'We simply don't know' - JP Morgan struggling to forecast oil prices due to Trump's war with Iran
The bank said it "assumed" there would be economic red lines, like oil at $100 a barrel, that the US would be unwilling the cross.
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The bank said it "assumed" there would be economic red lines, like oil at $100 a barrel, that the US would be unwilling the cross.
More than six months after the start of the Iran war, JPMorgan Chase & Co.โs oil analysts are stating what many traders have been saying privately for some time: the path to the end of the war is increasingly impossible to predict.
Mike Contopoulos, head of multi-asset macro investing at Janus Henderson, and Kay Herr, US CIO of US GFICC JPMorgan Asset Management, join Scarlet Fu on "Bloomberg Deals." Yields on US government bonds rose to fresh multiyear highs as oil prices extended their surge, prompting traders to add to bets that the Federal Reserve will raise interest rates as soon as next week. (Source: Bloomberg)
A further unwind of sizable short positions could accelerate the yenโs gains if it strengthens past 155 per dollar, according to JPMorgan Chase & Co. strategists.