investingLive Americas FX news wrap 24 Sept: USD and Treasury yields climb as Iran headlines lift stocks off their lows

US stocks finish mixed as Meta’s Muse rally helps mask the losers. Iran’s Pezeshkian wants a deal with the US before the midterm elections, NBC reports Meta shares approach all-time highs as the Muse rally begins yet another leg higher US treasury sells $44 billion of 7 year notes at a high yield of 5.085% US/Iran discussed phasing in a deal to reopen Hormuz and end the US blockade Bitcoin trades lower but holds support near the high of a swing area target. What next? Trump and Xi meet at the White House: What traders should watch Fed’s Anna Paulson says another rate hike may be needed to lower inflation US new-home sales for the month of August 0.684 million versus 0.615 million estimate BOE’s Breeden: Not at all obvious there is a path to lower energy prices. Fed’s Hammack says inflation risks are tilted to the upside Adam Button on Gold, Market Noise and Risk | What Traders Need to Know Before Q4 ECBs Schnabel expected to announce she will be stepping down to join IMF in a senior position Canada retail sales for the month of July -0.7% vs -0.8% estimate US initial jobless claims 197K vs 201K expected The dollar closed higher against every major currency Thursday. Treasury yields climbed across the curve, with the 10-year near 5.19%, while European shares finished lower. U.S. stocks recovered much of their earlier decline after reports that Washington and Tehran had discussed a phased arrangement to reopen the Strait of Hormuz and end the U.S. blockade. Iranian President Masoud Pezeshkian also signaled interest in progress before the U.S. midterm elections. Those are encouraging words for a market watching oil supplies closely. They are not a deal, and the sharp rebound in crude after its initial selloff suggests traders remain unconvinced. The dollar and Treasury yields The greenback’s largest gains were against the Japanese yen, Swiss franc and Australian dollar. Its smallest gain was against the euro. Higher U.S. yields helped support the dollar even as the Ira