West Texas Intermediate (WTI), future on NYMEX, claws back its early losses and flattens around $89.60 during the European trading session on Wednesday.
The US Dollar (USD) posts minor losses against the Canadian Dollar (CAD) on Wednesday, and is testing session lows below 1.3650 at the time of writing, following rejection at the 1.3675 area on Tuesday.
The Indian Rupee (INR) weakens further against the US Dollar (USD) on Wednesday, extending its losing streak for the third trading day.
ING strategist Francesco Pesole argues that EUR/GBP has limited further downside after slipping below 0.8700, as United Kingdom (UK) political risks and stretched Bank of England (BoE) tightening expectations offset risk-on pressures.
EUR/JPY trades around 187.25 on Wednesday at the time of writing, up a modest 0.05% on the day. The cross remains supported by relative stability in the Euro (EUR) as investors assess the impact of geopolitical tensions and diverging monetary policy expectations between Europe and Japan.
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that AUD/USD eased to 0.7152 after recent gains, with price action offering few fresh clues. They expect intraday trading between 0.7125 and 0.7175 and see the pair locked in a 0.7060–0.7210 range over the coming weeks.
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $78.10 per troy ounce, up 1.90% from the $76.64 it cost on Tuesday.
Societe Generale strategists note that Brent has retreated from recent highs after President Trump extended the Iran ceasefire indefinitely, with Oil prices still seen on an uncertain path back toward normalisation.
EUR/CAD extends its losing streak for the sixth consecutive day, trading around 1.6040 during the European hours on Wednesday.
Commerzbank’s Tatha Ghose sees a binary Turkish central bank (CBT) decision, with markets split between no change and a 300 bp hike, and stresses that corridor tightening would still be de facto tightening.
The US Dollar (USD) posts moderate losses against the Swiss Franc (CHF) on Wednesday, but remains trading within previous ranges, with price action fluctuating around 0.7800, halfway through the weekly trading band.
Deutsche Bank analysts report that S&P 500 futures are rebounding after the index suffered its worst day since late March, pressured by Iran-related geopolitical risks and a more hawkish Federal Reserve (Fed) outlook.
DBS Group Research economist Radhika Rao notes that the Reserve Bank of India (RBI) has partially rolled back recent FX curbs that were introduced to stem one-sided Indian Rupee (INR) depreciation.
The AUD/USD pair trades 0.25% higher to near 0.7170 during the European trading session on Wednesday. The Aussie pair gains as the Australian Dollar (AUD) outperforms its peers amid improved market sentiment.
Dow Jones futures gain 0.59% above 49,600, with S&P 500 and Nasdaq 100 futures also advancing 0.63% and 0.81% to near 7,150 and 26,850, respectively, during the European hours on Wednesday ahead of the United States (US) regular opening.
The Euro (EUR) posts marginal gains against the US Dollar (USD) on Wednesday. The pair, however, remains near the bottom of the last few days’ trading range, around 1.1750, as hopes of a positive outcome from the US-Iran peace negotiations vanish.US President Trump has extended the ceasefire unilat
BNY’s Geoff Yu observes that while global equity indices have rebounded, institutional cash holdings remain below pre-conflict levels across all regions.
Here is what you need to know on Wednesday, April 22:
Gold (XAU/USD) touches a fresh daily high heading into the European session on Wednesday and recovers further from a one-week low, around the $4,669-$4,668 region, touched the previous day.
Rabobank’s Global Strategist Michael Every shifts its Iran conflict base case to a longer closure of Hormuz, warning of sustained disruptions to Oil flows and rising physical prices in Asia.
AUD/JPY inches higher after remaining flat in the previous session, trading around 114.10 during the Asian hours on Wednesday.
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD slipped to 1.1742 as the Dollar firmed on stalled US–Iran talks and weaker German sentiment.
The Euro (EUR) is heading south for the second consecutive day against the British Pound (GBP) on Wednesday, trading near session lows below 0.8700, as UK inflation figures put pressure on the Bank of England to bring the possibility of an interest rate hike back to the table.
The Islamic Revolutionary Guard Corps (IRGC) has warned it would inflict “crushing blows” against “the enemy’s remaining assets” in the Middle East if fighting resumed, according to Iran’s semi-official Tasnim news agency, The Guardian reported.
The GBP/JPY pair falls to near 215.10 during the European trading session on Wednesday. The pair drops as the Pound Sterling (GBP) faces selling pressure as the United Kingdom (UK) core Consumer Price Index (CPI) data for March arrives lower than estimates.
The USD/JPY pair adds to its modest intraday losses and moves further away from over a one-week high, around the 159.70 region, touched the previous day. Spot prices drop to the 159.00 neighborhood, or a fresh daily low, during the early European session, though the downside potential seems limited.
DBS Group Research economist Chang Wei Liang notes that while oil climbing toward $100 on stalled Iran-US talks has supported the US Dollar, this rebound will be capped by low conflict risks.
The NZD/USD pair gathers strength to near 0.5915 during the early European session on Wednesday. The New Zealand Dollar (NZD) edges higher against the US Dollar (USD) after US President Donald Trump says the US is extending the ceasefire with Iran at Pakistan's request.
Crude prices edged lower on Wednesday following US President Donald Trump's unilaterally announced extension of the ceasefire on Tuesday.
MUFG's Senior Currency Analyst Lloyd Chan notes that stalled US–Iran talks and an extended United States (US) ceasefire have shifted the conflict into a prolonged standoff, with a continued blockade of Iranian ports.
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