Gold Finds Its Footing, Risk Assets Breathe Easier

Dollar Retreat Fuels Gold's Bid Toward $5000 

While there are still plenty of ‘ifs’ surrounding this ceasefire, particularly around its durability and whether it can lead to a lasting resolution, traders are clearly relieved that, at the very least, a window has opened for the normalisation of energy supplies. 

Attention now turns to the rest of the week’s economic calendar, with core PCE on Thursday and US CPI on Friday expected to provide the next major test for inflation expectations. But even these headline numbers may play a secondary role to oil. For the foreseeable future, the direction of crude prices remains the clearest real-time barometer of market sentiment.