The Iran war is in its sixth week and U.S. gasoline prices are above $4/gallon, and WTI oil is 65% more expensive than it was a year ago. Despite this, markets remained cautious and focused on concrete developments. Initial March data suggests the US economy is well-execlected, with nonfarm payrolls smashing expectations and manufacturing ISM reaching its highest since 2022. However, some countries like India and the Philippines have already intervened in the FX market to support their currencies during this period.