Today's cross-asset picture, as told by this week's published research: a softer dollar and rising "debasement trade" are pulling against structurally higher sovereign yields, while Hormuz diplomacy is a sharp near-term drag on crude.
The most crowded call: researchers broadly expect Brent lower in the near term on Iran–Oman talks around the Strait of Hormuz and building inventories. A contrarian thread warns new Iran sanctions could push prices the other way.
On gold, the published consensus is bullish across tactical and strategic horizons, citing central bank buying, currency debasement fears, and doubts about US Treasury policy credibility.
Analysts also broadly see US 10-year Treasury yields under upward pressure from deficits, inflation, and supply — though a minority argues yields dip first around the next Fed events before resuming higher.
One camp expects the Bank of Japan to hike in September, reinforcing a stronger yen. Australian dollar bulls dominate on the RBA tightening cycle. And some recently-published views frame Nvidia as still attractive, citing AI capex leadership and a forward P/E below the S&P 500.