Iran’s Foreign Minister Araghchi: Engaged with the US in good faith to end the war

Dhwani Mehta FXStreet

Iran's Foreign Minister Seyed Abbas Araghchi said early Monday that “Iran engaged with the US in good faith to end the war.”

Additional quotes

When just inches away from Islamabad MOU (Memorandum of Understanding), we encountered maximalism, shifting goalposts, and blockade.

On US-Iran talks, zero lessons earned.

Market reaction

Financial markets have returned to a panic mode, with risk-off flows dominating amid a re-escalation to the Middle East conflict. The US Dollar Index (DXY) is climbing 0.50% so far, weighing heavily on all major currencies. Meanwhile, Oil prices are through the roof.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD breaches below 1.3500, two-day lows

GBP/USD faces renewed selling pressure, eroding the earlier advance and slipping back to the sub-1.3500 region on Wednesday. Cable’s loss of upside momentum follows the resurgence of the demand for the Greenback amid steady geopolitical tensions. Looking ahead, the British Pound is expected to remain under scrutiny in light of the release of UK GDP data on Thursday.

EUR/USD deflates to weekly troughs near 1.1520

EUR/USD accelerates its daily correction, coming close to the 1.1520 region, or weekly lows, in the latter part of Wednesday’s session. The pair’s drop comes amid the US Dollar’s firm rebound, as investors seem to have fully digested the latest US inflation data.

Gold challenges $4,400 amid USD bounce

Gold now gives away part of its earlier advance to the vicinity of the $4,450 mark per troy ounce and approaches the $4,400 hurdle on Wednesday. The yellow metal’s partial loss of momentum comes as the US Dollar manages to regain balance in the wake of the CPI-led decline.

Ripple lags recovery as exchange reserves expand

Ripple is trading within a broadly constrained technical structure, with support at $1.00 and key moving averages limiting its recovery potential. In August, the remittance token declined by approximately 6.5%, extending its total pullback to around 14% from July's $1.18 peak.

911 million shares freed: Why SpaceX rallied into its own supply

The most heavily trailed supply event of the year landed on August 6, and the SpaceX (SPCX) stock went up. Roughly 911.5 million shares held by insiders and early backers became eligible to trade, around 43% more than the entire float sold at the listing.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.