[MARKET ANALYSIS] USD and energy exporters bid; high-beta falters as sentiment sours

G10s are mostly lower against the Buck excl. commodity exporters CAD and NOK, which are resilient vs. the USD.
USD rose throughout the morning in reaction to energy strength alongside sour equity sentiment after US President Trump said he thought the Iran ceasefire was over. To briefly summarise developments, yesterday the US Treasury revoked the June 21st Iran-related waiver, General License X, which had allowed Iran to produce, deliver and sell its oil; and US President Trump’s remarks this morning accelerated the move higher in USD/oil with “Iran ceasefire is over "I think" the kicker. For DXY technicals, the upside sees resistance around 101.30/50; the 21DMA at 100.75 is support below.
Kiwi was the clear outperformer post RBNZ, but reversed gains against the Buck after the aforementioned Trump remarks. To briefly recap, the RBNZ hiked rates by 25bps in a unanimous decision, signalling further hikes to bring inflation to the 2% target mid-point; this saw some participants unwind bets for a hold. AUD/NZD appears the preferred vehicle to express the in-line/hawkish decision, now the Buck has picked up. AUD/NZD -0.5%. NZD/USD +0.3%.
JPY continues to underperform amid carry/Terms of Trade implications. USD/JPY remains on a 162.00 handle and has essentially pared that downside seen on potential intervention fears last week having risen throughout the London morning. Reporting overnight via Asahi and Nikkei noted that the Japanese government may tweak a reference to monetary policy in its annual policy agenda to avoid the appearance that it is putting pressure on the BoJ.