Done but not dusted

European bond yields inched up by several basis points whilst equity markets took a breather following the oil-price inspired rebound as the truce between Iran and Israel appeared to hold. Along with a 3bp decline in US Treasury yields, the dollar index slipped to its lowest level in more than three years, as President Trump is considering to announce his pick for the next Fed Chairman earlier than planned. Other than that, a light data calendar on both sides of the Atlantic left market participants largely bound to the geopolitical news flow, in particular the NATO summit. It was a huge success, but only heralds the start of a long journey.