Global forex and commodity markets are turning increasingly defensive as stronger US economic data and rising expectations of a more hawkish Federal Reserve continue fueling broad US Dollar strength. Precious metals remain under pressure, oil prices are softening despite lingering geopolitical tensions in the Middle East, and commodity-linked currencies such as the Canadian Dollar are struggling against renewed USD momentum as traders reprice interest rate expectations. WTI crude oil is holding losses near the $97.50 level as shipping activity through the Strait of Hormuz resumes, easing immediate supply disruption ... (full story)