Markets remained on edge as ongoing uncertainty around a potential US–Iran agreement drove a clear risk‑off tone. European equities moved broadly lower, while US indices pulled back after briefly touching record highs, weighed down by weakness in technology and semiconductors. Oil prices proved volatile but ultimately rebounded, with both Brent and WTI holding elevated levels, while gold edged higher. In fixed income, US yields ticked up as investors reassessed inflation risks linked to energy markets. Central banks painted a mixed picture, with Norway surprising to the upside on rates, while Sweden held steady. In Asia, markets were mostly weaker, though South Korea’s strong outperformance continued. Today we were joined by Tim Gagie, Head of FX Advisory in Geneva, who shared the latest insights on currencies and metals, discussing gold, the ongoing US dollar weakness, and the yen intervention.