His bullish risk-on thesis (equities up, oil down) and mention of the Fed potentially easing later in the year (reducing rate hike bets) are both negative for the dollar as a haven and yield currency.

His entire thesis is that the de-escalation is bullish for risk assets (equities). He notes the S&P was only down 5-6% pre-ceasefire, implying significant upside as the temporary shock unwinds. This logic applies directly to NDX.

The fact we've now opened up that pathway... we can take it with some confidence. If we did get back to pre-strike levels, oil prices have further to fall. The ceasefire enables de-escalation. Markets were pricing a temporary shock (6-month futures at $82 vs. spot at $110), implying spot prices should decline towards that forward curve.

He states the lower oil price 'gives central banks space not to respond with incredibly aggressive rate hikes.' This implies lower inflation expectations and thus lower yields.