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EUR/USD edges higher as easing US-Iran tensions outweigh support from strong US data
EUR/USD extends its advance for a second consecutive day on Wednesday, climbing to one-week highs as improving optimism around the US-Iran war lifts risk sentiment, pushing the Euro (EUR) higher and weighing on the US Dollar (USD).
ECB: Pre-emptive hikes flagged on inflation risks – ABN AMRO
ABN AMRO's Senior Economist Bill Diviney argues the ECB is likely to raise rates at its April and June meetings, taking the deposit rate to 2.50% to prevent de-anchoring of inflation expectations.
Breaking: ISM Manufacturing PMI rose to 52.7 in March
The Institute for Supply Management’s (ISM) data showed the Manufacturing PMI edging higher to 52.7 in March, up from 52.4 in February and above analysts’ expectations of 52.5.
United States Business Inventories came in at -0.1%, below expectations (0.1%) in January
United States Business Inventories came in at -0.1%, below expectations (0.1%) in January
United States ISM Manufacturing PMI registered at 52.7 above expectations (52.5) in March
United States ISM Manufacturing PMI registered at 52.7 above expectations (52.5) in March
United States ISM Manufacturing New Orders Index: 53.5 (March) vs previous 55.8
United States ISM Manufacturing New Orders Index: 53.5 (March) vs previous 55.8
United States ISM Manufacturing Prices Paid registered at 78.3 above expectations (73) in March
United States ISM Manufacturing Prices Paid registered at 78.3 above expectations (73) in March
United States ISM Manufacturing Employment Index: 48.7 (March) vs previous 48.8
United States ISM Manufacturing Employment Index: 48.7 (March) vs previous 48.8
NOK: Energy support and hawkish shift – Rabobank
Rabobank’s Senior FX Strategist Jane Foley argues that higher energy prices and a more hawkish Norges Bank stance are supportive for the Norwegian Krone (NOK). Norway’s strong Oil and gas export position and limited domestic vulnerability to the current energy crisis underpin NOK resilience.
S&P 500: Risk rally extends after Iran headlines – Deutsche Bank
Deutsche Bank analysts highlight a powerful rebound in US equities, with the S&P 500 posting its best daily gain since May last year as Iran-related headlines boosted risk sentiment.
USD/INR tumbles as Middle East war de-escalates strengthen risk-on impulse
The Indian Rupee (INR) bounces back against the US Dollar (USD) on Wednesday after a holiday due to the Shri Mahavir Jayanti the previous day.
EUR/USD: Back above 1.15 on improved risk tone – Danske Bank
Danske Research Team notes that EUR/USD has rebounded above 1.15 as risk sentiment improves with hopes of a US-Iran de-escalation. They highlight that lower global yields and sharply lower energy prices have supported the Euro against the Dollar.
USD/CHF slumps to near 0.7960 as US Dollar weakens amid Mideast war de-escalation
The USD/CHF pair is down 0.35% to near 0.7960 during the early European trading session on Wednesday. The Swiss Franc pair faces selling pressure as the US Dollar (USD) declines further due to intensifying expectations of a ceasefire in the Middle East.
Gold sits near two-week top, above $4,700 as US-Iran de-escalation hopes undermine USD
Gold (XAU/USD) retains its positive bias for the fourth consecutive day and trades near a two-week high, above the $4,700 mark heading into the European session on Wednesday.
Sweden Manufacturing PMI climbed from previous 56.1 to 56.3 in March
Sweden Manufacturing PMI climbed from previous 56.1 to 56.3 in March
Switzerland Real Retail Sales (YoY) meets forecasts (0.9%) in February
Switzerland Real Retail Sales (YoY) meets forecasts (0.9%) in February
Pound Sterling Price News and Forecast: GBP/USD ticks up amid de-escalation in the Middle East war
The Pound Sterling (GBP) trades slightly higher against its major currency peers, rising 0.12% to near 1.3242, during the Asian trading session on Wednesday.
USD/CAD hesitates at 1.3900 on hopes of a swift end to the war
The US Dollar (USD) is trading moderately lower on Wednesday, with the Canadian Dollar a tad firmer amid a cautious appetite for risk, following comments by US President Donald Trump, suggesting a quick end to the Iran war.
WTI Price Analysis: Middle East war de-escalation restricts oil rally around $103.40
West Texas Intermediate (WTI), futures on NYMEX, is down 0.8% to near $96.60 in the early European trade on Wednesday. The oil price extends its correction from the three-week high of 103.33 posted on Tuesday on hopes of a ceasefire in the Middle East war.
USD: Petrodollar shift and chip trade – Commerzbank
Commerzbank’s Volkmar Baur argues that fears over an end to the petrodollar do not automatically imply a loss of the US Dollar’s reserve status.
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