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14:18
Iran and Oman are discussing the permanent collection of a transit fee for the Hormuz Strait.
BlockBeats News, May 21st, the Iranian Ambassador to France stated that Iran and Oman are in discussions to permanently levy a toll for passage through the Strait of Hormuz. Reopening the strait will require countries to pay the fee.
14:16
Tom Lee: Ethereum Selling Pressure Mainly From Oil Price Surge, Resolution of War Will Alleviate Macro Pressure
BlockBeats News, May 21st, Tom Lee stated in a post that the current Ethereum selling pressure mainly comes from the rise in oil prices. In response to the just-released Federal Reserve minutes for April, he stated that if inflation remains above 2%, the Fed may need to consider "policy tightening." Tom Lee believes that ETH is showing the highest historical negative correlation with oil prices. High oil prices boost inflation expectations, increase the probability of Fed rate hikes, tighten monetary liquidity, and suppress crypto assets. Since the outbreak of the Iran war, oil price volatility has been highly synchronized with the Fed's 2026 rate hike/cut expectations. The resolution of the war will directly affect oil prices and may alleviate the macro pressure on ETH.
14:12
Citi macro strategists recommend traders to short the US dollar and go long on the Japanese yen ahead of the Bank of Japan's June policy meeting.
The current yen exchange rate has returned to a range that is extremely prone to intervention. Citi analysts Jamalco Miani, Adam Pickett, and Dirk Weller wrote: "The overall fundamentals of the yen remain under pressure, but the USD/JPY has once again approached the intervention threshold around 160." "In addition, with the Bank of Japan's June meeting approaching, Citi expects the central bank to raise interest rates." Swap market participants are currently pricing in an expected 20 basis point rate hike at next month's meeting.
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