// COMPARE

EUR/USD bounced to 1.1654 (+0.31%) as the dollar slipped on Hormuz ceasefire optimism, even after US strikes complicated the picture. Range traded tight all session as traders weighed conflicting Iran headlines.

Euro is the cleanest dollar-funded carry when oil-driven dollar strength fades. With DXY at 98.99 and US10Y near 4.46%, the relief rally favors EUR over higher-beta crosses while geopolitical resolution remains uncertain.

EU CPI flash print tomorrow is the main catalyst — ECB pricing still hinges on services inflation stickiness. 1.1700 caps upside; a clean Hormuz deal headline could push there. Loss of 1.1600 reopens 1.1550.

S&P 500 climbed to 7,563.6 (+0.58%), printing fresh record territory on US-Iran ceasefire optimism. Dell earnings and a Pentagon software deal added a bid; breadth supportive.

Record highs on geopolitical relief plus the AI capex story still funding bids in mega-caps. Microsoft +3.47% on Pentagon deal news shows the institutional buyer hasn't blinked despite bubble chatter.

PCE Friday is the only big macro print. Above 7,600 opens 7,700; failure of 7,500 turns it into a profit-taking session. Watch VIX 15.74 — sub-15 would confirm the all-clear.