Trading news

West Texas Intermediate (WTI) US Oil trades around $89.10 on Wednesday at the time of writing, remaining broadly stable on the day after earlier falling to a three-week low near $85.

The GBP/USD halts its advance on Wednesday and remains steady around 1.3570 as optimism about a resumption of US-Iran talks has tempered. At the same time, US equities extended their gains, and the Greenback seems to have bottomed after hitting a six-week low.

EUR/USD regains ground on Wednesday, erasing earlier losses as the US Dollar (USD) continues to weaken, allowing the Euro (EUR) to extend gains for an eighth consecutive day amid improving risk sentiment driven by hopes of renewed US-Iran talks.

Joachim Nagel, President of the Bundesbank and member of the European Central Bank (ECB) spoke in an interview with Bloomberg on Wednesday. He said that questions about the Strait of Hormuz are essential, as we're between the baseline and an adverse scenario.

Rabobank Senior FX Strategist Jane Foley notes that while risk sentiment has improved and the Dollar’s safe-haven bid has faded, the physical Oil market tells a different story.

Silver (XAG/USD) trades with a positive bias on Wednesday but lacks strong upside momentum as traders continue to monitor evolving geopolitical developments in the Middle East. At the time of writing, XAG/USD is trading around $80, hovering near one-month highs.

DBS Group Research economists Radhika Rao and Chua Han Teng assess how ASEAN-6 and India will respond to higher energy prices and renewed inflation pressures.

ING’s Bert Colijn notes that Eurozone industrial production rose just 0.4% in February versus January, leaving output below most of 2025 levels. He highlights that higher energy prices and the Middle East war are set to weigh further on energy‑intensive industry and investment.

United States EIA Crude Oil Stocks Change came in at -0.913M, below expectations (0.2M) in April 10

Scotiabank strategists Shaun Osborne and Eric Theoret observe the Japanese Yen (JPY) is trading slightly weaker near the middle of its recent range and has underperformed G10 peers during the broader sentiment recovery.

USD/CHF trades around 0.7820 on Wednesday at the time of writing, up 0.04% on the day, but the pair remains close to a 1-month low at 0.7790 reached on Tuesday.

MUFG’s Senior Currency Analyst Michael Wan notes that Asian currencies have benefited from a weaker US Dollar (USD) following the Iran conflict, but stresses growing dispersion across the region.

Royal Bank of Canada (RBC) Economist Abbey Xu reports that Canadian cardholder spending strengthened modestly in March, with underlying activity stabilizing even as discretionary goods remained soft.

United States NAHB Housing Market Index came in at 34, below expectations (37) in April

EUR/GBP remains choppy on Wednesday as markets track Middle East developments, while cautious optimism prevails on expectations that the United States (US) and Iran could reach a deal through renewed negotiations.

ING’s Michiel Tukker notes that the ECB is unlikely to hike in April, but markets still price a 25bp increase by June and at least one more move in 2026.

Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, told CNBC in an interview on Wednesday that the key data to watch out for is how high energy prices get, but most importantly how long they stay high.

Scotiabank strategists Shaun Osborne and Eric Theoret say the Canadian Dollar (CAD) is slightly softer but continues to narrow its undervaluation versus the Dollar, with fair value around 1.3542. They stress that further CAD gains depend on fading USD haven demand.

Brown Brothers Harriman argues that with risk sentiment likely having bottomed on March 30, the Dollar Index should revert to trading primarily on rate differentials.

Standard Chartered revises its Japan macro outlook, cutting 2026 Gross Domestic Product (GDP) growth to 0.7% and raising Consumer Price Index (CPI) inflation to 2.0% on a worsening terms-of-trade shock from higher Oil and a weak Japanese Yen (JPY).