The recent ceasefire in the Middle East has led to mixed reactions in financial markets, with skepticism surrounding its durability weighing heavily on investor sentiment. The USD has clawed back some ground, with the USD/JPY trading near 158.80 and EUR/USD slipping below 1.1660. However, the situation remains tense, particularly in the Strait of Hormuz, which is effectively closed to oil and gas tankers. Only four vessels have crossed since the ceasefire began, indicating significant disruptions in energy flows. Iran's Islamic Revolutionary Guard Corps (IRGC) has issued guidance on alternative transit routes to navigate sea mines, but broader uncertainties persist. Meanwhile, oil prices have seen a slight uptick, yet remain rangebound as supply concerns continue to dominate the market landscape. The Reserve Bank of New Zealand (RBNZ) has indicated that previous rate cuts still support growth, but inflation remains a concern, especially if geopolitical tensions escalate further.