Trading news

Markets were driven by a shift in geopolitical sentiment as reports of potential ceasefire talks initially eased tensions. However, uncertainty quickly resurfaced after Iran signaled reluctance to engage with the United States, highlighting fragile diplomatic progress and keeping markets on edge.

Gold price (XAU/USD) gains nearly 2% on Wednesday as Oil futures prices tumbled amid growing speculation that the US and Iran would begin talks to end the conflict that started nearly four weeks ago. At the time of writing, XAU/USD trades at $4,556.

The USD/JPY registers back-to-back bullish days after testing key support at the 20-day Simple Moving Average (SMA) around 158.24 on Monday, yet it remains shy of clearing the key weekly high of 159.65 hit on March 23. At the time of writing, the pair trades at 159.27, up 0.36%.

Societe Generale’s Kunal Kundu argues that India’s new GDP series points to weaker historical growth and softer domestic demand than previously reported.

NZD/USD trades lower on Wednesday around 0.5820, down 0.22% on the day, extending its decline for a second straight day. The downside move is mainly driven by the strength of the US Dollar (USD), supported by a broader risk-off environment.

USD/CAD edges higher on Wednesday, extending gains for a second straight session as a broadly stronger US Dollar (USD) keeps the Canadian Dollar (CAD) under sustained pressure.

BNP Paribas argues that European Union (EU) manufacturing firms enter the 2026 energy shock from Iran with historically low non-performing loan (NPL) ratios, suggesting stronger financial health than in 2022.

UOB economist Lee Sue Ann highlights that Australian inflation remains elevated, with housing and electricity key drivers, even as trimmed mean CPI tracks slightly below earlier RBA projections.

United States 5-Year Note Auction increased to 3.98% from previous 3.615%

Silver (XAG/USD) pauses its intraday advance on Wednesday, consolidating below the daily high as initial optimism around US-Iran ceasefire efforts fades following Iran’s response.

The AUD/USD pair fell to near the 0.6960 price zone amid mixed Australian inflation data and shifting global risk sentiment, keeping traders cautious.

The Pound Sterling reverses course on Wednesday as the Greenback edges higher on the day as risk appetite deteriorates following news reports that Iran's nuclear Bushehr power plant was hit, according to Press TV.

Russia Industrial Output registered at -0.9%, below expectations (1.1%) in February

Nordea’s Group Chief Economist Helge J. Pedersen notes that the Danish parliamentary election has produced a highly fragmented Folketing, with 12 parties entering parliament and no majority for either the red or blue bloc. The Moderates, led by Lars Løkke Rasmussen, now hold the balance of power.

West Texas Intermediate (WTI) trades around $88.20 on Wednesday at the time of writing, up 0.40% on the day, attempting to stabilize after a recent pullback.

TD Securities strategists Oscar Munoz and Eli Nir argue that the Federal Reserve (Fed) faces conflicting signals as the Iran conflict drives an Oil shock.

The Euro (EUR) trades under pressure against the US Dollar (USD) on Wednesday, as the Greenback remains well supported amid conflicting headlines surrounding US-Iran ceasefire efforts.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that global risk sentiment has improved as markets position for a potential conflict resolution involving Iran, with DXY consolidating below 100.00.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is drifting lower as positive US Dollar momentum pulls USD/CAD away from their fair value estimate.

UOB economist Lee Sue Ann highlights a hawkish pivot by the Bank of England (BoE), with the Bank Rate held at 3.75% and a unanimous 9–0 vote. The report removes prior expectations for three 2026 cuts, now forecasting the GBP Repo Rate steady at 3.75% through 4Q26 as inflation risks dominate.