Too much going on in markets, too many crosscurrents ...Middle East

1) Whether to join the war with Iran

Both could materially worsen or get better at any point. So far the trade war isn't yielding any deals and today we learned that Japan isn't even bothering with a scheduled July 1 meeting. Earlier in the week a report said the EU was resigned to 10% tariffs but that might only embolden Trump to push for more. Meanwhile, we still haven't gotten a clear look at the effects of tariffs to date on prices and activity.

3) The economy

4) The budget

Even if you have a strong view on two or three of these items, the other one could blow up in your face. I believe that's why equities are reluctant to make new highs and most other assets are range bound.

This article was written by Adam Button at www.forexlive.com.

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