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.
Sweden Manufacturing PMI climbed from previous 56.1 to 56.3 in March
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.
Switzerland Real Retail Sales (YoY) meets forecasts (0.9%) in February
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.
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.
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.
Russia S&P Global Manufacturing PMI: 48.3 (March) vs previous 49.5
The AUD/USD pair gives back some of its early gains, but still trades 0.12% higher to near 0.6910 during the late Asian trading session on Wednesday.
Asian equities rise as improved global sentiment boosted regional markets following a strong rally on Wall Street overnight. Risk appetite improves on rising hopes for Middle East peace resolution.
Australia RBA Commodity Index SDR (YoY) rose from previous 3.4% to 12.8% in March
Netherlands, The Nevi Manufacturing PMI climbed from previous 50.8 to 52 in March
