The U.S. Dollar is down against the majority of G10 peers this morning on optimism surrounding a second round of discussions between the U.S. and Iran
Pakistani officials have indicated that Abbas Araghchi, the Iranian Foreign Minister, is expected to arrive in Islamabad on tonight for a possible second of negotiations with the United States after peace talks were canceled earlier in the week. A U.S. logistics and security team is reportedly already in Islamabad to prepare for the negotiation process. Oil prices are down more than a percent on the announcement.
The University of Michigan’s Consumer Sentiment survey for the month of April is due to be released at 10am and is expected to show some degree of pessimism among consumers regarding the economy. Next week will be filled with Central Bank activity with the Federal Reserve, European Central Bank, Bank of England, Bank of Canada, and Bank of Japan all having policy meetings where all five are expected to keep interest rates on hold.
What to Watch This Week…
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JPY ⇑
The Japanese Yen is up against the Greenback this morning after the Japanese Finance Minister, Satsuki Katayama, stated that authorities will take bold and strong action against speculative currency moves. She also stated that Japan did not discuss FX swap lines with the U.S. and is not in a position to consider them following an announcement from U.S. Treasury Secretary Scott Bessent that U.S. allies in Asia had requested such swap lines.
CAD ⇑
The Canadian Dollar is up against the Buck this morning on constrained oil flows from the Persian Gulf. Canadian Retail Sales for the month of February were released this morning and came in under expectations at 0.7% versus 0.9% expected. The previous month’s figures were revised to the upside from 1.1% to 1.2%
