EUR/USD Steadies as Markets Await US-Iran Deal Outcome, Risk Mood Stabilizes

European markets closed on a steadier note Thursday as traders adopted a wait-and-see approach amid ongoing US-Iran nuclear deal negotiations, with EUR/USD consolidating in a narrow range. The uncertainty surrounding the geopolitical outcome has kept the US dollar in a holding pattern, as a successful deal could ease oil supply concerns and weigh on the greenback through reduced safe-haven demand, while a breakdown in talks could trigger risk-off flows favoring USD strength. Oil-sensitive currencies such as CAD and NOK remain particularly exposed to the outcome. European equity markets traded with a cautiously optimistic tone, suggesting market participants are leaning toward a deal materializing, though conviction remains low. The 'deal or no deal' dynamic is creating a binary risk event that is suppressing volatility in major forex pairs ahead of a resolution. Traders should monitor headline risk closely, as any definitive announcement could trigger sharp moves across USD pairs and commodity-linked currencies. Near-term positioning favors range-trading strategies until clarity emerges on the diplomatic front.