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Oil prices remain subdued

US-Iran progress and Iran oil sanctions waiver

• These ongoing negotiations and the progress in the US‑Iran oil issues have created a positive environment for the markets and pushing the oil lower.
• In order to go bullish on oil, there must be fundamentally some sort of disagreement between the US and Iran.
• On the other hand, at least the pricing shall go above the 20‑moving average, and the candle must convert into a daily bullish candle. Only then are fundamentals and technicals may align.

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BoJ Ueda Signals Moderate Recovery

BoJ’s Ueda says Japan’s economy is recovering moderately albeit with some weakness; Economic growth likely to slow but continue to moderate recovery

• Risk that underlying inflation may overshoot 2%.
• Financial environment remains accommodative after recent rate hike; continues to support economic activity.
• Timing and pace of future hikes will be decided by scrutinising the likelihood of baseline forecasts materialising, as well as risks.
• Japan’s Financial system remains stable as a whole.

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Markets Price One Fed Hike, BofA Sees Three

• Markets are currently pricing around 40bps of hikes through year-end, fully pricing one 25bp rate hike and assigning roughly a 60% probability to a second.
• Meanwhile, Bank of America expects the FOMC to hike three times this year. 

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Oil Falls as US-Iran Deal Lifts Supply Outlook

• Oil extended its decline as progress toward a US-Iran agreement raised expectations of increased Iranian supply.
• Sentiment was further pressured by a 60-day US waiver allowing limited Iranian crude and fuel sales.

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US-Iran Technical Talks in Burgenstock Had a Breakthrough

US-Iran Technical Talks in Burgenstock Had a Breakthrough.Is this technically bearish for the oil? Let’s see how the markets react.

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