Netanyahu's claims are based on documents relating to a 1999-2003 operation in Iran that, while it falls outside the parameters of the current deal, allegedly demonstrates that Tehran is acting in bad faith with regard to its nuclear programme.
On the fundamentals front, meanwhile, Hansen reports that the latest Energy Information Administration data show US oil production having risen by 260,000 barrels/day in February to a total of 10.26 million b/d and 11.5m b/d forecasted for year-end.
Beyond crude, Hansen reports that gold, silver, and copper are on the defensive with XAUUSD potentially heading for a test of support at $1,300-1,305/oz; in Saxo technical analyst Kim Cramer Larsson's view, gold prices are likely to bounce from support at these levels.
Behind the weakness in gold is the dollar's continued rally, which Saxo Bank head of forex strategy John Hardy says remains in full effect. Looking at the EURUSD chart, both Hardy and Larsson feel that the pair is likely headed for a test of the 200-day moving average just above 1.20, with Hardy stating that failure here could see the euro drop down to 1.1586.
Also of note in the FX space is kiwi, which in Hardy's view could react interestingly to the Q1 unemployment data slated for release at 22:45 GMT today.
In stocks, Larsson says that he sees the S&P 500 as "struggling to gain momentum" with strong resistance at both the 2,800 and 2,717 levels; on the downside, adds Larsson, the 200-day moving average at 2,600 "is crucial".
Saxo Bank head of equity strategy Peter Garnry reports that investors appear to be placing more focus on macro data and rates than on the relatively strong earnings season with the latest Apple release in focus after today's New York session.
"AAPL is down 10% from its peak on projections of weak demand from key suppliers" notes Garnry. "However, IDC forecasts a 31% gain in iPhone sales in Q2".
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)