The War drags on – North American Session Market Wrap for March 11

Log in to today's North American session Market wrap for March 11

After today's 8th war trading session, volatility seems to be taking another retreat.

After the very chaotic Monday action, traders seem exhausted by the many headlines and prior trends.

Trump's comments regarding that the War that is almost coming to an end are not moving Markets the slightest. After yesterday's downside fake-out in Oil, it seems that the commodity won't correct until a proper resolution is reached.

The War drags on, and despite the number of victims around the Middle East, both sides don't seem to be putting the brakes on.

Quite the contrary, actually – Iran has begun to plant mines in the Strait of Hormuz, the US announced that they took down about 28 Iranian mining ships, and UAV attacks on IRGC control points are beginning.

This could provide another turn, particularly with Hezbollah launching a chaotic wave of attacks against Israel. Retaliation would not be surprising after the hundreds of rockets fired during the Middle Eastern night.

What particularly concerns Markets is the fact that Iran began to attack ships crossing the Strait, with three tankers hit today. The news led to a rebound in WTI prices to the top of its $82 to $88 Range.

Metals and Equities have consequently sagged throughout the session, with their usual inverse correlation holding well again – As long as Black Gold doesn't breakout, Markets are poised for range-bound action ahead.

But things could easily take a fresh turn, so keep the latest news in check!

Read More:

• The Canadian Dollar loves conflict – Has the CAD reached a long-term bottom?
• Markets resist and volatility fades – North American Mid-Week Market Update
• Stock Markets drop despite low CPI report – Dow Jones and US Index Outlook
• Oil surges again to $86 as Iran attacks ships in Hormuz – Intraday Analysis

A few local winners in today's session include Energy Minerals, a few Consumer Durables and Tech names, but apart from that, the day has been relatively bloody.

Financials really will need to be tracked closely as they follow yet another session lower – Any major developments there could drag Stock Indexes to some dark times ahead.

It's not because Global Assets have stopped trending that volatility has dropped!

You can see how many up and down crosses there has been in all asset classes throughout today's session. The main guide to the action remains WTI, which tend to drag everything but the dollar lower after its rebound.

One trend to emphasize is the resilience in Cryptocurrencies throughout recent sessions.

Keep a close eye on whether they can manage a rise from here, failing to mark any new lows.

The Aussie Dollar is back on top again while the JPY takes another hit – the two main movers of today's session.

The top and bottom performers are both moved by their highly correlated assets, with commodities helping the Aussie while US treasuries sagging are hurting the JPY.

It will be interesting to see if this trend sustains on any potential Oil breakout.

Tomorrow will be the calm before a major data storm on Friday.

GBP traders will have to watch out for the BoE Governor Bailey's speech at 4:30 A.M in a Financial Stability Board conference – Interesting to see what he has to say with recent turmoil in Private Credit.

Keep a close eye on sentiment and Middle East news.

Safe Trades!

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