Unverified reports of an Iran-US deal spur late crude selloff, weighing on USD and lifting gold amid broader market caution.
Oil prices fell $4.25 to $80.77 after unverified Russian media reports suggested progress toward an Iran-US peace deal, driving a late-session selloff. The decline extended a multi-day trend, with traders citing potential insider activity as crude hit session lows.
US Treasury yields dropped 8.1 basis points to 4.62%, while gold rose $14 to $4665. The S&P 500 closed up 0.3%, led by meme stocks, though broader sentiment remained cautious. Economic data showed mixed signals, with July new home sales at 0.607M missing estimates, while the Case-Shiller 20-city index rose 2.1% year-over-year.
The NZD outperformed, while the CHF lagged. Fed officials reiterated inflation concerns, though markets focused on geopolitical developments and potential policy shifts from the ECB, which signaled readiness for a September rate hike.