Investing.com -- A U.S.-Iran peace deal has sent oil tumbling and lifted markets broadly, but Capital Economics warns that diverging central bank responses this week could drive a wedge between bond markets and currencies going forward.

The firm noted that while "global leaders talking about next steps" suggests a lasting peace might be achievable, key details remain unclear, particularly around nuclear issues and management of the Strait of Hormuz.

Barring major surprises, Capital Economics expects oil markets to "take some time to normalise even once the Strait reopens," with monetary policy remaining tighter than it otherwise would have been in some regions.

On equities, the firm said markets "don't have room for a huge relief rally," though non-tech sectors might see somewhat more upside than tech-heavy indices.

Central bank divergence is expected to be a key theme this week, with the BoJ, BoE, and Fed all meeting.

Capital Economics said Japanese government bonds are "in a different place to the rest," with rising inflation compensation creating risk that a cautious BoJ could be seen as "insufficiently hawkish."

For the UK, the firm expects gilts to benefit and sterling to suffer from "a relatively dovish BoE," though it flagged political risk from potential PM Andy Burnham's "implicitly dovish tone on fiscal policy."

Treasuries face the greatest threat from potential hikes, the firm stated, noting "the pre-war case for Fed cuts has lost a lot force thanks to the resilience of the labour market," with FOMC participants turning more hawkish recently.