinds toward record highs on chip strength, and Bitcoin and XRP extend their post-CPI rally ahead of today’s Bank of Canada decision.
Wednesday’s U.S. session opened with the disinflation narrative from Tuesday’s cooler-than-expected Consumer Price Index gaining further confirmation, per live Reuters, Bloomberg, Investing.com and FXStreet coverage. The Bureau of Labor Statistics reported that the June Producer Price Index unexpectedly fell 0.3% month-on-month, against consensus for no change, with the BLS noting that nearly two-thirds of the decline in prices for final demand goods traced back to a 12% drop in gasoline prices; core PPI, excluding food and energy, rose a modest 0.2%, just below the 0.3% consensus. That soft print builds directly on Tuesday’s headline CPI reading of 3.5% year-on-year, down from 4.2% in May and comfortably below the 3.8% consensus, and has pushed CME FedWatch’s implied odds of a July Federal Reserve rate hike down to roughly 17% from 42% just a day earlier. The combined effect has kept the Dollar broadly on the back foot into the U.S. afternoon, with USD/CHF slipping back toward 0.8095 after tagging a 0.8150 high on Tuesday, and USD/CAD easing toward 1.4155 as traders position ahead of this afternoon’s Bank of Canada rate decision, where policymakers are widely expected to hold the overnight rate at 2.25% given Canada’s comparatively subdued core inflation backdrop.
Working against that broad Dollar softness, and reversing the European morning’s bout of profit-taking, is a fresh escalation in the Strait of Hormuz standoff. U.S. Central Command confirmed a seven-hour wave of strikes overnight against dozens of Iranian military assets and coastal defense positions near Hormuz, and Brent crude has climbed back above $85 a barrel for a third consecutive session, with WTI following it higher near $80. Iran’s Revolutionary Guard has claimed fresh attacks on tankers transiting the strait with their transponders disabled, and the UAE’s ADNOC has confirmed damage to two of its own vessels, with ship-tracking data showing Hormuz traffic down more than 50% from typical levels. President Trump has dropped his earlier proposal to impose a 20% cargo fee on vessels transiting the strait, saying any forgone revenue would be offset by fresh Gulf-state investment into the U.S., but he has also warned that strikes on Iranian power plants and bridges remain on the table next week absent a return to negotiations. That renewed oil strength is keeping a floor under longer-dated Treasury yields even as the disinflation data builds: the 30-year yield is holding near 5.11%, up modestly from Tuesday’s 5.10% close, as markets weigh the disinflationary CPI-and-PPI combination against the fresh energy-driven inflation risk.
In U.S. equities, the S&P 500 is pressing toward record territory near 7,565, up modestly from Tuesday’s 7,543.59 close, as chipmaking equipment giant ASML’s bullish full-year sales guidance — raised to a range of $49.1 billion to $51.4 billion on booming AI demand, well above the roughly $43.5 billion analysts had expected — lifted the broader semiconductor trade and lent further support to a rally already buoyed by a run of strong Tuesday bank earnings from JPMorgan, Bank of America, Citi, Goldman Sachs and Wells Fargo. Wednesday’s own earnings slate, including Morgan Stanley, BlackRock, Johnson & Johnson and PNC Financial, has broadly extended that momentum, with BlackRock shares jumping after assets under management climbed to $15.345 trillion. Technical desks note the index is building a base above its 50-day moving average near 7,524, with the next resistance zone layered between 7,629 and 7,649 ahead of the record high near 7,694. In precious metals, Gold is consolidating back near $4,048 an ounce, giving back part of Tuesday’s roughly 2% CPI-driven spike toward $4,080 as the confirmatory soft PPI print reduces some near-term urgency for safe-haven flows, even as the ongoing Hormuz standoff keeps a geopolitical floor under prices.
In digital assets, the softer U.S. inflation backdrop has continued to support a broad crypto rally into the U.S. afternoon, with Bitcoin extending its advance toward $64,950 on the back of a fresh round of net inflows into U.S. spot Bitcoin ETFs, while XRP is up more than 1.8% to around $1.11, helped by news that Ripple has become a premier member of the x402 Foundation alongside Visa and Mastercard, even as some desks flag a “capitulation bottom” warning on the token’s inability to reclaim the $1.20 handle convincingly. Looking ahead through the remainder of the session, the decisive variables are this afternoon’s Bank of Canada rate decision, the Federal Reserve’s Beige Book release, continued Treasury yield direction, any fresh Hormuz-related oil-price headlines, and Fed Chair Kevin Warsh’s second day of testimony before the Senate Banking Committee.
Sessions this event-heavy reward traders who can react in seconds, not minutes. Capital Street FX clients trade this Hormuz-and-inflation-driven volatility on our Zero Account‘s 0.0 Pips Spreads with 1:10000 Leverage, across 2000+ Instruments spanning FX, indices, commodities, bonds and crypto — backed by 24/7 Live Support for exactly this kind of headline-driven session.
U.S. Session Headlines
The stories driving price action across currencies, equities, commodities and crypto this session
U.S. Session Economic Calendar — 15 July 2026
Key releases and events shaping price action across today’s U.S. session (Eastern Time / ET unless noted)
| Time (ET) | Event | Actual / Detail | Impact | Market Read |
|---|---|---|---|---|
| 🇺🇸08:30 | US June Producer Price Index (PPI) | Fell 0.3% m/m vs. flat expected; core PPI +0.2% vs. +0.3% expected | 🔴 CRITICAL | Confirms Tuesday’s cooler CPI, cutting July Fed hike odds to ~17% |
| 🇺🇸Ongoing | Hormuz Blockade & Fresh US-Iran Strikes | CENTCOM confirms a seven-hour strike wave overnight; Brent back above $85 | 🔴 CRITICAL | Primary driver of oil, Gold’s geopolitical floor and Treasury yield resilience |
| 🇺🇸10:00 | Earnings: Morgan Stanley, BlackRock, J&J, PNC | Morgan Stanley and BlackRock both beat on EPS and revenue; AUM at $15.345tn | 🟢 HIGH | Reinforces the S&P 500’s push toward record territory |
| 🇨🇦10:00 | Bank of Canada Rate Decision & MPR | Widely expected to hold at 2.25% amid subdued core inflation | 🔴 CRITICAL | Key swing factor for USD/CAD into the U.S. afternoon |
| 🇺🇸10:30 | EIA Weekly Petroleum Status Report | Crude and gasoline inventory draws watched against the Hormuz backdrop | 🟢 MEDIUM | Adds a supply-side data point on top of the geopolitical oil narrative |
| 🇺🇸14:00 | Federal Reserve Beige Book | Anecdotal read on regional economic activity across all twelve districts | 🟢 HIGH | Watched for any shift in tone on inflation and labour-market slack |
| 🇺🇸15:00 | Fed Chair Kevin Warsh’s Senate Banking Testimony (Day Two) | Second day of semiannual testimony, following Tuesday’s House remarks | 🔴 CRITICAL | Markets watching for any shift in tone after the soft CPI-and-PPI combination |
| 🇺🇸Ongoing | CME FedWatch July Hike Odds | ~17% probability of a July hike, down from ~42% a day earlier | 🟢 HIGH | Key driver of broad Dollar softness across G10 pairs this session |
| 🇺🇸Ongoing | US Spot Bitcoin & Ether ETF Flows | Spot Bitcoin ETFs added roughly $181m Tuesday; Ether ETFs added ~$58m | 🟢 MEDIUM | Supportive backdrop for BTC/USD and the broader crypto complex |
U.S. Session Trade Ideas — 15 July 2026
Eight structured setups — USD/CHF, USD/CAD, Gold, Brent Crude Oil, S&P 500, US 30Y Treasury Yield, Bitcoin, XRP — with updated prices, levels, and full fundamental and technical analysis
USD/CHF
Fundamental Backdrop
USD/CHF has slipped back toward 0.8095 after tagging a 0.8150 high on Tuesday, as a softer-than-expected June Producer Price Index confirms the disinflation signal from Tuesday’s CPI print and keeps the Dollar broadly on the back foot into the U.S. afternoon. The Swiss franc is drawing additional support from its traditional safe-haven role, with the renewed Hormuz standoff and fresh U.S. strikes on Iran overnight reinforcing demand for the currency even as broad risk appetite in equities remains constructive. That combination of Dollar softness and franc safe-haven bids is a genuine headwind for USD/CHF, though a sudden de-escalation in the Middle East or a hawkish surprise from Fed Chair Warsh’s second day of testimony could quickly reverse the pair’s downward bias.
Technical Outlook
USD/CHF is consolidating below the closely watched 0.8150 resistance zone that capped Tuesday’s rally, with the broader weekly downtrend still intact. Resistance sits near 0.8130 (this trade’s sell-rally zone) and 0.8180 (this trade’s stop, near Tuesday’s high), while support is layered at 0.8029 and this trade’s 0.8030 target, a round-number level flagged by several technical desks as the next objective on continuation lower. A confirmed break below 0.8029 would open a run toward 0.7950, while a reclaim of 0.8150 would risk a deeper short-covering bounce toward 0.8198.
Session Catalysts
Watch for: (1) the Bank of Canada’s rate decision and its read-through to broader Dollar sentiment; (2) the Fed’s Beige Book release this afternoon; (3) Fed Chair Warsh’s second day of Senate testimony; (4) any fresh Hormuz-related escalation reinforcing Franc safe-haven demand; (5) continued Treasury yield direction given the CHF’s rate-differential sensitivity.
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USD/CAD
Fundamental Backdrop
USD/CAD is easing toward 1.4155 as broad Dollar softness following the soft PPI print weighs on the pair heading into this afternoon’s Bank of Canada rate decision, where policymakers are widely expected to hold the overnight rate at 2.25% given Canada’s comparatively subdued core inflation backdrop and a resilient domestic labour market. Renewed Hormuz-driven oil strength is providing the Canadian dollar with an additional, if partial, tailwind given Canada’s status as a net energy exporter, even as unresolved CUSMA trade-review uncertainty and softer Canadian growth data continue to cap the loonie’s upside more broadly.
Technical Outlook
USD/CAD is trading below the 1.4210 resistance zone that has capped recent rallies, with the pair still holding within its broader multi-week range. Resistance sits near 1.4210 (this trade’s sell-rally zone) and 1.4260 (this trade’s stop, near recent swing highs), while support is layered at 1.4080 (this trade’s target) and 1.4000 beyond that. A confirmed close below 1.4080 would open a run toward the 1.4000 handle, while a hawkish surprise from the Bank of Canada or a reclaim of 1.4260 would risk a retest of 1.43.
Session Catalysts
Watch for: (1) the Bank of Canada’s rate decision and accompanying Monetary Policy Report at 10:00 ET; (2) continued Brent and WTI direction given CAD’s energy-price sensitivity; (3) the Fed’s Beige Book this afternoon; (4) Fed Chair Warsh’s second day of Senate testimony; (5) any fresh CUSMA/USMCA trade-review headlines.
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Gold (XAU/USD)
Fundamental Backdrop
Gold is consolidating near $4,048 an ounce, giving back part of Tuesday’s roughly 2% rally toward $4,080 that followed the much-cooler-than-expected June CPI print, as Wednesday’s confirmatory soft PPI reading reduces some of the immediate urgency for safe-haven flows. Working against that pullback, the renewed Hormuz standoff and fresh overnight U.S. strikes on Iran are keeping a genuine geopolitical floor under prices, while the broader disinflation trend keeps alive the case for eventual Fed rate cuts, a structurally supportive backdrop for the metal even as near-term price action consolidates.
Technical Outlook
Gold is trading below the $4,080 resistance zone that capped Tuesday’s advance, with support sitting near $4,010 (this trade’s buy-dip zone) and $3,970 (this trade’s stop, near this week’s swing low), while resistance is layered at $4,080 and this trade’s $4,120 target. A confirmed close above $4,080 would open a run toward $4,150 and the metal’s recent highs, while a slide back below $3,970 would risk a deeper pullback toward the $3,900 zone.
Session Catalysts
Watch for: (1) continued Treasury yield direction as the key rate-sensitivity driver for gold; (2) any fresh Hormuz-related escalation reinforcing safe-haven demand; (3) the Fed’s Beige Book this afternoon; (4) Fed Chair Warsh’s second day of Senate testimony; (5) broader Dollar Index direction given gold’s inverse sensitivity.
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Brent Crude Oil
Fundamental Backdrop
Brent crude has reversed the European morning’s profit-taking pullback to push back above $85 a barrel, its third straight session of gains, after U.S. Central Command confirmed a fresh seven-hour wave of strikes overnight against dozens of Iranian military and coastal assets near the Strait of Hormuz. Iran’s Revolutionary Guard has claimed additional attacks on tankers transiting the strait with transponders disabled, and ship-tracking data continues to show Hormuz traffic down more than 50% from typical levels. President Trump has dropped his earlier proposed 20% cargo fee for vessels transiting the strait, saying lost revenue would be offset by fresh Gulf-state investment into the U.S., but has warned that strikes on Iranian power plants and bridges remain possible next week absent a return to negotiations — a genuine and escalating catalyst, though any sudden de-escalation or surprise return to talks would undercut the bullish setup quickly.
Technical Outlook
Brent is holding above the $83.50 zone that has acted as intraday support through the week’s volatility, with resistance layered at $86.50 (near this week’s high) and this trade’s $88.50 target. Support beyond the buy-dip zone sits near $81.50 (this trade’s stop, near Monday’s low) and $79.00 further down. A confirmed close above $86.50 would open a run toward $88.50 and potentially the earlier $87 intraday spike high, while a slide back below $81.50 would risk a deeper retracement toward $78.00.
Session Catalysts
Watch for: (1) the 10:30 ET EIA Weekly Petroleum Status Report for fresh inventory data; (2) any further Hormuz-related escalation or de-escalation headlines; (3) continued CENTCOM statements on strike activity; (4) broader Dollar Index direction given crude’s inverse Dollar sensitivity; (5) any signal of a return to US-Iran negotiations.
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S&P 500
Fundamental Backdrop
The S&P 500 is pressing toward record territory near 7,565, up modestly from Tuesday’s 7,543.59 close, as ASML’s bullish full-year sales guidance — raised to $49.1–$51.4 billion on booming AI demand, well above the roughly $43.5 billion analysts expected — lifts the broader semiconductor trade and adds to momentum from Tuesday’s run of strong bank earnings. Wednesday’s own earnings slate from Morgan Stanley, BlackRock, Johnson & Johnson and PNC Financial has broadly extended the rally, while the soft PPI print reinforces hopes the Fed can stay on hold near-term. A genuine headwind remains the renewed Hormuz-driven oil spike, which raises input-cost concerns for transport and consumer-facing sectors even as tech-led gains dominate the tape.
Technical Outlook
The S&P 500 is building a base above its 50-day moving average near 7,524, within a short-term retracement zone between 7,493 and 7,540. Resistance is layered at 7,629 and 7,649 — the two secondary lower tops standing between the index and its record high near 7,694 — with this trade’s 7,650 target sitting just below that record. Support sits near 7,510 (this trade’s buy-dip zone) and 7,460 (this trade’s stop), while a sustained move below the 50-day average would open a path toward 7,357 and 7,292.
Session Catalysts
Watch for: (1) continued earnings from Morgan Stanley, BlackRock, J&J and PNC; (2) the Fed’s Beige Book at 14:00 ET; (3) Fed Chair Warsh’s second day of Senate testimony; (4) any fresh Hormuz-related oil-price volatility and its read-through to transport and consumer names; (5) broader chip-sector direction following ASML’s guidance.
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US 30-Year Treasury Yield
Fundamental Backdrop
The U.S. 30-year Treasury yield is holding near 5.11%, up modestly from Tuesday’s 5.10% close, as renewed Hormuz-linked oil strength offsets the disinflationary signal from Tuesday’s cooler CPI and Wednesday’s soft PPI print. The tension between falling near-term inflation data and rising energy-cost risk is the defining dynamic for long-end yields this session: while cooling CPI and PPI reduce the odds of near-term Fed tightening, the reimposed Hormuz blockade and fresh U.S. strikes on Iran keep a genuine inflation-risk premium embedded in the long end of the curve, a dynamic reinforced by persistently elevated fiscal issuance.
Technical Outlook
The 30-year yield has held above the 5% threshold for over a week, with support near 5.05% (this trade’s buy-dip zone) and 4.98% (this trade’s stop, near last week’s low), while resistance is layered at 5.19% (this week’s high) and this trade’s 5.25% target. A confirmed move above 5.19% would open a run toward 5.30%, while a slide back below 4.98% would risk a deeper retracement toward 4.85% on a more decisive disinflation signal.
Session Catalysts
Watch for: (1) the Fed’s Beige Book release at 14:00 ET; (2) Fed Chair Warsh’s second day of Senate testimony for any shift in tone; (3) continued Hormuz-related oil-price direction; (4) Treasury auction supply and demand dynamics; (5) any fresh Fed-speak on the path for rate cuts given the cooling inflation trend.
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Bitcoin (BTC/USD)
Fundamental Backdrop
Bitcoin is extending its advance toward $64,950, up more than 2% on the session, as Wednesday’s soft PPI print reinforces Tuesday’s cooler-CPI-driven rally and reduces near-term odds of Fed tightening, a backdrop that continues to support risk assets broadly. The move is layered on top of a fresh round of net inflows into U.S. spot Bitcoin ETFs, which added roughly $181 million on Tuesday after shedding around $425 million the prior session, alongside a further $58 million into Ether ETFs. That said, Bitcoin’s rally has cooled somewhat as investors digest the inflation data against the ongoing Hormuz-driven oil-price backdrop, a genuine source of two-way volatility for risk assets this week.
Technical Outlook
Bitcoin is holding near a three-week high, consolidating above its recent range after last week’s dip toward the low-$60,000s. Support sits near $63,000 (this trade’s buy-dip zone) and $61,500 (this trade’s stop, near this week’s swing low), while resistance is layered at $65,500 (a recently tested intraday ceiling) and this trade’s $67,500 target. A confirmed close above $65,500 would open a run toward $69,000, while a slide back below $61,500 would risk a retest of the $59,000 zone touched late last month.
Session Catalysts
Watch for: (1) continued U.S. spot Bitcoin and Ether ETF flow data; (2) the Fed’s Beige Book and Fed Chair Warsh’s second day of Senate testimony; (3) any fresh Hormuz-related risk-appetite swings; (4) broader Dollar Index direction given crypto’s recent sensitivity to Fed rate-hike repricing; (5) any fresh regulatory or institutional-adoption headlines.
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XRP (XRP/USD)
Fundamental Backdrop
XRP is up more than 1.8% to around $1.11, part of the broader crypto rally extending on the back of Wednesday’s soft PPI print and Tuesday’s cooler CPI reading, both of which have reduced near-term Fed hike odds and supported risk appetite across digital assets. The token is drawing additional, idiosyncratic support from news that Ripple has become a premier member of the x402 Foundation alongside Visa and Mastercard, reinforcing its institutional-payments narrative. That said, some desks continue to flag a “capitulation bottom” warning given XRP’s repeated failure to hold convincingly above the $1.20 handle, a genuine technical headwind even as the broader macro backdrop remains supportive.
Technical Outlook
XRP is battling to hold above the psychologically important $1.00 level after a volatile month, with support sitting near $1.03 (this trade’s buy-dip zone) and $0.98 (this trade’s stop, just below the $1.00 handle). Resistance is layered at $1.15 (a recently tested ceiling) and this trade’s $1.20 target, a level the token has repeatedly failed to clear on a sustained basis. A confirmed close above $1.20 would open a run toward $1.35, while a slide back below $0.98 would risk a retest of the token’s recent lows near $0.90.
Session Catalysts
Watch for: (1) continued Bitcoin direction as the dominant driver of broader crypto sentiment; (2) any further Ripple institutional-adoption or stablecoin-migration headlines; (3) the Fed’s Beige Book and Fed Chair Warsh’s second day of Senate testimony; (4) broader Dollar Index direction; (5) any fresh regulatory developments affecting XRP specifically.
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U.S. Session FAQ
Answers to the questions traders are asking most about today’s session
U.S. Session Summary — Wednesday, 15 July 2026 (Live Update)
Wednesday’s U.S. session is defined by a genuine tension between a Dollar still on the back foot from a soft CPI-and-PPI combination and an oil price that has swung sharply back higher on the reimposed Hormuz blockade, per live Reuters, Bloomberg, Investing.com and FXStreet coverage. The June Producer Price Index unexpectedly fell 0.3% month-on-month, confirming Tuesday’s much-cooler-than-expected CPI print that pulled annual headline inflation down to 3.5%, and together the two releases have cut CME FedWatch’s implied odds of a July Fed hike to roughly 17% from 42% a day earlier, keeping USD/CHF soft near 0.8095 and USD/CAD easing toward 1.4155 ahead of this afternoon’s Bank of Canada decision, where a hold at 2.25% is widely expected. Working in the opposite direction, Brent crude has reversed the European morning’s profit-taking to push back above $85 a barrel for a third straight session, after U.S. Central Command confirmed a fresh seven-hour wave of strikes against Iranian military and coastal assets near Hormuz overnight, with President Trump warning that strikes on Iranian power plants and bridges remain possible next week absent a return to negotiations. That combination of Dollar softness and renewed oil-driven inflation risk is keeping the U.S. 30-year Treasury yield anchored near 5.11%, little changed from Tuesday’s 5.10% close, as the two forces roughly offset. In equities, the S&P 500 is pressing toward record territory near 7,565 as ASML’s bullish AI-driven sales guidance lifts the broader chip trade and a run of strong bank earnings from Morgan Stanley and BlackRock reinforces the rally. In precious metals, Gold is consolidating back near $4,048 an ounce, giving back part of Tuesday’s roughly 2% CPI-driven spike as the confirmatory soft PPI print reduces some near-term safe-haven urgency even as Hormuz-linked geopolitical risk keeps a floor under prices. In digital assets, Bitcoin and XRP are both extending gains as part of a broader crypto rally, with Bitcoin buoyed by fresh spot ETF inflows and XRP up over 1.8% on Ripple’s admission to the x402 Foundation alongside Visa and Mastercard. Highest-conviction session idea: buy Brent crude dips toward $83.50, targeting $88.50 — the reimposed Hormuz blockade and continued threat of further US strikes on Iran are a genuine, escalating catalyst, though any sudden de-escalation or return to US-Iran negotiations would undercut the setup quickly.
For the individual instruments: USD/CHF sell rallies toward 0.8130, stop 0.8180, target 0.8030 — broad Dollar softness and Franc safe-haven demand are genuine tailwinds for the downside case, though a hawkish surprise from Fed Chair Warsh’s testimony or a sudden Hormuz de-escalation is a real risk. USD/CAD sell rallies toward 1.4210, stop 1.4260, target 1.4080 — Dollar softness and rising oil prices both support the Canadian dollar, though a dovish Bank of Canada tone citing CUSMA-related growth risk is a real headwind to the trade. Gold buy dips toward $4,010, stop $3,970, target $4,120 — the disinflation trend and ongoing Hormuz risk are genuine tailwinds, though the soft PPI print has reduced some near-term safe-haven urgency. Brent Crude Oil buy dips toward $83.50, stop $81.50, target $88.50 — the escalating US-Iran conflict is a genuine and immediate tailwind, though any surprise de-escalation is a real risk to the bullish setup. S&P 500 buy dips toward 7,510, stop 7,460, target 7,650 — ASML-led chip strength and strong bank earnings are genuine tailwinds, though elevated oil prices remain a real headwind to cost-sensitive sectors within the index. US 30Y Treasury Yield buy dips toward 5.05%, stop 4.98%, target 5.25% — renewed oil-driven inflation risk is a genuine tailwind for yields, though a more decisive disinflation trend would quickly cap the move. Bitcoin buy dips toward $63,000, stop $61,500, target $67,500 — reduced near-term Fed hike odds and fresh spot ETF inflows are genuine tailwinds, though the rally has cooled somewhat as investors digest the oil-price backdrop. XRP buy dips toward $1.03, stop $0.98, target $1.20 — a firming institutional-adoption narrative and the broader crypto rally are genuine tailwinds, though repeated failures to hold above $1.20 remain a real technical risk. The decisive variables for the remainder of the session are this afternoon’s Bank of Canada rate decision, the Federal Reserve’s Beige Book, continued Treasury yield direction, any fresh Hormuz-related escalation, and Fed Chair Warsh’s second day of Senate testimony. Size positions accordingly, and note that the geopolitical and macro backdrop remains exceptionally fluid and carries genuine event risk that could reshape sentiment sharply intraday.
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