Asia Market Movers: ICYMI - Iran tightens Hormuz grip as Iraq and Pakistan strike bilateral transit deals

Wednesday, 13 May, 2026 Commodities ICYMI - Iran tightens Hormuz grip as Iraq and Pakistan strike bilateral transit deals Iraq and Pakistan have struck separate deals with Iran for oil and LNG passage through the Strait of Hormuz, as Tehran formalises control of the waterway with vessel traffic at 5% of pre-war levels. R Central Banks PBOC is expected to set the USD/CNY reference rate at 6.7946 – Reuters estimate Earlier: Goldman Sachs says yuan 20% undervalued, lifts forecasts to 6.50 in a year - The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time Learn more Central Banks Hot CPI print - Wall Street inflation fears mount as break-even rates hit multiyear highs Wall Street inflation anxiety deepened after Tuesday's hot CPI print, with five-year break-even rates at their highest since October 2022 and the 10-year measure at 2.5%, its peak since 2023. I posted Forex Goldman Sachs says yuan 20% undervalued, lifts forecasts to 6.50 in a year Goldman Sachs says the yuan is more than 20% undervalued against the dollar and has upgraded its forecasts to 6.80 in three months, 6.70 in six months and 6.50 in a year. Summary: Goldman Sachs estima News Hot US inflation print fans fears of Fed rate hike as energy costs spread US consumer prices rose 3.8% in April, above forecasts, with energy accounting for 40% of the increase, prompting analysts to warn of rising rate hike risks and pushing December hike odds to nearly 30 Commodities Alaska passes gold and silver legal tender bill, exempting precious metals from sales tax Alaska's Senate has passed HB 1 by 19 votes to 1, recognising gold and silver as legal tender and exempting specie transactions from local sales taxes, with the bill now heading to the governor. Summa Central Banks India more than doubles gold and silver import tariffs to 15%, effort to prop up the rupee India has more than doubled import duties on gold and silver to 15%, aiming to narrow its trade deficit and support the rupee, but industry officials warn the move risks reviving smuggling networks. S Stocks Preview - Citi tips Nvidia Q1 revenue beat ahead of May 20 earnings report Citi maintains a buy rating and $300 price target on Nvidia ahead of May 20 earnings, projecting Q1 revenue of $80bn, above the $78.6bn Street consensus, on strong Blackwell chip demand. Summary: Citi Learn more Commodities Oil - private survey of inventory shows a headline crude oil draw just less than expected Via telegram sources: Crude prices advanced steadily through Tuesday's session as tensions between the United States and Iran showed little sign of easing, though the market's attention is already shi

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