Traffic in the Strait of Hormuz has risen to its highest level since early March; Trump suggests that the US should collect tolls instead!

· Iran accepted Pakistan's two-week ceasefire proposal; the ceasefire has been approved by the new Supreme Leader. This news is bearish for crude oil. · ADP report: In the four weeks ending March 21, U.S. private sector employers added an average of 26,000 jobs per week. This news is positive for the U.S. dollar and U.S. stocks. · Federal Reserve – Williams warns war of war with Iran would push up overall US inflation; Jefferson: interest rates are roughly in the neutral range. Employment faces downside risks, while inflation faces upside risks. This news is bearish for the US dollar.