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[MARKET ANALYSIS] DXY dips as crude eases on war-ending efforts; traders eye Trump comments later

The DXY's dip below the 100.00 mark reflects shifting sentiment as negotiations for a potential ceasefire involving the U.S.

Newsquawk StaffPublished On the live feed at — 5 more headlines followed before this page went public
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[MARKET ANALYSIS] T-notes rise as crude dips on Iranian ceasefire efforts

[MARKET ANALYSIS] DXY dips as crude eases on war-ending efforts; traders eye Trump comments later

[MARKET ANALYSIS] US equity futures tick higher on efforts to end the Iranian war, ISM Services and Trump comments due later

Iraqi militia leader threatens unrestricted attacks on US interests across the region, Mehr News reports

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  • DXY traded either side of Friday’s narrow range and has fallen back below the 100.00 handle as hopes of a ceasefire gain traction. First reporting came from Axios over the weekend, in which sources said the US, Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war.
  • More recently, Reuters cited the Pakistan Army Chief stating that an immediate ceasefire, with the reopening of Hormuz, is on the table if a final agreement is reached on Iran foregoing nuclear weapons, receiving relief from sanctions and releasing frozen assets. However, an end to hostilities needs to be agreed on by Monday.
  • EUR and GBP both strengthened against the greenback, with EUR/USD trading at the top end of a 1.1505-1.1569 range while GBP/USD extends above 1.3250.
  • JPY is underperforming, only posting modest gains against the USD. Multiple BoJ branch managers stated the uncertainty over the Middle East conflict. The Osaka official stated that earlier rate hikes have yet to have a substantial impact on overall business activity. On wage talks, the official highlighted that no firms have indicated that the conflict has hindered wage increases. 
Context

and Iran begin to take shape. The optimism surrounding reduced geopolitical risks has strengthened the EUR and GBP against the dollar, while the JPY lags due to local concerns over the conflict's impact on the Japanese economy. This dynamic suggests markets are reacting to both immediate geopolitical developments and their implications for currency valuations.

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