Forex Today: US Dollar drops to six-week low, markets hope for a swift end to US-Iran war
Here is what you need to know on Tuesday, April 14:
WTI Price Forecast: Holds key support level of $90.00 amid US-Iran optimism
West Texas Intermediate (WTI), futures on NYMEX, is down almost 0.6% around $92.00 during the European trading session on Tuesday. The Oil price faces selling pressure amid hopes that the United States (US) is preparing for the second round of talks with Iran.
Equities: Tech earnings fuel market rebound – Danske Bank
Danske Research Team reports a solid rebound in US equities, with the S&P 500 up 1% and tech leading gains.
Oil: Supply shock risks with Hormuz crisis – Rabobank
Rabobank strategists highlight that Brent Oil prices are down on screens even as the US blockade of Hormuz, combined with Iran’s actions, threatens prolonged disruption.
USD/CAD consolidates below 1.3800 amid hopes of a US-Iran deal
The US Dollar (USD) posts marginal losses against the Canadian Dollar (CAD) on Tuesday, and extends its decline to three-week lows below 1.3790 after dropping from a high of 1.3878 on Monday.
EUR/USD Price Forecast: Sees more upside above 1.1800 as risk-on intensifies
The EUR/USD pair trades firmly near 1.1760 during the early European trading session on Tuesday, the highest level seen in six weeks. The major currency pair reflects strength as market sentiment remains risk-on due to optimism towards a permanent ceasefire between the United States (US) and Iran.
CHF: Safe-haven puzzle and SNB signals – Commerzbank
Commerzbank’s Michael Pfister notes that despite the war-related volatility in G10 FX, the Swiss Franc (CHF) has been one of the weakest G10 currencies, even though it remains a key safe haven.
Japanese Yen gains as oil slide eases stagflation concerns in Japan
The Japanese Yen (JPY) gains against the US Dollar (USD) as easing oil prices fade stagflation concerns in Japan. However, the recent surge in energy costs linked to Middle East concerns, fueled expectations of a near-term Bank of Japan (BoJ) rate hike.
Iran proposes suspending nuclear activities for up to five years – NYT
According to a report from the New York Times (NYT), Iranian officials had proposed suspending its uranium enrichment for up to five years in its weekend talks with the United States (US) in Pakistan.
Asian stocks rally on US-Iran optimism, Nikkei 225 leads
Asian stock markets add significant gains on Tuesday as comments from United States (US) President Donald Trump and Vice President (VP) JD Vance, hinting that talks with Iran were not a complete failure, have prompted demand for risk-sensitive assets.
AUD/USD Price Forecast: Trades below 0.7100 as bulls turn cautious near four-week top
The AUD/USD pair struggles to capitalize on the previous day's strong move up and retreats slightly from the 0.7100 mark, or a nearly four-week high set during the Asian session this Tuesday.
India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Tuesday, according to data compiled by FXStreet.