AUDUSD TECHS: Bull Reversal

• Knee jerk reactions across the board after Pres Trump said the Iran war "could be over soon" during phone in interview.
• TYM6 currently +3 at 112-17 vs. 112-18 high.
• Cross asset update: Bbg US$ retreats: BBDXY -1.52 at 1201.82; SPX emini climbs higher: up 25.25 points (0.37%) at 6670.5.

Oil prices drop a quick $4/bbl with equities at session highs and the USD at session lows as CBS Senior White House Correspondent reports on x.com: @weijia: "NEW—In a phone interview, President Trump told me the war could be over soon: “I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force.” He added that the U.S. is “very far” ahead of his initial 4-5 week estimated time frame."

• Stocks are mixed after paring early Monday losses (lowest levels since late November), risk sentiment is tenuous but improved as crude prices retreat from overnight highs: WTI nearly trading $120/bbl - trades under $95.0/bbl in late trade.
• Oil surged after Saudi Arabia announced production cuts (along with UAE, Kuwait and Bahrain) as the Straight of Hormuz remains blockaded, but talk of price mitigation measures including potential SPR release helped crude prices retreat in the second half.
• Nevertheless, Energy sector shares continued to benefit from the surge in crude: Diamondback Energy Inc, Devon Energy Corp, Coterra Energy Inc and Occidental Petroleum Corp all climbing over 1.75% in late trade.
• Meanwhile, IT sector shares were buoyed by semiconductor makers, Sandisk outperforming peers gaining 6.95% while Ciena Corp, Teradyne Inc, Western Digital Corp, Broadcom Inc and Intel gained 3-5% in the first half.
• Conversely, Financials led declines in the first half with Banks and Insurance companies underperforming amid rising credit risk exposure: MetLife, KeyCorp, Wells Fargo, Moody's Corp, Capital One Financial and Fifth Third Bancorp all trade -3-4%.