[MARKET ANALYSIS] G10s are firmer against the Buck; energy exporters underperform

USD is weaker against most peers, excluding energy exporters NOK & CAD, as oil and yields moderate after the US halted strikes on Iran. Antipodeans are the outperformers given the positive risk tone. DXY is weaker by 0.2% after the aforementioned geopolitical factors. To briefly recap, the US paused strikes against Iran for a second consecutive night while Iran refrained from retaliation and held talks with Oman on the Strait of Hormuz; President Trump said all options remain available, while Oman-Iran discussions on maritime navigation reportedly made some progress. Ahead, focus remains on the potential resumption of negotiations directly between the US and Iran or any resumption of strikes. The Buck also looks to the Fed meeting later this week, and, given the above factors, the meeting could be less hawkish than previously expected; overnight, tightening bets abated by a couple of bps; that being said, this could again reverse given the fluid geopolitical situation. For now, DXY sits within a narrow 101.11-101.32 range. EUR benefits from USD underperformance, the pair bouncing above the 1.14 mark overnight to a 1.1418 peak, before reversing a touch. Little bloc-specific newsflow to digest, with Ifo firming in line with expectations ahead of Growth/Inflation on Thursday/Friday, respectively. The week's UK calendar is highlighted by the BoE meeting on Thursday, where policymakers are likely to opt for another pause. The vote split is the one to watch, as while consensus expects a 7-2 split, a more hawkish split cannot be ruled out. GBP is modestly firmer against USD (+0.1%), underperforms vs. EUR (EUR/GBP +0.2%), likely related to the unwinding of recent Sterling outperformance.