Markets are reacting positively to reports of progress between the US and Iran towards a memorandum that could signal the end of ongoing conflict. This development, although separate from nuclear negotiations, has boosted risk appetite, as reflected in rising S&P 500 futures and a sharp surge in gold prices nearing $4,700. The prospect of Iran agreeing to remove highly enriched uranium remains uncertain but is a key factor underpinning sentiment. Meanwhile, the US dollar is broadly weaker, aiding gains in EUR/USD and AUD/USD. Traders should monitor geopolitical developments closely, as any formal agreement could drive further risk-on moves and impact safe-haven flows into gold and USD.