Headlines:US president Trump reaffirms that Iran has agreed to not have a nuclear weaponIran reserves right to defend against any country permitting US attacksEU says latest US tariffs on forced labour grounds are unjustifiedUSD/JPY continues to poke and prod at intervention strike zoneBOJ governor Ueda says will continue to raise policy rate if baseline outlook holdsECB policymaker Elderson says prolonged war increases likelihood of second-round effectsSNB Chairman Schlegel says medium-term inflation pressure is basically unchangedEurozone business activity struggles further in May amid surging price pressuresUK May final services PMI 49.3 vs 47.9 prelimHow likely is a U.S. debt crisis?Markets:WTI crude up 2% to $95.70European indices lower, DAX down 0.9% while CAC 40 down 0.4%S&P 500 futures down 0.1%USD a little higher, USD/JPY volatility swings after nearing 160US 10-year yields up 2.8 bps to 4.48%Gold down 0.5% to $4,463It was a more pensive session as we continue to wait on whether or not the US and Iran will strike a deal this week. But by the look of things, it seems that both sides are still finding it hard to meet in the middle especially on key terms.US president Trump came out to reaffirm that Iran has agreed to not have a nuclear weapon. But as a reminder, this notion of a baseline promise was denied by Tehran previously last week already.Besides that, he also said that the US naval blockade may stay the course until Labour Day. If so, that means it will be another three more months of this with the naval blockade being lifted supposed to be a key condition for Iran in this framework agreement. So, make what you will of that.Markets remain unfazed for the most part despite the mix of headlines. However, oil prices are continuing to push up with WTI crude up 2% to $95.70 on the day.In the equities space, we are seeing a more tepid mood with European indices falling off while US futures are sitting marginally lower on the day. German stocks are leading declines, with the mood music in Europe not helped by flagging PMI data which points to a Q2 economic contraction.As for major currencies, USD/JPY saw some volatile action after attempting to knock on the door of the 160.00 level. The currency pair fell from 159.95 to a low of 159.37 before quickly recovering back now to 159.80 levels.With traders continuing to poke and prod at the 160.00 mark, this will be an interesting one to watch in case we do see Japan decide to intervene once again to knock the pair down.Besides that, bonds and precious metals are once again under pressure as the status quo is prolonged. 10-year Treasury yields are back up to 4.48% while gold is down 0.5% to $4,463 on the day. This article was written by Justin Low at investinglive.com.