ACTIVE ESCALATION REGIME — Hormuz threats broadened to infrastructure and tankers, while the EIA build caps Oil. USD and AUD are bullish after a broad Australian jobs beat; EUR is neutral and relatively stronger than GBP; CAD, JPY and CHF are bearish. The ECB and Canadian retail sales are the next key risks.
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This preview gives the headline research context without exposing the complete member report. The full issue includes deeper market structure, macro drivers, positioning read, scenario planning, invalidation context, and risk calendar notes.