00:00Let's get to Morwenna Conium now on the market reaction. Morwenna, many of these assets are
00:04trading as you might expect. Maybe the moves aren't as big as they potentially could be,
00:10but at the same time, Treasuries are showing a little bit of a different reaction.
00:16Why are Treasuries not morbid? Well, I think there's been quite a lot of activity recently
00:22in Treasuries in terms of the price has been already elevated. You've had yields coming down
00:29and that's something we've seen with sovereign debt across the region in Europe as well.
00:36So there's an element of that and also there's a possibility that, of course,
00:40these higher oil prices do add to inflation. It is a slightly different matter for the US
00:45than for Europe because of their own oil capacity. But still, with people expecting the Fed
00:52to cut interest rates this year, just as they are expecting that to be the case in the UK,
00:58traders have been adjusting those bets slightly. So I think there's a sense that perhaps the
01:03monetary policy trajectory that has been priced in for quite some time now is maybe not going to
01:09be quite so straightforward. Talk to us about the reaction in currency markets because the dollar
01:13is stronger versus every major currency and particularly the yen and the Swiss franc as well.
01:19Yes. So the dollar has been rising. It's just off its session highs now. But that is something that
01:24we've seen happening throughout the day. It's interesting because I think quite a lot of this
01:29year we've seen the dollar no longer being that safe haven. But today it's really come back to the
01:34fore. Investors piling into the dollar as a hedge, perhaps for some of that money that had been in
01:41treasuries moving across there. And essentially it could be good for the US economy. It's unclear
01:48exactly how all of this plays out because it has been so rapid and there are so many uncertainties.
01:54But certainly investors are flocking to what is seen as those traditional haven assets across the board today.
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