EUR/USD
The EUR/USD pair posts modest gains near 1.1520 during the early European session on Monday. The Euro (EUR) strengthens against the Greenback amid optimism about the US-Iran ceasefire. The US March ISM Services Purchasing Managers Index (PMI) report is due later on Monday.
GBP/USD
The GBP/USD pair attracts some dip-buyers near the 1.3175 region during the Asian session on Monday, and for now, seems to have snapped a two-day losing streak. Spot prices climb back above the 1.3200 mark in the last hour, though any meaningful appreciation still seems elusive amid persistent geopolitical uncertainties.
USD/JPY
The USD/JPY pair trades marginally down at around 159.55 during the Asian trading session on Monday. The pair shows a subdued performance as the US Dollar (USD) ticks lower, while broadly remaining firm due to threats from United States (US) President Donald Trump that he will destroy Iranian infrastructure if it doesn’t agree to a deal.
AUD/USD
AUD/USD reverses earlier gains on Friday as stronger-than-expected US Nonfarm Payrolls (NFP) data supports the US Dollar (USD), adding modest pressure on the Australian Dollar (AUD), while price action remains subdued amid thin liquidity due to the Good Friday holiday.
NZD/USD
The NZD/USD pair attracts some buyers near the 0.5680 region, or over a four-month trough retested during the Asian session on Monday, and for now, seems to have snapped a two-day losing streak. Spot prices currently trade just above the 0.5700 mark, up nearly 0.25% for the day, though the upside potential seems limited.
USD/CAD
The USD/CAD pair declines to around 1.3940 during the early European trading hours on Monday. The US Dollar (USD) edges lower against the Canadian Dollar (CAD) after reports that the US, Iran and regional mediators are discussing terms for a possible 45-day ceasefire that could lead to an end of fighting.
USD/CHF
USD/CHF extends its winning streak for the third consecutive day, trading around 0.8010 during the Asian hours on Monday. The pair appreciated as the US Dollar (USD) gained ground amid increased safe-haven demand on heightened uncertainty in the Middle East.
CRUDE OIL
Oil prices rose in Asian hours on Monday, extending sharp gains from the previous trading session, as investors focused on President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz.
Gold (XAU/USD) finds some support and rebounds from the $4,600 mark during the Asian session on Monday, though it lacks follow-through buying. Bloomberg, citing Axios, reported that the US, Iran, and regional mediators are discussing terms for a possible 45-day ceasefire that could lead to an end of fighting. This, in turn, keeps a lid on the safe-haven US Dollar (USD) and offers some support to the commodity. However, prospects for higher interest rates globally cap the upside for the non-yielding yellow metal.
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