[MARKET ANALYSIS] DXY ekes mild gains amid uncertainty surround US-Iran talks

DXY: +0.1%

• Ekes mild gains with price action rangebound across the FX space amid the uncertainty surrounding US-Iran talks, as there were conflicting reports around timing and participation, although the most recent updates do suggest that negotiations could begin on Wednesday morning. Outside of geopolitics, catalysts have been light with the Fed currently on a blackout period, while the opening statement from Fed chair nominee Warsh at his hearing later today largely focused on the importance of Fed independence.

EUR/USD: -0.1%

• Takes a breather after fully clawing back yesterday's initial losses, while the recent highlights from the EU included German PPI data and several ECB comments, including from Lagarde, who said the ECB will act as the situation demands and that the shocks keep coming.

GBP/USD: -0.1%

• Price action is contained after ultimately rebounding throughout the prior day, and with participants now awaiting UK jobs and average earnings data.

USD/JPY: +0.1%

• Edges marginally higher and looks to retest the 159.00 level to the upside, but with price action contained in the absence of any tier-1 data from Japan.

Antipodeans: AUD/USD -0.1% / NZD/USD +0.4%

• Trades mixed with AUD/USD rangebound and with NZD/USD outperforming following firmer-than-expected New Zealand CPI data for Q1.