DOMINANT THEME - Conditional de-escalation with a hawkish USD floor. Hormuz is reported open and technical talks are progressing, but inspection commitments, frozen-fund mechanics and Lebanon remain disputed. CAD CPI was the strongest macro beat, AUD/JPY PMIs improved, GBP gained on political relief, and ES/NQ are now a separate Section 2 market: supported by short retail and improving COT, but capped by Monday Nasdaq/S&P weakness and hawkish Fed pricing.
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