Headlines: US-Iran conflict: Round and round we go..
Iran foreign ministry spokesperson says no plan for a delegation on talks with the US in the coming days USD/JPY holds lower to start the week as US enters the intervention fray Trump’s Iran deal claims lift gold, but markets remain skeptical Gold price forecast: Why the $4,100 support zone could decide the next move Ethereum analysis at the start of this week: Bears are a little stronger but this trading map is the key for crypto traders Fed’s Williams remains optimistic inflation pressures will gradually ease; Fed policy “well positioned” Euro area industrial activity ramps up in July even as demand conditions are still weak – PMI data Germany July final manufacturing PMI 52.2 vs 52.2 prelim France manufacturing activity confirmed to have eased slightly in July UK July final manufacturing PMI 51.9 vs 52.8 prelim Swiss inflation holds steady in July as threat of deflation remains Markets: WTI crude down 6% to $79.56 JPY leads, AUD lags on the day European indices sit higher; S&P 500 futures up 0.6% US 10-year yields down 7 bps to 4.675% Gold up 0.2% to $4,047 Bitcoin down 1.2% to $62,668 It is a case of déjà vu for markets as the US-Iran conflict continues to play out in the new week
Iran is out to refute US president Trump’s claims that a deal to reopen the Strait of Hormuz is imminent, insisting that it is just an arrangement between themselves and Oman. Adding that they are nowhere close to any stage of speaking with the US on nuclear talks. However, we’ve seen this sort of dance before between the two.
And eventually, that led to a ceasefire deal back in June. That is not to say that we’re headed for better fortunes down the road. But at least for now, it looks like things will de-escalate for a moment before taking a turn for the worse again, as it did in July.