Trump withdraws from Iran nuclear deal.

Good morning everyone,


President Trump has pulled the US out of the Iran nuclear deal. Brent crude oil reached $76.75 a barrel, the highest level since 2014. In the UK, the British Retail Consortium reported a sharp 4.2% drop in like-for-like sales in April, although that partly reflected the varying timing of Easter compared with last year.


This evening, the Reserve Bank of New Zealand is expected to leave interest rates unchanged at 1.75%, especially as Q1 CPI inflation fell to 1.1%. There is also uncertainty about how new governor Adrian Orr will interpret the central bank’s broader mandate which now includes full employment alongside an inflation target.


Overall, the US dollar held on to its gains after the announcement by President Trump to withdraw from the Iran nuclear accord. Oil prices and Treasury yields have risen. The Euro, meanwhile, continued its decline in line with growing political uncertainty in Italy, where there is mounting pressure for fresh elections. Although this seems to be having little effect on the GBP/EUR exchange rate for now. For Sterling, tomorrow’s Bank of England policy announcement is front of mind. Many expect no change in interest rates, but for the option of a rate rise later this year to be kept open. Focus will also be on the Inflation Report and revised growth forecasts.




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