Trial now
WTI TECHS

(M1) Needle Still Points North

BRENT TECHS

(N1) Price Structure Remains Bullish

USDCAD TECHS

Bearish Focus

AUDUSD TECHS

Corrective Pullback

EURJPY TECHS

Needle Still Points North

USDJPY TECHS

Consolidating At Trendline Support

IRAN

At a meeting in Moscow, Iranian Foreign Minister Javad Zarif and his Russian counterpart Sergei Lavrov called for the 'rescue' of the Joint Comprehensive Plan of Action (JCPoA, known as the Iran nuclear deal).

  • The actions of the Iranian gov't with regards to the deal in recent weeks do not seem to be conducive to 'rescuing' the deal. Most notably, the enhancing of uranium enrichment to well above the levels set out in the JCPoA, as well as the seizing of a South Korean-flagged ship near the Strait of Hormuz.
  • However, there clearly remains a desire to bring the US back to the table and potentially re-sign the deal (after former President Donald Trump withdrew the US in 2018) or agree to another. The economic and political sanctions on Iran continue to stifle growth and investment.
  • No guarantee Biden administration will come to the deal's rescue. It was not included in President Biden's initial raft of executive orders, and there remains scepticism in Washington, D.C. as to whether the gov't in Tehran will abide by any deal's parameters.
MNI London Bureau | +44 203-865-0981 | tom.lake@marketnews.com