Monday 20th April 2026

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There were strong risk-on moves on Friday on the news that the Hormuz Strait had reopened. Since then, Iran has fired on vessels, and the Straits have closed again. But new talks are on the horizon if, as NAB’s Sally Auld puts it, they show up. The ceasefire officially ends Wednesday but markets aren’t pricing for President Trump’s threat to take out all  energy plants and bridges  Sally talks about how central banks are viewing the conflict and looks ahead to today’s CPI for Canada.

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