Goldman Sachs sees broad dollar strength as energy shock keeps yields elevatedReserve Bank of New Zealand survey shows rising inflation expectationsOECD chief backs BOJ path and calls for trade reform ahead of Trump-Xi talksIran rebuilds access to 30 of 33 Hormuz missile sites, US assessments showOECD sees BOJ hiking rates to 2% by end-2027 as Japan exits deflation eraNVDA Huang is going to China with TrumpMorgan Stanley maps four oil shock scenarios from Fed hikes to global recessionAustralian Q1 wage price index jumps 3.3% y/y, as expected and below Q4 2025 3.4%PBOC sets USD/ CNY reference rate for today at 6.8431 (vs. estimate at 6.7946)NZ PM Luxon promises fiscal responsibility ... as you doICYMI - Iran tightens Hormuz grip as Iraq and Pakistan strike bilateral transit dealsHot CPI print - Wall Street inflation fears mount as break-even rates hit multiyear highsGoldman Sachs says yuan 20% undervalued, lifts forecasts to 6.50 in a yearHot US inflation print fans fears of Fed rate hike as energy costs spreadAlaska passes gold and silver legal tender bill, exempting precious metals from sales taxIndia more than doubles gold and silver import tariffs to 15%, effort to prop up the rupeePreview - Citi tips Nvidia Q1 revenue beat ahead of May 20 earnings reportOil - private survey of inventory shows a headline crude oil draw just less than expectedinvestingLive Americas FX news wrap 12 May:Hot CPI reignites inflation fearsIt was one of those sessions where the news flow was thin but the headlines that did land carried weight well above their volume. The dollar edged higher for another day, oil slipped a touch, and the world's most critical shipping lane generated a news story simply because a ship tried to use it.The New York Times broke the most consequential report during US hours, revealing that Iran has restored operational access to 30 of its 33 missile sites along the Strait of Hormuz and still holds roughly 70% of its prewar missile stockpile. The findings, drawn from US intelligence assessments, were described as alarming to senior officials and serve as a reminder that whatever diplomatic maneuvering is underway, the military arithmetic along the strait has not shifted materially in the West's favour. Shortly after, reports emerged that a China-flagged supertanker had attempted to exit Hormuz. That the attempted passage of a single vessel qualifies as market-relevant news tells you most of what you need to know about the state of global energy shipping at the moment.The session's lighter moment came courtesy of Nvidia chief executive Jensen Huang, who was spotted boarding Air Force One ahead of President Trump's trip to Beijing. Trump subsequently confirmed via social media that Huang was among the delegation, joining a sizeable contingent of senior American business executives making the journey. Trump added that he plans to press Chinese President Xi Jinping to open up the Chinese economy during their meetings. The request will be familiar to anyone who has followed US-China relations for more than five minutes, and expectations for a breakthrough remain appropriately modest.In gold markets, Alaska's Senate passed legislation recognising gold and silver as legal tender and removing sales tax treatment from specie transactions, sending the bill to the governor for signature. It is a meaningful development for sound money advocates but provided no immediate lift to the metal itself, with gold weighed down on the day by the slightly firmer dollar.From the Reserve Bank of New Zealand we had news of inflation expectations inching higher. Regional equities were mixed. This article was written by Eamonn Sheridan at investinglive.com.