USD flows: Noise but no change in tune

The noise continues with the PR battle over the optics, positioning and the last word, as well as the substance – the White House calling the Iran TV memorandum report ‘not true’ and ‘a complete fabrication’ - but also then adding that negotiations are preceding nicely.

Oil buffeted somewhat intraday accordingly, paring then regaining losses on the day, but still down around the lows for the month all the same. In a sense, the market is resigned to more days of this newswire noise and remains inclined to hope a fragile interim truce emerges from it all, somehow. FX commitment remains lacking and volatility low, outside of the little eruptions of position trimming seen in the spots where moves had been stretched.