OIL: US-Iran Nuclear Negotiations Derail Over Scheduling Clash: oilprice.com
US-Iran Nuclear Negotiations Derail Over Scheduling Clash: oilprice.com
- A snag has emerged over the scheduling of the next round of talks with President Trump claiming the next round is set for June 12 while Iranian Foreign Ministry spokesman Esmail Baqaei maintains that negotiations will resume on June 15 in Muscat.
- Oman, which is mediating the talks, has not weighed in.
- However, Iran's chief negotiator, Foreign Minister Abbas Araqchi, is planning to be in Norway on June 12 for the Oslo Forum, making a session that day with the US unlikely, but not impossible.
- Oman's Foreign Minister Badr Albusaidi will also be in Oslo, so if White House envoy and nuclear negotiator Steve Witkoff travels to Norway, a meeting could take place.
- In any event, the stakes are high after Iran formally rejected Washington's proposal for a deal, calling it "unacceptable," failing to address removal of economic sanctions and recognition of Iran's right to enrich uranium on its own soil.
- Tehran says it will soon submit a counterproposal via Oman, a plan it describes as "reasonable, logical, and balanced" and which it urges Washington to take seriously.
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US: FED Reverse Repo Operation
RRP usage inches up to $147.505B this afternoon from $142.272B Friday, total number of counterparties at 34. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.
MNI: US APR TREASURY BUDGET $258.4B
- MNI: US APR TREASURY BUDGET $258.4B
EURGBP TECHS: Bearish Extension
- RES 4: 0.8768 High Nov 20 ‘23
- RES 3: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- RES 2: 0.8541/8557 High May 2 / High Apr 28
- RES 1: 0.8470 50-day EMA
- PRICE: 0.8416 @ 16:29 BST May 12
- SUP 1: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally
- SUP 2: 0.8400 Round number support
- SUP 3: 0.8359 1.236 proj of the Apr 11 - 16 - 21 price swing
- SUP 4: 0.8316 Low Mar 28 and a key support
EURGBP has traded to a fresh, short-term cycle low Monday. This strengthens the current bearish theme. Note too that the cross has cleared a support at 0.8470, the 50-day EMA, signalling scope for a continuation lower. Sights are on 0.8415 next, a Fibonacci retracement. A break of this level would open 0.8400 and below. On the upside, key near-term resistance is seen at 0.8541, the May 2 high. A break of this level is required to signal a potential reversal.
