U.S.-Iran Ceasefire Boosts Global Markets and Sterling
The United States and Iran have agreed to a two-week ceasefire, leading to a surge of optimism across global markets. The pound experienced its largest one-day gain in three weeks, rising 1% to $1.342, its highest since March 23. Brent crude futures fell by as much as 16% in early trading, as investors welcomed the prospect of resumed marine traffic through the Strait of Hormuz, which had been blocked by Iran. Money markets have adjusted their expectations for central bank rate hikes, with traders now anticipating fewer increases by the Bank of England this year. 
