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• EUR/USD: Jun03 $1.1348-50(E3.2bln), $1.1350-55(E1.2bln); Jun05 $1.1050(E5.9bln), $1.1300(E2.3bln), $1.1400(E2.2bln)
• USD/CAD: Jun04 C$1.3735-50($1.2bln)

Iran is expected to reject a US nuclear proposal, according to a senior Iranian diplomat quoted by Reuters who cited hardline US demands on Iran’s enrichment as a ‘red line’. The proposal was presented to Iran on Saturday by Oman's Foreign Minister, who has been acting as a mediator in five rounds of talks. 

• The diplomat said: "Iran is drafting a negative response to the U.S. proposal, which could be interpreted as a rejection… the US stance on enrichment on Iranian soil remains unchanged, and there is no clear explanation regarding the lifting of sanctions." 
• The IAEA said in a confidential report on Saturday that Iran has grown its stockpile of 60%-enriched uranium, despite the ongoing talks with the US, per WSJ.
• IAEA Director General Rafael Grossi said: “The significantly increased production and accumulation of highly enriched uranium by Iran, the only non-nuclear-weapon State to produce such nuclear material, is of serious concern.”
• The findings of the reports, and likely Iranian rejection of the US proposal, raises the prospect that the European signatories of the 2015 JCPOA nuclear accord could trigger a ‘snapback’ of punitive sanctions on Tehran. A European decision on the ‘snapback’ is expected to come before October, when the option of reimposing sanctions expires under the JCPOA terms.
• Israeli Prime Minister Benjamin Netanyahu cited the IAEA report as evidence “Iran is totally determined to complete its nuclear weapons program,” a comment hinting that Israel may be prepared for unilateral action against Iran’s nuclear infrastructure. 

• Another attempt at the intraday low for the USDJPY, the Dollar is still the worst performer against the JPY within G10 Currencies.
• As already noted during the European Govie open, the next support is still seen some way out, down to the 141.97 area.
• The Pound is also through the low versus the Yen, and targets a break through the 193.00 figure.
• Next support for the EURJPY is seen below the figure at 162.50, the 50 day EMA.