Overview
- Multiple governments and mediators reported a preliminary memorandum of understanding between the United States and Iran that negotiators say would end hostilities; a formal signing on June 19 in Switzerland has been reported but implementation details remain unconfirmed.
- Global oil benchmarks fell about 4–5% after the announcement, the U.S. dollar weakened, and investors moved into risk assets, lifting equities and emerging‑market currencies.
- Mexico’s peso strengthened to roughly MXN 17.20 per dollar as flows favored the region, while Argentine sovereign bonds rose and the JP Morgan 'riesgo país' compressed to about 425 basis points.
- Argentina’s national statistics agency confirmed May consumer prices rose 2.1% month‑on‑month, the second monthly slowdown, a datapoint that together with lower commodity costs is reshaping local inflation and policy outlooks.
- Central bankers from Peru and other countries said they will revise forecasts for oil, fertilizers and freight costs ahead of rate decisions this week, but markets remain sensitive to how the deal will be supervised and carried out, especially over Strait of Hormuz arrangements.