ForexLive Asia-Pacific FX news wrap: Trump announces an Iran-Israel ceasefire

• Reports that Iran has launched ballistic missiles towards southern Israel
• Japan’s chief cabinet secretary Hayashi says Japan to hold upper house election on July 20
• PBOC sets USD/ CNY central rate at 7.1656 (vs. estimate at 7.1605)
• Iran’s Foreign Minister (in effect) announces the start of the ceasefire
• France24 reporter says no sound or reports of strikes in Tehran: “Tehran … a calm dawn”
• Iran’s Foreign Minister says Iran will stop if Israel does
• There are more officials in Iran denying there is a ceasefire agreement
• More reports on Iran-Israel war, Iran reports the heaviest bombardment since war began
• Amazon to invest $54 bn in UK over the next three years
• More on the ceasefire, and has there been a coup in Iran?
• Unconfirmed reports of an assassination attempt on a senior Iranian official
• Israel agreed to ceasefire so long as Iran does not launch further attacks
• Japanese Economy Minister Akazawa to visit the US as early as June 26th for tariff talks
• USD and oil both lower in morning Asia trade
• More ceasefire confirmation – Senior Iranian official confirms to Reuters
• News of Iranian confirmation of ceasefire agreement filtering in now – all good
• CNN reports that Iran has not received any ceasefire proposal
• Trump announces Iran and Israel have agreed to a “Complete and Total CEASEFIRE”
• HSBC turns more bullish on euro, sees it to 1.20, as de-dollarization trend gains momentum
• South Korea consumer sentiment jumps, inflation expectations drop
• ICYMI – Wall Street Journal: “Ford Still Scrambling to Get Rare-Earth Magnets”
• Major US stock indices close near highs. Buyers come in on the dip to the 200 hour MAs.
• Forexlive Americas FX news wrap: Oil smashed lower as Middle East de-escalates
• Trade ideas thread – Tuesday, 24 June, insightful charts, technical analysis, ideas

U.S. President Donald Trump announced Monday that a “complete and total” ceasefire between Israel and Iran would come into effect to end what he dubbed “THE 12 DAY WAR.”

“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR’,” Trump posted on Truth Social.

The announcement came after the U.S. trading session closed. U.S. crude futures fell, while S&P 500 e-mini futures rose once trading resumed.

The ceasefire was due to begin at 0400 GMT (midnight U.S. Eastern), but Iran’s Foreign Minister clearly said that Tehran only recognised a cessation in hostilities at 4:00am Iran
Standard Time (IRST) (0030 GMT / 8:30pm U.S. Eastern).

In the hours leading up to 4am IRST Israel attacked with force, targeting regime facilities deep inside Iran, including heavy strikes in Tehran. Reports suggested “dozens of bunker-buster bombs” were fired at the Chitgar area, and that a high-ranking official may have been targeted.

At 4:00am IRST, Israeli strikes appeared to halt, and a brief quiet held. Indeed, the Iranian Foreign Minister appeared to confirm Iranian hostilities has ceased. That lull lasted just over an hour — Iran then launched missiles at southern, central, and northern Israel. By its own timeline, Iran had broken the ceasefire.

Perhaps the original 0400 GMT ceasefire may still hold. But it’s the Middle East — don’t bank on it.

As of writing, the U.S. dollar has held on to its earlier losses despite the renewed hostilities. Oil prices, too, remain lower.

Other headlines were sparse:

• Japan’s Economy Minister Akazawa is reportedly heading to the U.S. as early as June 26 for a seventh round of tariff talks — the first ministerial-level negotiations since the Japan-U.S. summit in Canada on June 16.
• The PBOC set its USD/CNY mid-point at the strongest level (for CNY, i.e. lowest for USD/CNY) since November 8, 2024

USD index (DXY), hourly:

This article was written by Eamonn Sheridan at www.forexlive.com.