EUR/USD
EUR/USD remains flat after seven days of gains, trading around 1.1790 during the Asian hours on Wednesday. The pair may extend its gains as the US Dollar (USD) weakened amid rising optimism that the United States (US) and Iran could soon resume negotiations, boosting hopes for a deal to end the conflict and reopen the Strait of Hormuz.
GBP/USD
The Pound Sterling (GBP) advances on Tuesday as traders remain optimistic about a possible resolution to the US-Iran conflict. At the same time, the US Dollar (USD) weakens amid a hot US inflation report that missed forecasts of a higher print. At the time of writing, the GBP/USD pair trades near 1.3590, gaining 0.61%.
USD/JPY
The USD/JPY pair is seen consolidating the previous day’s losses and oscillating in a narrow band below the 159.00 mark during the Asian session on Wednesday. Spot prices, however, remain confined in a broader trading range held over the past month or so, warranting some caution before placing aggressive directional bets amid mixed cues.
AUD/USD
AUD/USD extended its bullish push on Tuesday, gaining around 0.38%, but gave back some top-end gains after touching a session high close to 0.7150. Price settled near 0.7120 in a session that saw strong early buying give way to a late pullback, with the intraday chart printing a sharp rejection from the 0.7150 area. The pair has rallied firmly from the early-April lows about 0.6990, but the failure to hold above 0.7150 suggests sellers are defending that level.
NZD/USD
The NZD/USD pair struggles to capitalize on its strong move up witnessed over the past two days and oscillates in a narrow band near the 0.5900 mark during the Asian session on Wednesday. Spot prices, however, remain close to over a one-month top, touched on Tuesday, and seem poised to appreciate further.
USD/CAD
The USD/CAD pair trades slightly higher to near 1.3780 during the European trading session on Wednesday. The Loonie pair gained a temporary ground after posting a fresh three-week low near 1.3730 on Tuesday; however, the outlook remains uncertain amid hopes that the United States (US) and Iran could reach a permanent ceasefire soon.
USD/CHF
The USD/CHF pair trades flat around 0.7812 during the late Asian trading session on Wednesday, but is still close to its monthly low of 0.7790 posted the previous day. The Swiss Franc pair faces selling pressure as the US Dollar (USD) underperforms its peers amid optimism that the United States (US) and Iran could reach a permanent ceasefire soon.
CRUDE OIL
Oil prices reversed course to rise in Asian trade on Wednesday after the U.S. military said a naval blockade on Iran had been fully implemented, complicating hopes for more ceasefire talks.
Gold (XAU/USD) is holding near elevated levels as momentum slows and markets reassess direction. Price is softening as optimism builds around potential US-Iran negotiations. Comments from US officials point to renewed diplomacy and reduced conflict risks. This shift is easing safe-haven demand and limiting upside pressure. At the same time, stabilizing energy markets and lower oil prices are reducing inflation concerns. This backdrop is keeping gold supported while capping near-term gains.
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