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The United States and Iran reached an initial agreement on extending the ceasefire in the Middle East for 60 days, Bloomberg reported, citing sources familiar with the matter.
The parties also agreed to begin further talks on Tehran's nuclear program development.
“The person who spoke on the condition of anonymity to discuss private negotiations confirmed earlier reports from Axios,” the agency said.
“President Donald Trump has not yet agreed to these terms. Both countries had previously praised the progress, and Trump repeatedly suggested that the United States was close to a deal, yet the stalemate continued to extend,” added the report.
Washington and Tehran, as the U.S. Secretary of Treasury Scott Bessent said, are still negotiating the so‑called “red lines.”
The official refused to confirm whether the real provisions of the agreement had come into force, repeating that among the Americans’ conditions remain reopening the Strait of Hormuz, Iran’s renunciation of uranium enrichment, and the complete termination of the nuclear program.
The fragile ceasefire in the Middle East may be extended, as Axios reports, because Trump asked mediators for “a few days” to reconsider the final terms of the agreement.
Analysts from ING Think note that these events continue to cause minor fluctuations in the currency market.
“Negotiations between the United States and Iran remain too uncertain for the dollar to register a significant change in either direction,” the bank’s report reads.
“In the currency market we still see a situation where rates change with each new piece of news,” it added.
Economists also emphasized that “the dollar currently enjoys stronger macroeconomic support than at the beginning of May, when markets were swayed by overly optimistic forecasts of easing tensions.”
“Recent U.S. inflation data from the past few weeks still affect interest rates and currency rates, making Fed expectations more hawkish as oil prices fall,” it said.
“The longer the finalization of this agreement takes, the greater its impact on U.S. inflation and global economic growth, which would provide strong cushioning for the dollar’s negative reaction to positive geopolitical news,” added.
Read also: Dollar’s long road to 4 PLN? Expert issued forecasts for USD/PLN and EUR/USD. “The dollar could gain”
See also: Will the dollar surprise again? Expert issued a forecast for USD/PLN and EUR/USD. “It’s hard for me to believe there will be no more fires”
The dollar to zloty rate on Friday, May 29 is at 3,63 PLN.
Chart. Dollar to zloty rate (USD/PLN)
Source: Trading Economics.
The euro to dollar rate reaches 1,16 USD.
Chart. Euro to dollar rate (EUR/USD)
Source: Trading Economics.
Read also: Dollar before the chance to break out? Expert: “Capital will flow back to USD”
See also: Dollar before a “nervous and dynamic” move, euro waiting to fall? Expert issued a forecast for USD/PLN and EUR/USD
Sources: Bloomberg, Axios, ING Think.
