Iran's Foreign Ministry: Process of talks through Pakistani mediation is ongoing

Sagar Dua FXStreet

According to the state media, Iran's foreign ministry spokesperson said during the European trading session on Monday that technical teams from Iran and Oman met last week in Oman to negotiate a mechanism for safe transit in the Strait of Hormuz. Iran's foreign ministry has also stated that negotiations with the United States (US) through Pakistan are still ongoing.

Additional comments

Both Iran and the US have sent their comments on the recent Iranian proposal.

Tehran's demands in negotiations with the US include releasing Iranian frozen funds and lifting sanctions.

Iran is focused on ending the war at this stage.

Market reaction

There is a sharp correction in the US Dollar (USD), following the news release. As of writing, the US Dollar Index (DXY) trades 0.1% lower to near 99.15 after correcting from an over five-week high of 99.40 posted early in the day. The WTI Oil price has also faced a slight correction from its intraday high of $103.86, but is still 1.66% higher, trading at around 102.60.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.10%	-0.21%	0.06%	-0.05%	-0.02%	-0.21%	-0.22%
EUR	0.10%		-0.13%	0.15%	0.03%	0.06%	-0.12%	-0.13%
GBP	0.21%	0.13%		0.28%	0.15%	0.19%	-0.02%	-0.01%
JPY	-0.06%	-0.15%	-0.28%		-0.15%	-0.10%	-0.31%	-0.30%
CAD	0.05%	-0.03%	-0.15%	0.15%		0.04%	-0.15%	-0.16%
AUD	0.02%	-0.06%	-0.19%	0.10%	-0.04%		-0.18%	-0.20%
NZD	0.21%	0.12%	0.02%	0.31%	0.15%	0.18%		0.00%
CHF	0.22%	0.13%	0.00%	0.30%	0.16%	0.20%	-0.00%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

GBP/USD flies to two-week highs, targets 1.3400

GBP/USD trades well above the 1.3300 barrier on Thursday as the Greenback comes under renewed selling pressure following a softer-than-expected US NFP report in June. Meanwhile, Cable extends its multi-day recovery and looks to challenge 1.3400 sooner rather than later.

EUR/USD: Signs of life emerge above 1.1400

EUR/USD leaves behind two daily pullbacks in a row and advances to multi-day peaks near 1.1470 on Thursday, partially offsetting the sharp decline in place since June. The pair’s decline follows the intense retracement in the US Dollar, which is particularly sponsored by disheartening prints from June’s Payrolls and the sharp sell-off in USD/JPY. The US markets will be closed on Friday due to the Independence Day holiday.

Gold retains positive bias below $4,150 amid receding Fed hike bets

Gold trades near a more than one-week high during the Asian session on Friday and seems poised to snap a four-week losing streak. June's softer US NFP report dents Fed rate hike bets, which, in turn, is seen as a key factor supporting the non-yielding bullion. Meanwhile, geopolitical uncertainties help the safe-haven US Dollar to move away from a two-week low, which might cap the upside for the precious metal.

Strategy's STRC volatility points to late Bitcoin cycle reset — Bitwise

The recent volatility surrounding Strategy's perpetual preferred stock, STRC, could signal that Bitcoin (BTC) is approaching a cycle bottom, according to Bitwise CIO Matt Hougan. In a Wednesday report, Hougan argued that the sharp decline in STRC and Strategy's MSTR stock should be viewed as "classic end-of-cycle dynamics" rather than evidence of a broader structural threat to Bitcoin.

The market may no longer be giving the Magnificent Seven a free pass

For much of the past three years, investing has felt surprisingly simple. Whenever markets stumbled, investors knew where to look. Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla repeatedly led Wall Street higher, shrugging off inflation fears, higher interest rates and geopolitical shocks.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.