From Marc Chandler at Bannockburn Global Forex:
Conflicting news from the Middle East initially lifted oil prices and weighed om risk-taking appetites, but US-Iran negotiations continue and both sides report progress. Oil prices have come back off. The dollar is mostly firmer but so far has held above last week’s lows against the euro and sterling. The yen snapped a five-day slide ahead of the weekend but is softer today, and the greenback is knocking against the recent high (~JPY161.80). The Canadian dollar is extending is slide into the eighth consecutive session.
Given the light economic diary today, politics are in the spotlight. The UK’s sixth prime minister since Brexit a decade ago has resigned and will oversee the selection process of his successor. Sterling was initially sold but has come back to record near session highs late in the European morning. US-China tensions have taken a turn for the worse. Apparently in response to the US decision this month to add some of China’s largest companies to a list of companies that aid the military, Beijing has sanctioned two US rare earth companies. It maybe mostly symbolic as the two companies reported have reported largely cut off inputs from China....
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