US: Trump Met With Oil and Gas Execs to Discuss Iran War Fallout: Axios

• Offsetting the underlying dollar strength to start the week has been a notable bounce for the Japanese yen, helping USDJPY reverse from its 160.46 cycle highs and trade back below the psychological 160.00 mark. Session lows of 159.57 remain well shy of initial firm support at 157.28, the 50-day EMA.
• Japan’s top currency diplomat Atsushi Mimura was back on the wires Monday, stating that "decisive action may soon be necessary" if speculative moves persist in the currency market. “We are prepared to respond on all fronts, and our focus is broad and comprehensive,” Mimura added.
• While newswires are attributing the move lower for USDJPY to the comments, it’s worth highlighting that Mimura struck a very similar tone last week, detailing that authorities are ready to act “on all fronts,” suggesting they might look beyond currencies to areas including crude oil futures.
• This rhetoric was reinforced by Finance Minister Katayama who stated that speculative trading of crude futures is affecting FX, and the government can take market measures on all fronts, while alluding to close coordination with foreign authorities.
• While the verbal jawboning may have contributed, it is more likely that fresh yen shorts on a break of 160.00 may have been squeezed, potentially exacerbating the price action, while market participants also remain aware of the waning risk/reward profile up here.

• Mixed performance across the G10 to start the week, as broad dollar strength is offset by a pull lower for USDJPY, resulting in the USD index trading in moderate positive territory ahead of the NY crossover. The steady greenback ascent over the latter half of last week keeps the bullish DXY theme firmly intact, and hovering just below a key resistance cluster around the 100.50 mark.
• Despite the modest recovery for equities, higher crude futures continue to emphasise the uncertain geopolitical backdrop, and the likes of AUD and NZD are falling on Monday to reflect this. For AUDUSD, this will be the eighth consecutive session with lower highs as the pair extends its pullback from its cycle peak to 4.6%.
• Downside momentum accelerated on a close below the 50-day EMA, undermining the recent bull theme and signalling scope for a deeper retracement. Further out, important trendline (drawn from the Apr 9 ‘25 low) support lies at 0.6705.
• For NZDUSD, spot is now just 10 pips shy of the lowest levels of the year at 0.5711. Elsewhere, despite some two-way price action in the major pairs, EURUSD and GBPUSD have slipped back below 1.15 and 1.3250 respectively, as the trend structures for both pairs remain in bearish territory.

"Settlement cycles for standard contracts traded on the Swiss repo market will remain unchanged. The settlement of term repo transactions will thus continue to take place two bank working days after the trade date (T+2)."

• Comes against the backdrop that "Switzerland will shorten the standard settlement cycle for securities such as shares and bonds traded on trading venues to one bank working day after the trade date (T+1)".
• Press statement here.