GBPUSD TECHS: Bull Phase Still In Play

Wires report that the LME plans to restart electronic trading shortly (17:30 London) after a technical outage forced the closure of such trading across all contracts earlier today.

US President Donald Trump says that Iran is “negotiating” with the US, repeating a claim denied by Tehran that he made to reporters aboard Air Force One yesterday.

• Trump said, “they want to make a deal. They’re talking to our people. I don’t know if they say that to you. Maybe they do, maybe they don’t.” He later adds, “we always talk,” but “we don’t know if they’re ready yet,” for a deal to end the war.
• Trump says, “We don’t even know their leaders. All of their leaders are dead, as far as we know… We don’t even know who we’re dealing with… We have people wanting to negotiate… We have no idea who they are.” He later adds that he is not sure if Supreme Leader Mojtaba Khamenei is alive or dead.
• Trump repeats a claim that Iran has falsified assertions that they possess “so-called” kamikaze boats that could target commercial shipping in the Strait of Hormuz. Bloomberg reported on March 6, “The largest component of Iran’s remaining fleet is most likely small, fast boats carrying anti-ship missiles.” It is unclear if these are the ships Trump is referring to.
• When asked why the US can't immediately reopen the Strait of Hormuz, Trump says, "We could, but it takes two to tango," suggesting that commercial shipping companies are unwilling to take the risk yet. He suggests the possibility that Iran could have mined the Strait is enough to prevent ships from transiting.
• Trump says, "we are pounding" the Iranian coast. He adds "today is a big day we are pounding a certain area that has very much to do with Strait. I think we'll get it going pretty soon."

Some contained swings in crude oil as U.S. President Trump notes that "Iran wants to make a deal and is talking to our people", followed by "not sure Iran is ready for negotiations yet". He goes on to suggest that he thinks that the Strait of Hormuz could "get going soon".

• Mixed messaging provides little definitive impetus for oil
• Benchmarks crude grades fail to retest prior pullback lows, with downside linked to the initial comments limited.