Iran situation shifts; USD falls Friday; gold nears $4700; US oil up ~3%.

Last Friday, the strong non farm payroll data for April in the United States increased the confidence of the Federal Reserve to continue maintaining interest rates unchanged. At the same time, the United Arab Emirates has been attacked again, and although the restrained exchange of fire between the United States and Iran in the area around the Strait of Hormuz has returned to calm, the situation remains tense. The US dollar index hit a new daily high after a firefight between the US and Iran at the beginning of the Asian session, but then wiped out all the gains of the day, ultimately closing down 0.433% at 97.84. Last week, it recorded its fifth decline in six weeks, hitting a low of over two months; The benchmark 10-year Treasury yield closed at 4.359%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.895%. On Monday morning (May 11th Beijing time) in the Asian market, spot gold slightly fell, trading around $4890 per ounce, while gold prices continued to hover around $4700 per ounce. The situation in Iran continued to change, and US President Trump rejected Iran's latest response to the Middle East ceasefire proposal over the weekend, forcing the market to play the "headline news carnival" game. International oil prices were under pressure, and although there were sporadic exchanges between the US and Iran, neither side had the intention to escalate the situation, thus supporting the market's optimistic outlook for peace. WTI crude oil ultimately closed down 3.12% at $95.37 per barrel; Brent crude oil ultimately closed down 2.4% at $98.82 per barrel.