What a week to be glued to the headlines. From May 25–29, one story ran the show across every market: the on-again, off-again U.S.-Iran deal to reopen the Strait of Hormuz. Traders spent five sessions chasing diplomatic ping-pong — peace talks, missile strikes, ceasefire leaks, and a naval blockade lift — and price action whipped around with every twist.
The dollar stumbled into a weekly loss, gold clawed back from a mid-week dive, the S&P 500 stretched its winning streak to a level we haven’t seen since 2023, and crude got absolutely body-slammed as the war premium bled out. Meanwhile, two currencies broke from the pack and wrote their own scripts: the kiwi rode a surprise hawkish RBNZ to the top of the leaderboard, and the Aussie shook off a soft inflation print to grind higher. Here’s how it all shook out.
