Latest Forex News

The AUD/USD pair trades 0.16% lower at around 0.7175 during the European trading session on Tuesday.

Commerzbank’s Michael Pfister expects an uneventful Hungarian National Bank (MNB) meeting, with all surveyed economists and market pricing pointing to unchanged rates over the next six months.

Societe Generale analysts note USD/JPY failed to sustain a breakout above its multi‑year range and is consolidating above the 50‑day moving average. They highlight a crucial support zone around 158.30/157.50 and resistance near 160.50.

Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $73.42 per troy ounce, down 2.78% from the $75.52 it cost on Monday.

ING’s Warren Patterson raises ICE Brent forecasts as prolonged disruption through the Strait of Hormuz persists and peace talks between the US and Iran stall.

NZD/USD depreciates after two days of gains, trading around 0.5890 during the European hours on Tuesday. The pair loses ground as the US Dollar (USD) advances due to increased safe-haven demand amid stalled United States (US)-Iran peace talks.

TD Securities analysts Alex Loo and Prashant Newnaha report that the Bank of Japan (BoJ) left its policy rate at 0.75% with a 6–3 vote, as three hawkish dissenters backed a 25 bps hike.

BNY strategist John Velis expects the Federal Reserve (Fed) to leave rates unchanged at the April Federal Open Market Committee (FOMC) meeting and provide limited forward guidance, reflecting uncertainty around inflation and the Iran conflict.

The Pound Sterling (GBP) is down against its major currency peers, trading 0.2% lower around 1.3500 against the US Dollar (USD), during the European trading session on Tuesday.

Deutsche Bank analysts observe that United States (US) equities continue to outperform, with the S&P 500 and NASDAQ reaching fresh record highs even as global risk sentiment remains cautious.

EUR/CAD depreciates for the second successive day, trading around 1.5960 during the European hours on Tuesday. The currency cross holds losses as the Euro (EUR) struggles on increased safe-haven demand amid stalled US-Iran peace talks.

Gold (XAU/USD) maintains its offered tone through the first half of the European session and currently trades around the $4,630 area, or a three-week low touched earlier this Tuesday.

The Indian Rupee (INR) weakens further after a brief pause against the US Dollar (USD) in the opening session on Tuesday. The USD/INR pair jumps to near 94.50 as elevated oil prices continue to hurt the Indian Rupee.

The Euro (EUR) pares gains against the US Dollar (USD) on Tuesday, returning to levels sub-1.1700 at the time of writing, following a rejection at 1.1755 on Monday. The safe-haven US Dollar has built up some momentum, amid the stalled Middle East conflict and with central banks’ decisions on tap.

Commerzbank’s Antje Praefcke notes that EUR/USD is likely to remain rangebound in the very near term as markets await developments in the Iran conflict and key central bank meetings.

USD/CHF gains ground after two days of losses, trading around 0.7890 during the European hours on Tuesday. The pair appreciates as the US Dollar (USD) receives support from safe-haven demand amid stalled US-Iran peace talks.

ING strategist Frantisek Taborsky says Hungary remains central in Central and Eastern European (CEE), with the first post‑election central bank of Hungary, Magyar Nemzeti Bank (MNB) meeting expected to leave rates at 6.25% while focusing on updated forward guidance.

Here is what you need to know on Tuesday, April 28:

United States (US) equity markets trade with caution at the start of the European trading session on Tuesday. As of writing, S&P 500 futures are down 0.16% to near 7,160, and Dow Jones futures are flat slightly below 49,200.

OCBC strategists Sim Moh Siong and Christopher Wong note most Asian FX have firmed, led by MYR, THB and TWD, helped by Iran’s proposal on Hormuz. However, elevated Oil prices and constrained energy passthrough pose risks to demand and could restrain high‑beta, Oil‑sensitive Asian FX.

EUR/JPY depreciates after two days of gains, trading around 186.40 during European hours on Tuesday. The technical analysis of the daily chart indicates the currency cross slips below the ascending channel, signaling a possible bearish reversal.

The USD/JPY pair attracts some intraday selling after the Bank of Japan (BoJ) announced its policy decision and touches a one-week low earlier this Tuesday.

Danske Research Team reports that equities continue to grind higher, led by US and tech names, while cyclicals outperform and consumer staples lag. The rally is highly selective across sectors and regions, with US markets outperforming Europe.

Bank of Japan (BoJ) Governor Kazuo Ueda is addressing the press conference, explaining the reason behind leaving the key interest rate unchanged at 0.75% in the April policy meeting.

The EUR/GBP cross trades on a flat note near 0.8660 during the early European trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of the Bank of England (BoE) and the European Central Bank (ECB) interest rate decisions later on Thursday. 

Silver (XAG/USD) accelerated its downtrend on Tuesday, to hit fresh two-week lows at $73.35 at the time of writing, as markets shift focus from the war to the world’s major central banks, which will release their monetary policy decisions this week.

UOB’s strategists Quek Ser Leang and Lee Sue Ann highlight that EUR/USD briefly overshot to 1.1754 before closing unchanged near 1.1720, reinforcing a range-trading bias. Intraday, the Euro (EUR) is seen holding between 1.1695 and 1.1745.

West Texas Intermediate (WTI), futures on NYMEX, trades over 1% above $96.00 during the European trading session on Tuesday.

Commerzbank’s Volkmar Baur highlights that the Bank of Japan kept its policy rate at 0.75%, but sent a clear signal it is ready to hike soon, likely at the June meeting.

The Australian Dollar (AUD) demonstrated a mixed performance against its major currency peers, trading marginally lower against the US Dollar (USD) around 0.7180 during the European trading session on Tuesday.