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Silver Price Forecast: XAG/USD struggles around $81 while outlook remains firm on Iran optimism
Silver price (XAG/USD) struggles to extend recovery above $81.00 during the European trading session on Wednesday. The white metal ticks down as the US Dollar (USD) strives to gain ground after a seven-day losing streak.
EUR/USD: Upward bias on conflict hopes – Commerzbank
Commerzbank’s Antje Praefcke notes that recent headlines around a possible diplomatic solution in the Middle East war have weakened the Dollar and supported EUR/USD. She argues FX may stay relatively muted until there is clearer evidence on the conflict path and a reliable easing of tensions.
GBP/JPY holds near July 2008 peak, around mid-215.00s as Hormuz risks weigh on JPY
The GBP/JPY cross trades with a positive bias for the eighth straight day and sits near mid-215.00s, close to the July 2008 swing high during the early European session on Wednesday.
Brent: Conflict-driven supply shock supports prices – Societe Generale
Societe Generale analysts warn that President Trump’s move toward shutting the Strait of Hormuz and ongoing Iranian threats are likely to keep Brent supported.
EUR/USD holds gains near 1.1800 on hopes a resolution of Iran’s war
The (EUR) is trading practically flat against the US Dollar (USD) on Wednesday, changing hands at 1.1785 at the time of writing, following a nearly 2.5% rally over the previous seven trading days.
EUR/JPY steadies near 187.50 as improved oil prices weighs on Japanese Yen
EUR/JPY moves little after registering little losses in the previous day, trading around 187.30 during the early European hours on Wednesday.
AUD: Constructive outlook holds after confidence shock – OCBC
OCBC strategists Sim Moh Siong and Christopher Wong note that the Australian Dollar (AUD) has been restrained by a sharp slump in confidence despite hawkish Reserve Bank of Australia (RBA) rhetoric.
S&P 500: Index nears record with risk rally – Deutsche Bank
Deutsche Bank economists report highlights a strong rally in the S&P 500, which has risen in 9 of the last 10 sessions and now trades just below its record high.
USD/CAD Price Forecast: Holds above 200-SMA on H4, around 1.3770-1.3775 amid mixed setup
The USD/CAD pair struggles to capitalize on an intraday uptick and trades around the 1.3770-1.3775 region, up less than 0.05% for the day heading into the European session on Wednesday.
France Inflation ex-tobacco (MoM) up to 1% in March from previous 0.6%
France Inflation ex-tobacco (MoM) up to 1% in March from previous 0.6%
France Consumer Price Index (EU norm) (YoY) above forecasts (1.9%) in March: Actual (2%)
France Consumer Price Index (EU norm) (YoY) above forecasts (1.9%) in March: Actual (2%)
France Consumer Price Index (EU norm) (MoM) in line with forecasts (1.1%) in March
France Consumer Price Index (EU norm) (MoM) in line with forecasts (1.1%) in March
GBP/USD: Overbought rally eyeing 1.3605 – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann highlight that GBP/USD extended gains to 1.3590, with short-term conditions remaining overbought. They see scope for a further push toward 1.3605, while judging the 1.3640 resistance as likely out of reach for now.
AUD/USD Price Forecast: Looks likely to reclaim multi-year high of 0.7190
The Australian Dollar (AUD) outperforms its major currency peers, trading 0.23% higher to near 0.7137 against the US Dollar (USD), during the early European session on Wednesday.
India WPI Inflation above forecasts (3%) in March: Actual (3.88%)
India WPI Inflation above forecasts (3%) in March: Actual (3.88%)
Equities: Peace trade lifts growth and cyclicals – Danske Bank
Danske Research Team notes global equities extended gains, pushing MSCI World above pre-war levels on the back of strong earnings revisions. Growth and cyclical stocks outperformed value and defensives, with small caps also participating.
WTI Oil picks up to $89.00 as US announces a total blockade of Hormuz
Oil prices have bounced up during the Asian session, as the US military announced a total blockade of the Strait of Hormuz on Tuesday, increasing the chokehold on supply and putting the new round of talks with Iran into question.
Brent: Demand risks offset hope on Iran talks – Commerzbank
Commerzbank strategists note that Brent Oil dropped nearly 5%, reversing Monday’s gains, as hopes for a second round of US–Iran negotiations and International Energy Agency (IEA) warnings of demand destruction weighed on prices.
USD/CHF sees more downside below 0.7800 as US-Iran talks to resume soon
The USD/CHF pair trades flat around 0.7812 during the late Asian trading session on Wednesday, but is still close to its monthly low of 0.7790 posted the previous day.
Pound Sterling Price News and Forecast: GBP/USD falls despite rising optimism on Middle East diplomacy
GBP/USD halts its seven-day winning streak, trading around 1.3560 during the Asian hours on Wednesday. The pair loses ground as the US Dollar (USD) edges higher despite dampened safe-haven demand amid growing market optimism amid hopes for a diplomatic solution to the Middle East conflict.
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