Yesterday's positive close on the US equity market was a head scratcher and we try to put together a set of reasons how it was possible as we quickly yielded to a fresh round of deep risk off in Asia and Europe overnight and into this morning. Some thoughts on the "energy overlay" for all of the major currencies should this conflict persist and the energy price spike worsen and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

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Risk off as market ponders new energy crisis from Iran conflict.

Saxo Market Call