USD flows: Waiver allows some respite
Some respite on suggestions of US temporary waiver on Iran oil sanctions, before any final agreement
Mkt lifted by some US compromise and apparent responsiveness to fresh energy pressure
Day to day development swing too wildly to get carried away
After tensions have progressively build up over the last few days on hawkish comments and lack of progress, a little bit of respite as the Tasnim news agency suggests the US has accepted temporarily waiving off sanctions on Iranian oil during the negotiations period, prior to final agreements.
Obviously seen a positive in its own right, but also because it implies some rare compromise and perhaps responsiveness to the negative consequences of renewed energy price escalation.
We’ve seen more than enough false dawns and day to day wild swings in mood to be drawn in too much on one headline. But for a market so dependent on the outcome here, natural enough to be seeing some corrective moves for oil, equities and some of the larger movers in recent days vs the dollar.