Forex News
- USD/JPY retreats from the vicinity of the YTD peak and is pressured by a combination of factors.
- Intervention fears underpin the JPY, while Trump’s Iran strike delay prompts some USD selling.
- The BoJ rate hike uncertainty and hawkish US Fed bets could limit losses for the currency pair.
The USD/JPY pair attracts some sellers during the Asian session on Friday, and for now, seems to have snapped a three-day winning streak back closer to its highest level since July 2024, touched earlier this month. Spot prices currently trade just above mid-159.00s, down 0.15% for the day, though the downside potential seems limited.
The Japanese Yen (JPY) approached the 160.00 threshold level against its American counterpart that authorities have previously used as a reference point for intervention or intervention threats. This, along with a modest US Dollar (USD) downtick, exerts some downward pressure on the USD/JPY pair. However, concerns that the war-driven surge in energy prices would weigh on Japan's trade balance and economic outlook might cap any meaningful JPY appreciation.
Furthermore, a sustained increase in Crude Oil prices would reignite inflationary pressures and create a classic stagflationary environment. This might complicate the Bank of Japan's (BoJ) normalization efforts as rate hikes would slow an economy already absorbing an energy shock, which, in turn, might keep a lid on the JPY. Adding to this, the aggressively repricing of Federal Reserve (Fed) rate expectations favors the USD bulls and should limit losses for the USD/JPY pair.
Despite US President Donald Trump's decision to delay strikes on Iran’s energy infrastructure and extend the deadline to reopen the Strait of Hormuz until April 6, market participants seem worried about a further escalation of tensions in the Middle East. This, in turn, remains supportive of elevated Crude Oil prices and continues to fuel inflation concerns, which might force major central banks, including the Fed, to adopt a more hawkish stance and consider raising interest rates.
The aforementioned fundamental backdrop makes it prudent to wait for strong follow-through selling before confirming that the USD/JPY pair has topped out in the near-term and positioning for any meaningful corrective decline. Meanwhile, bullish traders might opt to wait for a sustained breakout through the 160.00 psychological mark before positioning for an extension of the recent well-established uptrend from the February monthly swing low, around the 152.30-152.25 region.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
- EUR/JPY remains close to the upper ascending triangle boundary around 184.60.
- The Relative Strength Index near 55 signals bullish momentum without overbought conditions.
- The pair may test the immediate support at the nine-day EMA of 183.92.
EUR/JPY extends its losses for the second successive session, trading around 184.10 during the Asian hours on Friday. The technical analysis of the daily chart suggests the currency cross remains close to the upper boundary of the ascending triangle pattern, reflecting rising buying pressure and leading to an upside breakout.
The near-term bias stays mildly bullish as price holds above the nine- and 50-day Exponential Moving Averages (EMAs), which align just below 184.00 and confirm a positive short-term trend within an established broader uptrend.
The Relative Strength Index (RSI) around 55 reinforces upward momentum without signaling overbought conditions, suggesting buyers retain control while dips remain shallow.
The initial barrier lies at the upper ascending triangle boundary around 184.60. A successful breakout above the triangle would reinforce the bullish bias and lead the EUR/JPY cross to explore the region around the all-time high of 186.88, reached on January 23.
On the downside, the immediate support is seen at the nine-day EMA of 183.92, followed by the 50-day EMA support at 183.34. Further declines below the medium-term average would revive the bearish bias and put downward pressure on the EUR/JPY cross to navigate the area around the lower boundary of the ascending triangle around 182.80. A break below the channel would expose the three-month low of 180.81, recorded on February 12.
(The technical analysis of this story was written with the help of an AI tool.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.09% | -0.13% | -0.05% | -0.29% | -0.21% | -0.01% | |
| EUR | 0.11% | 0.03% | -0.04% | 0.05% | -0.15% | -0.08% | 0.10% | |
| GBP | 0.09% | -0.03% | -0.06% | 0.03% | -0.21% | -0.12% | 0.08% | |
| JPY | 0.13% | 0.04% | 0.06% | 0.09% | -0.17% | -0.08% | 0.13% | |
| CAD | 0.05% | -0.05% | -0.03% | -0.09% | -0.25% | -0.14% | 0.05% | |
| AUD | 0.29% | 0.15% | 0.21% | 0.17% | 0.25% | 0.09% | 0.28% | |
| NZD | 0.21% | 0.08% | 0.12% | 0.08% | 0.14% | -0.09% | 0.20% | |
| CHF | 0.01% | -0.10% | -0.08% | -0.13% | -0.05% | -0.28% | -0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
- Gold attracts some buyers as Trump’s announcement to delay Iran strikes weighs on the USD.
- Geopolitical risks remain in play amid contrasting news surrounding the ongoing US-Iran war.
- Inflation worries fuel hawkish Fed bets, which favor the USD bulls and should cap the bullion.
Gold (XAU/USD) gains some positive traction during the Asian session on Friday and reverses a part of the previous day's fall to the $4,350 area. The US Dollar (USD) edges lower after US President Donald Trump announced that he will delay strikes on Iran’s energy infrastructure and extended the deadline to reopen the Strait of Hormuz until April 6. This turns out to be a key factor offering some support to the commodity. Any meaningful appreciation, however, seems elusive amid expectations of higher interest rates globally, which tends to undermine demand for the non-yielding yellow metal.
Investors now seem convinced that major central banks, including the US Federal Reserve (Fed), will adopt a hawkish stance as escalating geopolitical risks remain supportive of higher energy prices and continue to fuel inflation concerns. In fact, traders now seem to have fully priced out the possibility of any further rate cuts by the US central bank and rapidly increasing bets for a hike by the end of this year. The outlook acts as a tailwind for US Treasury bond yields and favors the USD bulls, which, in turn, should keep a lid on the Gold price and warrants some caution before positioning for further gains.
Meanwhile, contrasting news surrounding the US-Iran conflict has been weighing on investors' sentiment. Speaking at a Cabinet meeting, Trump said that Iran was "begging" to make a deal. Iranian officials, however, have denied holding talks with the US and said that there is no chance of a deal between the two adversaries. Adding to this, the deployment of additional US troops has been fueling speculation of a potential ground operation. This keeps geopolitical risks in play, which could further underpin the Greenback's global reserve currency status and should cap the upside for the Gold price.
The fundamental backdrop, along with the bearish technical setup, makes it prudent to wait for strong follow-through buying before positioning for an extension of the XAU/USD pair's goodish recovery from a four-month low, touched on Monday.
XAU/USD daily chart
Gold is likely to attract fresh sellers at higher levels amid a bearish technical setup
The recent breakdown below the rising 100-day Simple Moving Average (SMA) and this week's failure near the said area validate the near-term negative outlook for the precious metal. Momentum remains under pressure, with the Moving Average Convergence Divergence (MACD) indicator holding in negative territory and its line below the signal line, suggesting persistent downside forces despite earlier attempts to stabilize.
Meanwhile, the Relative Strength Index (RSI) recovers from oversold conditions but holds in the low-30s, indicating weak demand and room for sellers to remain in control while rebounds stay capped below the mentioned averages. Hence, the 100-day SMA, around $4,630, might continue to act as an immediate strong barrier, where any recovery would first confront trend-context supply, followed by stronger resistance at the recent congestion area near $4,820. A daily close above that band would be needed to ease the bearish tone and expose the $5,000 region.
On the downside, immediate support aligns with the recent low around $4,380, with a break lower opening the way toward the rising 200-day SMA near $4,120 as the next key support zone. A sustained hold above $4,380 would keep the decline in a corrective mode, but failure there would reinforce the current bearish bias for XAU/USD.
(The technical analysis of this story was written with the help of an AI tool.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
- US Dollar Index depreciates as market sentiment improves after Trump said the US will pause attacks on Iran’s energy sector.
- The US Dollar may rebound as inflation fears curb bets on Fed rate cuts, boosting hike expectations.
- Fed officials said that higher energy prices should impact inflation.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, edges lower after three days of gains and is trading around 99.90 during the Asian hours on Friday.
The Greenback weakens on decreasing risk aversion after US President Donald Trump said Washington would pause attacks on Iran’s energy sector for 10 days at Tehran’s request, extending the April 6 deadline to allow more time for negotiations. However, the Wall Street Journal reported that mediators said Iran denied making such a request, underscoring fragile diplomacy and low odds of a near-term ceasefire.
The downside of the US Dollar could be restrained amid rising inflation concerns on the fading likelihood of further Federal Reserve (Fed) rate cuts and increased bets on a potential hike by year-end.
Federal Reserve (Fed) Vice Chair of Supervision Philip Jefferson said higher energy prices should have a modest impact on inflation, though a sustained shock could be more significant. Meanwhile, Fed Governor Michael Barr warned that another price shock could lift inflation expectations, reinforcing the case for the Fed to assess economic conditions before adjusting policy.
US Initial Jobless Claims came in exactly as expected at 210K on Thursday, offering little fresh direction. Attention now turns to Friday’s University of Michigan (UoM) consumer sentiment and one-year inflation expectations.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
- GBP/USD rises to near 1.3345 as market sentiment turns favorable for riskier assets.
- US President Trump extended the postponement of scheduled military action on Iran’s power plants.
- Investors await UK Retail Sales data for February.
The GBP/USD pair snaps its three-day losing streak on Friday, trading 0.1% higher to near 1.3345 during the Asian trading session. The Cable rises as the market sentiment turns favorable for riskier assets, following United States (US) President Donald Trump’s extended pause on scheduled attacks on Iranian power plants until April 6, which boosts hopes of de-escalation in conflicts in the Middle East.
As of writing, S&P 500 futures trade 0.3% higher to near 6,500, indicating an improvement in investors’ risk appetite. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades flat near a three-day high of around 100.00.
Late Thursday, US President Trump said through a post on Truth.Social, “I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,” and expressed confidence that talks with Iran regarding an end to the Middle East war are going well.
In Friday’s session, investors will focus on the United Kingdom (UK) Retail Sales data for February, which will be published at 07:00 GMT. Month-on-month Retail Sales, a key measure of consumer spending, is estimated to have declined 0.8% after a 1.8% growth seen in January. On an annualized basis, the consumer spending measure is expected to have risen at a moderate pace of 2.1% against the previous reading of 4.5%.
GBP/USD technical analysis
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GBP/USD trades higher at around1.3345 as of writing. The near-term bias is bearish as recent lower highs reinforce the downside tone. The spot trades close to the 20-day Exponential Moving Average (EMA), which has flattened after a prior decline and now caps the upside around 1.34.
The 14-day Relative Strength Index (RSI) oscillates in the 40.00-60.00 zone, signaling a pause in the bearish momentum, while the bearish bias remains intact.
Initial resistance emerges at the 20-day EMA near 1.3400, followed by the March 23 high around 1.3480, where recent supply halted rebounds. A daily close above that level would ease the bearish pressure and open the way toward the mid-1.35 region. On the downside, immediate support aligns with Monday's low at 1.3257, with a break exposing the next bearish target at 1.3220. A drop through 1.3220 would confirm a stronger downward extension toward the 1.31 area.
(The technical analysis of this story was written with the help of an AI tool.)
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
- USD/CAD depreciates as market sentiment improves on the US pausing attacks on Iran’s energy sector.
- The US Dollar may rebound as inflation fears curb Fed cut bets, boosting hike expectations.
- The commodity-linked CAD may face challenges amid softer oil prices.
USD/CAD halts its four-day winning streak, trading around 1.3850 during the Asian hours on Friday. The pair weakens as the US Dollar (USD) softens on decreasing risk aversion after recent remarks from US President Donald Trump.
Trump said Washington would pause attacks on Iran’s energy sector for 10 days at Tehran’s request, extending the April 6 deadline to allow more time for negotiations. However, the Wall Street Journal reported that mediators said Iran denied making such a request, underscoring fragile diplomacy and low odds of a near-term ceasefire.
The Greenback may regain its ground on rising inflation concerns, prompting traders to scale back expectations of further Federal Reserve (Fed) rate cuts and increase bets on a potential hike by year-end.
Federal Reserve (Fed) Vice Chair of Supervision Philip Jefferson said higher energy prices should have a modest impact on inflation, though a sustained shock could be more significant. Meanwhile, Fed Governor Michael Barr warned that another price shock could lift inflation expectations, reinforcing the case for the Fed to assess economic conditions before adjusting policy.
The downside in USD/CAD may be limited as the commodity-linked Canadian Dollar (CAD) could struggle amid softer oil prices. Traders remain cautious as the Pentagon considers deploying up to 10,000 additional ground troops to the Middle East to maintain strategic flexibility and deterrence if talks fail.
Canadian Dollar FAQs
The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.
The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.
Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.
- EUR/USD attracts some buyers during the Asian session amid a modest USD downtick.
- Trump extends the deadline to reopen the Strait of Hormuz, undermining the buck.
- Persistent geopolitical uncertainty and hawkish Fed bets could limit the USD downside.
The EUR/USD pair edges higher during the Asian session on Friday, though it lacks bullish conviction and risks attracting fresh sellers amid a bullish US Dollar (USD). Nevertheless, spot prices, for now, seem to have snapped a three-day losing streak and currently trade around the 1.1535-1.1540 area, up nearly 0.10% for the day.
US President Donald Trump delayed a threatened strike on Iran’s energy infrastructure and extended his deadline for Tehran to reopen the Strait of Hormuz until April 6. This helps ease concerns about a further escalation of tensions in the Middle East and dents the USD's safe-haven demand, which turns out to be a key factor offering some support to the EUR/USD pair.
Meanwhile, Iran has threatened to retaliate against regional infrastructure, including desalination facilities, if Trump follows through with his threat. Moreover, the deployment of additional US troops has been fueling speculation of a potential ground operation. This keeps geopolitical risks in play and should underpin the USD's status as the global reserve currency.
Apart from this, hawkish US Federal Reserve (Fed) expectations might continue to act as a tailwind for the buck and cap the upside for the EUR/USD pair. Investors remain worried that the war-driven surge in energy prices would revive inflationary pressures and now seem to have fully priced out the possibility of any further interest rate cuts by the Fed this year.
Moreover, traders are rapidly increasing bets for a hike by the end of this year. The outlook remains supportive of elevated US Treasury bond yields and validates the USD bullish bias. This, in turn, warrants some caution for the EUR/USD bulls and makes it prudent to wait for some follow-through buying before positioning for any further intraday appreciating move.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.10% | -0.08% | -0.14% | -0.09% | -0.07% | -0.10% | -0.04% | |
| EUR | 0.10% | 0.02% | -0.06% | 0.00% | 0.02% | -0.00% | 0.06% | |
| GBP | 0.08% | -0.02% | -0.09% | -0.02% | 0.01% | -0.03% | 0.04% | |
| JPY | 0.14% | 0.06% | 0.09% | 0.07% | 0.06% | 0.04% | 0.12% | |
| CAD | 0.09% | -0.01% | 0.02% | -0.07% | 0.00% | -0.00% | 0.05% | |
| AUD | 0.07% | -0.02% | -0.01% | -0.06% | -0.00% | -0.02% | 0.04% | |
| NZD | 0.10% | 0.00% | 0.03% | -0.04% | 0.00% | 0.02% | 0.06% | |
| CHF | 0.04% | -0.06% | -0.04% | -0.12% | -0.05% | -0.04% | -0.06% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
- WTI falls after Donald Trump said the US will pause attacks on Iran’s energy sector for 10 days.
- Trump said Iran allowed 10 oil tankers through the Strait of Hormuz as a goodwill gesture under Pakistan’s flag.
- Iran denied making any request to US, highlighting fragile diplomacy and low chances of a near-term ceasefire.
West Texas Intermediate (WTI) depreciates after two days of gains, trading around $91.80 per barrel during the Asian hours on Friday. Crude oil prices fell after US President Donald Trump said Washington would pause attacks on Iran’s energy sector for 10 days, extending the earlier April 6 deadline to allow more time for negotiations. Trump indicated the move came in response to a request from Tehran.
President Trump also said Iran had allowed 10 oil tankers to transit the Strait of Hormuz as a goodwill gesture, noting that the vessels were flying Pakistan’s flag. The conflict has nearly halted shipments through the Strait, a key chokepoint that typically handles about one-fifth of global crude oil and LNG flows.
However, The Wall Street Journal reported that mediators said Iran denied making any such request, highlighting the fragility of the diplomatic process and the low probability of a near-term ceasefire.
Meanwhile, the Pentagon is weighing plans to deploy up to 10,000 additional ground troops to the Middle East. Defence officials said the option is designed to preserve strategic flexibility—allowing for rapid escalation if talks collapse while maintaining a credible deterrent.
US Treasury Secretary Scott Bessent said on Thursday that an insurance program aimed at boosting shipping through the waterway will begin soon. The initiative, first announced by Trump on March 3, involves the US International Development Finance Corporation providing insurance guarantees, along with naval escorts, to ensure the safe passage of oil tankers and other vessels.
Iran confirmed it had rejected the US 15-point proposal to end the war and instead submitted its own terms, including recognition of Tehran’s authority over the Strait of Hormuz. The Islamic Republic outlined five conditions under which it would consider ending the conflict.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- Silver is seen consolidating in a narrow range during the Asian session on Friday.
- The recent breakdown below the 100-day SMA support favors the XAG/USD bears.
- The broader technical setup also backs the case for a further depreciating move.
Silver (XAG/USD) struggles to gain any meaningful traction on Friday and oscillates in a narrow trading band just above the $68.00 mark during the Asian session. Meanwhile, the technical setup suggests that the path of least resistance for the white metal remains to the downside and backs the case for an extension of the recent downfall witnessed over the past four weeks or so, from the monthly swing high.
The recent breakdown below the 100-day Simple Moving Average (SMA) – for the first time since April 2025 – was seen as a key trigger for the XAG/USD bears. The Moving Average Convergence Divergence (MACD) indicator remains below the zero line with its latest values negative, reinforcing downside momentum despite some recent flattening. The Relative Strength Index (RSI) hovers in the mid-30s, indicating weak momentum rather than outright oversold conditions and leaving room for further downside if sellers press the move.
Hence, any meaningful recovery attempt is likely to confront immediate resistance near the 100-day SMA, around $74.70. A daily close above this area would ease bearish pressure and open the way toward the $80.00 region as the next upside hurdle. On the downside, initial support is located at the recent low near $67.80, where a break would expose the mid-$60.00 zone as the next demand area in line with the broader moving-average-supported trend.
A sustained defense of $67.80 would keep the current pullback contained, while repeated failures below the 100-day SMA would maintain the focus on lower supports.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9141 compared to the previous day's fix of 6.9056 and 6.9089 Reuters estimate.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
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