investingLive Americas FX news wrap 11 May: Markets stall as Iran tensions simmer

UAE carried out covert strikes on Iran as Gulf war escalated, WSJ report says US stocks close marginally higher. Copper refuses to break despite the Iran war Crude oil futures settle at $98.07 Iran is ready to dilute highly enriched uranium to levels of 3.7% and 20% U.S. Treasury auctions off $58 billion of three-year notes at a high yield of 3.965% Axios: Trump to meet with his national security team to discuss the way for in Iran war. Trump: Iran war will be over soon. Iran news: Pres Trump is considering renewing Project Freedom Why the technicals for Meta Platforms are troubling for investors investingLive Academy Launches Essentials of Technical Analysis US existing home sales for April 4.02M versus 4.05M estimate The USD is higher to start the new trading week.Bias is higher for major pairs technically investingLive European markets wrap: A more tepid mood as US-Iran talks hit a snag again A fairly slow start to the trading week despite little headway is peace negotiations between the US and Iran over the weekend. President Trump sharply criticized Iran’s response to the reported U.S. 14-point peace framework, calling it “totally unacceptable,” “garbage,” and “unbelievably weak.” He said he did not even finish reading the response because he felt Iran was “playing games.” Trump also said the ceasefire was “on life support” following Tehran’s counterproposal, signaling growing frustration that negotiations may be breaking down. The U.S. proposal reportedly included: A long-term halt or severe limits on uranium enrichment Removal of highly enriched uranium from Iran Dismantling or reduction of key nuclear facilities Restrictions tied to regional proxy groups and missile programs Iran’s response reportedly focused more on: Ending the war and military operations Lifting sanctions and blockades Reopening oil exports and shipping lanes War reparations Maintaining parts of its nuclear infrastructure and enrichment rights That gap appears to be the core sticking point. Trump indicated the Iranian response failed to seriously address the nuclear demands that Washington views as essential.The stalemate comes ahead of the meeting between US and China. Ahead of that meeting the US treasury enacted sanctions on 12 individuals and entities for aiding Iran's oil shipments to China. China relies on oil from the middle east. The US dollar is ending the day mixed to modestly higher against the major currencies today, with the greenback showing its strongest gains versus the Japanese yen while posting only modest changes elsewhere. The moves come as traders continue to balance higher crude oil prices, shifting yield dynamics, and ongoing geopolitical headlines tied to Iran developments. The clearest directional move is in the USDJPY, where the pair is up 0.36% to 157.21. Higher US yields and firmer oil prices helped support the dollar against the yen, with the pair remaining near session highs at 157.27. The move higher suggests buyers remain in control in that pair for now. Against the European currencies, the dollar is little changed overall. The EURUSD is down slightly by -0.03% at 1.1780, while the GBPUSD is lower by -0.15% at 1.3612. The modest declines imply mild dollar buying versus both the euro and pound, although neither pair has broken away aggressively from recent ranges. UK PM Starmer's run as PM is under stress after a poor showing at the recent elections. The USDCHF is also showing dollar strength, with the pair up 0.18% at 0.7777. The Swiss franc had been one of the stronger currencies in recent weeks, so today’s rebound in USDCHF reflects some short-covering and stabilization in the dollar. Commodity-linked currencies are more mixed. The USDCAD is trading slightly higher by 0.02% at 1.3679 as traders weigh stronger crude oil prices against broader US dollar demand. Meanwhile, the AUDUSD is essentially flat at 0.7247, showing only a 0.04% decline, suggesting the Australian dollar is holding relatively firm despite the broad