US FX WRAP: Dollar hit as Trump looks to make a deal with Iran; AUD & CAD lag given recent outperformance on energy independence

The recent developments around Trump's attempts to negotiate with Iran are weighing on the dollar, indicating a possible easing of tensions and reopening of trade, which typically favors riskier assets. Meanwhile, the Australian and Canadian dollars are lagging despite recent strength linked to energy independence, suggesting that market participants may be reassessing the dynamics in energy markets and geopolitical risks. This could imply a shift in flows, impacting currency pairs such as AUD/USD and CAD/USD in the near term.