USD/CNY Steadies at 6.8150 as US-Iran Progress Weighs on Oil and Dollar

The US dollar faced broad selling pressure across Asia-Pacific markets as encouraging progress in US-Iran nuclear negotiations raised hopes for a 60-day roadmap toward a final deal, dampening safe-haven demand and weighing on crude oil prices. The PBOC set the USD/CNY reference rate at 6.8150, reflecting relative stability in the yuan amid mixed cross-currents. China's decision to ban rare earth exports to Pentagon-backed US firms added a layer of geopolitical tension, though markets largely focused on the Iran breakthrough. Goldman Sachs highlighted structural gold buying as central bank demand reached 59 tonnes in April, supporting XAU/USD and signaling persistent de-dollarization trends. In Japan, PM Takaichi urged policy restraint following hawkish BOJ testimony on price risks, keeping USD/JPY in focus as traders weigh diverging monetary policy signals. An explosion at Qatar's Ras Laffan LNG facility injuring 54 people briefly rattled energy markets and raised concerns about Hormuz maritime security. Traders should monitor oil price reactions and further developments in US-Iran talks for near-term USD direction.