Forex News
- USD/CAD slips as the US Dollar weakens on improved market sentiment after a US-Iran two-week ceasefire.
- The commodity-linked CAD may weaken as oil prices fall on easing supply concerns.
- Trump said the US received a 10-point proposal from Iran, calling it a workable basis for negotiations within two weeks.
USD/CAD continues to lose ground for the third successive day, trading around 1.3830 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.
However, the downside of the USD/CAD pair could be restrained as the commodity-linked Canadian Dollar (CAD) may face challenges amid lower prices following the US-Iran ceasefire, given the fact that Canada is the largest crude exporter to the United States.
West Texas Intermediate (WTI) oil price trades around $89.80 per barrel, down by over 11%, at the time of writing. Crude oil prices weaken on easing supply fears after US President Donald Trump agreed to a two-week ceasefire with Iran on the condition that Iran agree to reopen the critical Strait of Hormuz.
Trump also said the US received a 10-point proposal from Iran, calling it a “workable basis for negotiations,” with a two-week window to finalize a deal. Iran also agreed to reopen the key waterway for two weeks if all attacks cease, while Israel has reportedly accepted the truce.
On the data front, Canada’s seasonally adjusted Ivey Purchasing Managers’ Index (PMI) fell to 49.7 in March from 56.6 prior, missing the 55.9 forecast and signaling contraction. Meanwhile, the US ADP Employment Change four-week average rose by 26,000 jobs from 15,250 previously, marking a third straight week of hiring gains.
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.
US President Donald Trump said on a Truth Social post that Tuesday was “a big day for world peace.” Trump added that the US will be “helping with the traffic buildup” in the Strait of Hormuz and that “big money will be made” as Iran begins reconstruction.
Trump further stated that the US would be just "hangin' around” in order to make sure everything goes well and that he was confident it would. He later added, "This could be the Golden Age of the Middle East."
The statement came after Iran accepted a two-week ceasefire after Trump said he would suspend attacks subject to Tehran agreeing to fully reopen the Strait of Hormuz. Negotiations between the US and Iran will be held in Islamabad, Pakistan, on Friday to finalize details.
Market reaction
Crude oil prices attract some sellers following this headline. At the time of writing, the West Texas Intermediate (WTI) is down 10.78% on the day at $90.27.
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.
- Asian stock markets open with strong gains after the US and Iran confirmed a two-week ceasefire.
- Easing inflation concerns temper hawkish central bank bets and further boost investors' sentiment.
- The focus shifts to the FOMC Minutes and the US macro data, due during the latter half of the week.
Asian equity markets rallied on Wednesday, tracking US stock index futures, in reaction to the US-Iran ceasefire news, with Japan’s Nikkei 225 and South Korea’s Kospi rising over 5% intraday.
US President Donald Trump announced in a post on Truth Social that he will suspend planned military strikes against Iran for two weeks, provided Tehran agrees to a complete, immediate, and safe opening of the Strait of Hormuz. Iran said that it has accepted a two-week ceasefire, with negotiations to begin on Friday in Islamabad, Pakistan. The development boosts investors' confidence and triggers a massive risk-on rally across the global financial markets.
Meanwhile, Iran’s Foreign Minister, Seyed Abbas Araghchi, said in a statement that safe passage through the key waterway will be possible for a period of two weeks. Crude Oil prices plunge over 10% following the announcement, which eases inflationary concerns and tempers expectations for a more hawkish stance by major central banks. This turns out to be another factor that provides an additional boost to riskier assets and remains supportive.
As investors digest the latest optimism, the market focus now shifts to the release of FOMC Minutes, due later during the North American session. The attention will then shift to the US Personal Consumption Expenditure (PCE) Price Index – the Fed's preferred inflation gauge – and the crucial US Consumer Price Index (CPI) report on Thursday and Friday, respectively. The positive geopolitical developments, however, favor bullish traders.
Asian stocks FAQs
Asia contributes around 70% of global economic growth and hosts several key stock market indices. Among the region’s developed economies, the Japanese Nikkei – which represents 225 companies on the Tokyo stock exchange – and the South Korean Kospi stand out. China has three important indices: the Hong Kong Hang Seng, the Shanghai Composite and the Shenzhen Composite. As a big emerging economy, Indian equities are also catching the attention of investors, who increasingly invest in companies in the Sensex and Nifty indices.
Asia’s main economies are different, and each has specific sectors to pay attention to. Technology companies dominate in indices in Japan, South Korea, and increasingly, China. Financial services are leading stock markets such as Hong Kong or Singapore, considered key hubs for the sector. Manufacturing is also big in China and Japan, with a strong focus on automobile production or electronics. The growing middle class in countries like China and India is also giving more and more prominence to companies focused on retail and e-commerce.
Many different factors drive Asian stock market indices, but the main factor behind their performance is the aggregate results of the component companies revealed in their quarterly and annual earnings reports. The economic fundamentals of each country, as well as their central bank decisions or their government’s fiscal policies, are also important factors. More broadly, political stability, technological progress or the rule of law can also impact equity markets. The performance of US equity indices is also a factor as, more often than not, Asian markets take the lead from Wall Street stocks overnight. Finally, the broader risk sentiment in markets also plays a role as equities are considered a risky investment compared to other investment options such as fixed-income securities.
Investing in equities is risky by itself, but investing in Asian stocks comes along with region-specific risks to be taken into account. Asian countries have a wide range of political systems, from full democracies to dictatorships, so their political stability, transparency, rule of law or corporate governance requirements may diverge considerably. Geopolitical events such as trade disputes or territorial conflicts can lead to volatility in stock markets, as can natural disasters. Moreover, currency fluctuations can also have an impact on the valuation of Asian stock markets. This is particularly true in export-oriented economies, which tend to suffer from a stronger currency and benefit from a weaker one as their products become cheaper abroad.
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 14,394.23 Indian Rupees (INR) per gram, up compared with the INR 14,105.62 it cost on Tuesday.
The price for Gold increased to INR 167,893.20 per tola from INR 164,526.90 per tola a day earlier.
Unit measure | Gold Price in INR |
|---|---|
1 Gram | 14,394.23 |
10 Grams | 143,938.40 |
Tola | 167,893.20 |
Troy Ounce | 447,731.70 |
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
- GBP/USD rises as the US Dollar weakens on reduced safe-haven demand after a US-Iran two-week ceasefire.
- Trump agreed to a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz.
- US-Iran ceasefire lowers oil prices, easing inflation pressures and giving the BoE room to resume policy easing.
GBP/USD extends its winning streak for the third consecutive day, trading around 1.3400 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.
However, the GBP/USD pair’s upside may be limited as the Pound Sterling (GBP) could struggle after the US-Iran ceasefire eased oil prices, dampening inflation pressures and giving the Bank of England (BoE) room to resume easing. Prior to the conflict, markets had priced in two to three rate cuts for 2026, expectations that were later erased by the energy-driven inflation shock.
US President Donald Trump shared in a post on Truth Social late Tuesday that he’d agreed to a two-week ceasefire with Iran on the condition that Iran agree to reopen the critical Strait of Hormuz. A White House official said that Israel has also agreed to the ceasefire.
Moreover, an Iranian official said that negotiations with the US will be held in Islamabad, Pakistan, to finalize details, aiming to confirm Iran’s battlefield achievements politically within a maximum of 15 days. Iran added that the meeting will begin on Friday and may be extended if both sides agree.
However, Iranian attacks continue in the Middle East and Israel as missile alerts keep sounding. The Israeli military said it has identified missiles launched from Iran towards Israel. The Qatar Defence Ministry also confirmed that armed forces intercepted the missile attack targeting Qatar.
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.
- NZD/USD climbs to near 0.5820 in Wednesday’s Asian session.
- RBNZ left the OCR unchanged for the second consecutive meeting at 2.25%, as widely expected.
- The pair turns cautiously bullish as the price remains below the 100-day EMA.
- The initial support level is seen at 0.5790; the immediate resistance level to watch is 0.5850.
The NZD/USD pair jumps to a near two-week high of around 0.5820 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the Reserve Bank of New Zealand (RBNZ) interest rate decision and a broader risk-on sentiment.
As widely expected, the Reserve Bank of New Zealand (RBNZ) decided to hold the Official Cash Rate (OCR) steady at 2.25% at its April policy meeting on Wednesday. RBNZ Governor Anna Breman said during the press conference that the Middle East conflict and rising fuel prices could push headline inflation to 4.2% in the second quarter.
She added that higher oil prices are reducing household purchasing power and business profit margins, leading to a cautious "wait and see" stance.
Furthermore, easing geopolitical tensions shifted traders' focus to riskier currencies, providing some support to the Kiwi. US President Donald Trump said late Tuesday that he had agreed "to suspend the bombing and attack of Iran for a period of two weeks” on the condition that Iran re-opens the Strait of Hormuz.
Technical Analysis:
In the daily chart, NZD/USD trades at 0.5807. The near-term bias turns cautiously bullish as price rebounds from last week’s lows and pushes back above the 20-day Bollinger middle band near 0.5790, signaling a recovery within a still-muted volatility backdrop as the bands have started to narrow after the prior downside stretch. The pair, however, remains below the gently declining 100-day EMA around 0.5850, which keeps the broader recovery in check even as momentum improves, with the RSI bouncing from the mid-30s to just under the 50 line, indicating fading bearish pressure rather than a clear trend reversal.
Initial support stands at the 0.5790 area defined by the Bollinger midline, followed by 0.5750, where the lower band from recent sessions and the late-March reaction lows converge to protect the 0.5720 zone. On the upside, immediate resistance emerges at 0.5850 near the 100-day EMA, and a daily close above this level would open the way toward the 0.5920 region, which aligns with the recent upper Bollinger band readings and a prior congestion area that capped advances in March.
(The technical analysis of this story was written with the help of an AI tool.)
New Zealand Dollar FAQs
The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair.
Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate.
The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.
- Silver gains strong positive traction and jumps to a fresh weekly top during the Asian session.
- The intraday move up stalls near the 200-period EMA pivotal resistance on the 4-hour chart.
- The broader technical setup favors the XAG/USD bulls and backs the case for additional gains.
Silver (XAG/USD) retreats slightly from the weekly high set earlier during the Asian session this Wednesday and currently trades just below mid- $76.00s, still up over 4.5% for the day. The US-Iran ceasefire news weighs heavily on the safe-haven US Dollar (USD), which, in turn, is seen as a key factor that continues to underpin the white metal.
From a technical perspective, the strong intraday move up stalls near the 200-period Exponential Moving Average (EMA) on the 4-hour chart. However, acceptance above the 38.2% Fibonacci retracement level of the March downfall and the $76.00 mark favors the XAG/USD bulls. Moreover, the Moving Average Convergence Divergence (MACD) line has turned back above its signal and pushes toward the zero line with a growing positive histogram, suggesting improving upside momentum after a period of consolidation.
Adding to this, the Relative Strength Index (RSI) at 64 stays below overbought territory yet holds firmly above the 50 line, reinforcing a recovery tone without signalling exhaustion. A sustained strength above the 200-period EMA on the 4-hour chart at $76.85 will reaffirm the constructive setup and open the way for additional gains further toward the 50% retracement level at $79.03.
On the downside, the 38.2% Fibo. retracement at $74.82 now acts as a nearby floor for the XAG/USD. A drop back below this level would expose secondary support toward $72.00, where recent swing lows cluster and downside momentum could reassert if broken.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD 4-hour 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.
- The Japanese Yen outperforms the US Dollar on the US-Iran temporary ceasefire.
- Iran said that negotiations on the 10-point proposal with the US will begin on April 10.
- A sharp decline in the oil price has improved the appeal of the Japanese Yen.
The Japanese Yen (JPY) trades significantly higher against the US Dollar (USD) on Wednesday, with the USD/JPY pair sliding 0.75% to near 158.40 during the Asian trading session. The pair faces intense selling pressure as demand for safe-haven assets has diminished, following the announcement of a two-week ceasefire between the United States (US) and Iran.
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.68% | -0.82% | -0.76% | -0.34% | -1.15% | -1.62% | -0.95% | |
| EUR | 0.68% | -0.15% | -0.09% | 0.32% | -0.47% | -0.98% | -0.29% | |
| GBP | 0.82% | 0.15% | 0.04% | 0.49% | -0.30% | -0.80% | -0.14% | |
| JPY | 0.76% | 0.09% | -0.04% | 0.42% | -0.37% | -0.85% | -0.19% | |
| CAD | 0.34% | -0.32% | -0.49% | -0.42% | -0.79% | -1.26% | -0.62% | |
| AUD | 1.15% | 0.47% | 0.30% | 0.37% | 0.79% | -0.49% | 0.17% | |
| NZD | 1.62% | 0.98% | 0.80% | 0.85% | 1.26% | 0.49% | 0.66% | |
| CHF | 0.95% | 0.29% | 0.14% | 0.19% | 0.62% | -0.17% | -0.66% |
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 Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
During the press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, is down 0.54% to near 99.00. S&P 500 futures rally almost 2.5% to near 6,777, signifying upbeat market sentiment.
Earlier in the day, US President Donald Trump announced a suspension of planned attacks on Iranian civilian infrastructure for two weeks, through a post on Truth.Social, as Tehran agreed to reopen the Strait of Hormuz, a critical gateway to almost 20% of global oil supply. Trump added, “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”
Meanwhile, Iranian officials have also acknowledged the Hormuz reopening and have stated that negotiations on the 10-point proposal with the US will begin on April 10 in Islamabad. Tehran clarified that the 10-point proposal includes controlled transit through the Hormuz coordinated with Iranian armed forces, ending the war against Iran and allied groups, and withdrawal of US combat forces from all regional bases.
The temporary ceasefire announcement between the US and Iran has resulted in a sharp decline in the WTI Oil price, which is down over 10% around $90.00. Lower oil prices bode well for currencies from economies like Japan, which rely heavily on oil imports to meet their energy needs.
Going forward, investors will focus on the US Federal Open Market Committee (FOMC) minutes of the March policy meeting, which will be published later in the day.
Economic Indicator
FOMC Minutes
FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.
Next release: Wed Apr 08, 2026 18:00
Frequency: Irregular
Consensus: -
Previous: -
Source: Federal Reserve
Minutes of the Federal Open Market Committee (FOMC) is usually published three weeks after the day of the policy decision. Investors look for clues regarding the policy outlook in this publication alongside the vote split. A bullish tone is likely to provide a boost to the greenback while a dovish stance is seen as USD-negative. It needs to be noted that the market reaction to FOMC Minutes could be delayed as news outlets don’t have access to the publication before the release, unlike the FOMC’s Policy Statement.
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