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[MARKET ANALYSIS] Quiet trade across the FX space, but with global sentiment boosted on reports of a US-Iran deal

Newsquawk StaffPublished On the live feed at — 5 more headlines followed before this page went public
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Pakistan's legal team will attend the US-Iran MOU signing in Europe, Al Arabiya reports

Qatar reportedly pushed for secret talks with Iran to protect its gas complex from strikes, Washington Post reported citing sources

[MARKET ANALYSIS] Quiet trade across the FX space, but with global sentiment boosted on reports of a US-Iran deal

Air France-KLM (AF FP) CEO says we have enough supply of jet fuel until the end of Q3

Regional mediators are concerned that Israel is seeking to resume the war against Hamas, convinced that the group will not willingly agree to give up its weapons, The Times of Israel reporting citing a diplomat

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  • Snapshot: DXY is incrementally firmer, whilst G10s are broadly very slightly lower vs the USD this morning. The tentative action comes after US President Trump claimed that he had a deal with Iran, and that the signing of the MoU would probably happen in Europe. However, the Iranians pushed back on this claim. This morning, a Mehr report revealing the details of the 14-point plan garnered some attention, which helped boost global sentiment - though action was fairly muted in the FX space.
  • DXY is slightly firmer today despite significantly lower oil prices after a number of geopolitical updates in the last 24 hours. (See commodities for more details). In recent trade, USD was hit as details of the 14-point US-Iran MoU accelerated the risk-on bias. On this reporting, DXY moved towards Thursday's lows of 99.58, currently 99.72 at the time of writing. Focus for the remainder of the day shifts to the UoM Sentiment survey, but market participants will likely be more attentive of the geopolitical environment and potentially some early positioning heading into a weekend which could see a deal between US-Iran be signed.
  • NOK is the worst G10 performer on account of lower oil prices as participants assess implications for Terms of Trade and the Norges Bank. Popular carry trade NOK/SEK has seen downside in excess of a percent today due to the above. NOK/SEK slipped below par, to mark a session low of 0.9882.

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