
Progress in negotiations on Iran’s nuclear programme and the reopening of the Strait of Hormuz would make further US strikes on Iran “highly unlikely”, US President Donald Trump said, according to CNN’s report on Sunday.
Trump made any further military action conditional on an agreement: “It depends on whether or not they sign a very strong agreement,” he said. “The answer is highly unlikely it will be necessary.” He added: “I would if necessary, but we hit them really hard,”

Following last week’s US midterm elections, diplomacy returned to the fore. Qatar, the principal mediator between the US and Iran, said Iran was considering proposals relating to its nuclear programme.
That account contrasted with comments on Sunday from Iranian Foreign Minister Abbas Araghchi, who said mediators had neither made progress nor taken any action in the days since the US elections.
Separately, an attack by the Iranian-backed Houthis in Yemen damaged a landmark in the financial district of Saudi Arabia’s capital. As the city repelled another barrage of ballistic and cruise missiles on Sunday, the offices of oil giant Saudi Aramco also sustained minor damage.
Investors’ willingness to accept risk over a given period is commonly described in financial markets using the terms “risk-on” and “risk-off”. Optimism about the outlook characterises a risk-on market, with investors more prepared to purchase riskier assets. When sentiment turns risk-off, concerns about the future prompt investors to take a more cautious approach. They favour lower-risk assets offering a more reliable prospect of a return, even if that return is relatively modest.
A favourable growth outlook generally supports equities and most commodities, apart from gold, during risk-on periods. Higher demand also lifts the currencies of major commodity-exporting nations, while cryptocurrencies advance. By contrast, risk-off conditions tend to favour bonds, particularly major government bonds, alongside gold. Safe-haven currencies, including the Japanese yen, Swiss franc and US dollar, also benefit.
Risk-on conditions generally support the Australian dollar (AUD), Canadian dollar (CAD) and New Zealand dollar (NZD), as well as minor currencies such as the rouble (RUB) and South African rand (ZAR). Growth in their economies depends heavily on commodity exports. With investors anticipating stronger economic activity and consequently greater future demand for raw materials, commodity prices tend to increase during these periods, supporting the currencies.
Risk-off periods typically favour three major currencies: the US dollar (USD), Japanese yen (JPY) and Swiss franc (CHF). The dollar benefits from its status as the world’s reserve currency and from investors’ purchases of US government debt during crises. That debt is regarded as safe because the world’s largest economy is considered unlikely to default. For the yen, support comes from greater demand for Japanese government bonds: a large share is held by domestic investors who are unlikely to sell heavily, even during a crisis. The franc’s appeal rests on strict Swiss banking laws, which provide investors with greater protection for their capital.