EUR/USD
The announcement of a two-week ceasefire in Iran triggered a relief rally during Wednesday’s Asian trading session that sent the safe-haven US Dollar (USD) tumbling against its main peers. The EUR/USD extended its rally from 1.1500 to hit five-week highs at 1.1697 so far.
GBP/USD
GBP/USD ripped higher on Tuesday as the US Dollar buckled under a wave of risk-on positioning triggered by President Trump’s announcement of a two-week ceasefire with Iran. The pair surged from the low 1.3200s into the upper 1.3300s, reclaiming ground above both the 50 and 200-period hourly moving averages in the process.
USD/JPY
USD/JPY reversed sharply on Tuesday, touching a session high around 160.50 before collapsing below 159.00 to settle near 158.85. The pair had briefly breached 160.00 for the first time since July 2024, a level that previously triggered direct intervention from Japan’s Ministry of Finance, before the late-session reversal erased the entire day’s gains and then some. The selloff accelerated after President Trump announced a two-week suspension of military operations against Iran, crushing the US Dollar’s safe-haven bid.
AUD/USD
AUD/USD surged over 1.3% on Tuesday, rallying from around 0.6970 to trade close to 0.7060 by the close of the session. The move came as risk appetite roared back after President Trump announced a two-week suspension of military operations against Iran, sending WTI Crude Oil crashing from above $106 to below $90 per barrel. The pair reclaimed territory above a key moving average on the four-hour chart and posted its strongest single-session gain in weeks.
NZD/USD
The NZD/USD pair jumps to a near two-week high of around 0.5820 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the Reserve Bank of New Zealand (RBNZ) interest rate decision and a broader risk-on sentiment.
USD/CAD
The USD/CAD pair extends its weekly downtrend for the third straight day and dives to a nearly two-week low on Wednesday, though it lacks follow-through selling. Spot prices trade around mid-1.3800s, down nearly 0.30% for the day, amid mixed fundamental cues.
USD/CHF
The USD/CHF pair slumps to around 0.7890 during the early European session on Wednesday. Reports of a potential two-week ceasefire between the United States (US) and Iran drag the US Dollar (USD) lower against the Swiss Franc (CHF).
CRUDE OIL
Oil prices slid, stocks and bonds surged while the safe-haven dollar was knocked back on Wednesday, as a two-week Middle East ceasefire brought some relief to markets on hopes for a resumption of oil and gas flows through the Strait of Hormuz.
Gold (XAU/USD) builds on the previous day’s bounce from the $4,600 neighborhood and gains strong positive traction for the second straight day, hitting a nearly three-week peak earlier this Wednesday. The precious metal maintains its bid tone heading into the European session and currently trades around the $4,830 region, up over 2.5% for the day amid a broad-based US Dollar (USD) weakness.
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