Iran’s Foreign Minister, Abbas Araghchi, said on Tuesday that safe passage of Hormuz will be possible for two weeks. This statement came after US President Donald Trump agreed to a two-week ceasefire with Iran.
An Iranian official stated that it has accepted a two-week ceasefire after US President Donald Trump said he would suspend attacks, subject to Tehran agreeing to fully reopen the Strait of Hormuz.
Japan Labor Cash Earnings (YoY) came in at 3.3%, above forecasts (2.7%) in February
WTI Crude Oil plunged from above $106 to below $90 per barrel on Tuesday after President Trump announced a two-week suspension of military operations against Iran, though markets had already been selling Oil throughout the session as traders bet he would blink on his own 00:00 GMT Wednesday deadline
USD/JPY reversed sharply on Tuesday, touching a session high around 160.50 before collapsing below 159.00 to settle near 158.85.
AUD/USD surged over 1.3% on Tuesday, rallying from around 0.6970 to trade close to 0.7060 by the close of the session.
The EUR/USD pair surges to around 1.1670 during the early Asian session on Wednesday. The Euro (EUR) strengthens against the Greenback after US President Donald Trump agrees to a two-week ceasefire with Iran.
US President Donald Trump revealed via a post in Truth Social that he's suspending the attacks by two weeks on Iran. His full post in his account in Truth Social said:
South Korea Current Account Balance climbed from previous 13.26B to 23.19B in February
TD Securities’ Global Strategy Team expects the Reserve Bank of New Zealand to leave the Official Cash Rate unchanged, in line with market consensus. The analysts think RBNZ communication will stress patience in responding to supply shocks while the economy runs below capacity.
The NZD/USD pair is trading near the 0.5720 region on Wednesday, holding a neutral tone as the US Dollar (USD) remains supported by safe-haven demand while traders brace for the Reserve Bank of New Zealand (RBNZ) monetary policy decision.
MUFG’s Senior Currency Analyst Michael Wan highlights that escalating tensions between the US and Iran, including threats over the Strait of Hormuz (SoH), keep the path to peace narrow and uncertain.
