NZD/USD softens to near 0.5700 in Tuesday’s Asian session.
Trump insisted on Hormuz opening as he escalated Iran threats.
The RBNZ rate decision will be in the spotlight later on Wednesday, with no change in rate expected.
The NZD/USD pair attracts some sellers to around 0.5700 during the Asian trading hours on Tuesday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) as heightened uncertainty in the Middle East boosts demand for a safe-haven currency.
US President Donald Trump said on Monday that freedom of navigation through the Strait of Hormuz would be part of any deal to end the Middle East war and escalated threats to attack key Iranian infrastructures if his terms aren’t met before a Tuesday deadline at 8 p.m. Eastern Time (00:00 GMT Wednesday), per Bloomberg.
Iran has also retaliated by saying that it will respond to Trump’s threats by ramping up its own attacks on energy infrastructure in the Gulf. Rising tensions in the Middle East could provide some support to the Greenback and act as a headwind for the pair in the near term.
However, the downbeat US economic data might cap the upside for the USD. The US Services Purchasing Managers Index (PMI) declined to 54.0 in March from 56.1 in February, the Institute for Supply Management (ISM) showed on Monday. This reading came in below the market consensus of 55.0.
The Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates unchanged at its April meeting on Wednesday and restate its willingness to look through the initial inflationary impact of surging fuel prices that threaten a stuttering recovery. Governor Anna Breman will hold a press conference after the policy meeting. Markets and analysts anticipate a potential rate hike to 2.50% by the end of 2026.
EUR/JPY trades on a flat note around 184.35 in Tuesday’s early European session.
The cross keeps the positive vibe above the 100-day EMA, with bullish RSI momentum.
The initial support level is seen at 183.70; the first upside barrier emerges at 185.80.
The EUR/JPY cross holds steady near 184.35 during the early European session on Tuesday. However, the potential upside for the cross might be limited as ongoing tensions between the United States (US) and Iran could boost a safe-haven currency such as the Japanese Yen (JPY).
On the other hand, the hawkish tone of the European Central Bank (ECB) could underpin the Euro (EUR) against the JPY. Markets are now pricing in 2–3 interest rate hikes for 2026 due to surging energy-driven inflation, a significant shift from previous expectations of holding rates.
Technical Analysis:
In the daily chart, the near-term bias of EUR/JPY is mildly bullish as price holds above the rising 100-day exponential moving average near 182.10 and continues to respect a sequence of higher closes over recent sessions. The pair also trades comfortably above the Bollinger middle band around 183.70, indicating that dips are being absorbed within an ongoing uptrend rather than signalling a reversal. RSI at 55.22 stays above its midline and trends higher, confirming positive momentum but without overbought conditions.
Initial support emerges at the Bollinger middle band around 183.70, followed by the psychological 183.00 area, while the 100-day EMA near 182.10 forms a deeper support level that underpins the broader bullish structure. On the topside, immediate resistance sits near the recent upper-Bollinger proximity around 185.80, with a sustained break opening room toward the 186.30 region. As long as EUR/JPY holds above 183.00 on a daily closing basis, the path of least resistance points to further tests of the 185.80–186.30 resistance band.
GBP/USD depreciates as the US Dollar strengthens on increased risk aversion linked to geopolitical tensions.
President Trump said Iran’s ceasefire proposal was “not good enough” ahead of his Hormuz Strait deadline.
BoE policymakers shifted to holding policy rates amid rising energy costs from the Middle East conflict.
GBP/USD pares its recent gains from the previous day, trading around 1.3220 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) gains ground amid increased risk aversion, which could be attributed to the Middle East peace truce uncertainty.
US President Donald Trump said on Monday that the latest proposal for a US ceasefire with Iran is “not good enough” ahead of his deadline for Iran to either reopen the Strait of Hormuz. “It’s not good enough, but it’s a very significant step,” Trump said, adding, “They’re negotiating now, and they’ve made a very significant step. We’ll see what happens.”
Traders keep a close watch on US President Donald Trump’s deadline concerning the Strait of Hormuz. Trump warned that he could target Iranian power plants and bridges unless his demands are met by 8 p.m. Eastern Time.
The Institute for Supply Management (ISM) showed on Monday that the US Services PMI eased to 54.0 in March from 56.1 in February. The figure came in below expectations of 55.0, signaling a slight loss of momentum in the sector.
The Bank of England (BoE) policymakers, including Sarah Breeden and Swati Dhingra, shifted from supporting cuts to holding rates amid rising energy costs linked to the Middle East conflict, while warning CPI inflation could rise to 3%–3.5% in the coming quarters.
EUR/USD edges lower to near 1.1530 while investors remain uncertain over Iran’s final decision to the US proposal.
Iran calls on US President Trump to surrender or his allies will return to the Paleolithic Age.
The US FOMC minutes of the March policy meeting will be released on Wednesday.
The EUR/USD pair ticks marginally lower around 1.1530 during the Asian trading session on Tuesday, but is broadly sideways, wobbling inside Monday’s trading range. The major currency pair consolidates while investors await Iran’s final decision on the ceasefire proposal by the United States (US), which has a deadline of Tuesday, 08:00 PM ET.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades slightly higher to near 100.10.
Ahead of US President Donald Trump’s deadline, an advisor to Iran’s Parliament Speaker Mohammad Bagher Ghalibaf has stated that Trump has about 20 hours to either surrender to Iran or his allies will return to the Paleolithic Age, emphasizing that Tehran will not back down. He called Trump’s threats “delusional” and added that they won’t make up for the “disgrace and humiliation” of the US in the region.
On the domestic front, investors await the release of the Federal Open Market Committee (FOMC) minutes of the March policy meeting, which will be released on Wednesday. In the meeting, the Fed left interest rates unchanged in the range of 3.50%-3.75%.
EUR/USD technical analysis
EUR/USD edges down to near 1.1530 in the opening trade on Tuesday. Price sits marginally below the 20-day Exponential Moving Average (EMA) near 1.1560, keeping the short-term tone mildly bearish as the pair struggles to reclaim that dynamic cap.
The 14-day Relative Strength Index (RSI) hovers in the mid-40s, showing negative but not extreme momentum, consistent with a market leaning lower inside a broader consolidation. A downward-sloping resistance trend line from around 1.1660 continues to limit rebounds, while the recent sequence of lower closes under that line confirms sellers retain the near-term advantage.
Initial resistance is now located at the 20-day EMA around 1.1560, with a break above exposing the descending trend-line barrier near 1.1600 and then the March 10 high at 1.1666. On the downside, the rising support trend line coming from the 1.1410 region underpins the market around 1.1470, with a daily close below that level opening the way toward 1.1410 as the next support. As long as the pair trades below 1.1600, rallies are likely to meet selling interest, keeping focus on whether the 1.1470–1.1410 support band can contain the current bearish pressure.
USD/CNH gains ground as the US Dollar advances on increased safe-haven demand linked to Middle East uncertainty.
Trump said Iran’s ceasefire proposal was “not good enough” ahead of his Hormuz Strait deadline.
The PBOC set the USD/CNY midpoint at 6.8854, higher than the 6.8773 estimate.
USD/CNH gains ground after registering modest losses in the previous session, trading around 6.8800 during the Asian hours on Tuesday. The pair appreciates as the US Dollar (USD) holds gains on increased safe-haven demand ahead of further developments on the Iran deadline by US President Donald Trump to open the Strait of Hormuz.
President Trump warned that he could target Iranian power plants and bridges unless his demands are met by 8:00 PM Eastern Time. Trump said on Monday that the latest proposal for a US ceasefire with Iran is “not good enough” ahead of his deadline for Iran to either reopen the Strait of Hormuz. “It’s not good enough, but it’s a very significant step,” Trump said, adding, “They’re negotiating now, and they’ve made a very significant step. We’ll see what happens.”
The Greenback receives support as Iran war surges energy prices, increasing fears of inflation revival and forcing the US Federal Reserve (Fed), to adopt a more hawkish stance. Traders are pricing in a delay of Fed rate cuts and could even raise borrowing costs later this year if inflationary pressures persist. Market participants are now looking ahead to the latest Federal Open Market Committee (FOMC) Meeting Minutes for clearer guidance on the central bank’s policy trajectory.
The People’s Bank of China (PBOC) set Tuesday’s USD/CNY reference rate at 6.8854, above the 6.8773 estimate, allowing the Yuan to trade within a +/-2% band around the midpoint.
Meanwhile, traders’ focus is shifting to Friday’s inflation data, with consumer prices expected to ease slightly, while producer prices are projected to post their first annual increase since 2022.
GBP/USD rises as ceasefire speculation weighs on the US Dollar.
Softer US services data added pressure on the Greenback.
Traders now await US inflation, jobless claims and Fed minutes.
The British Pound (GBP) advances by over 0.40% on Monday as US President Donald Trump said the Tuesday deadline he has set for Iran to make a deal is final, while rumors of a possible de-escalation weighed on the US Dollar (USD). GBP/USD trades around the 1.3240 figure at the time of writing.
Sterling gains as ceasefire rumors lift mood, soften Greenback
Risk appetite improved on Monday after Axios reported that US and Israeli officials, along with regional mediators, are discussing a 45-day ceasefire that could be extended if needed. Investors cheered the news, as depicted by US equities posting gains of 0.15% to 0.52%.
Data from the US showed that business activity deteriorated, according to the Institute for Supply Management (ISM), as the Services PMI in March slipped from 56.1 to 54, below economists’ forecasts of 55. The Prices Paid sub-component of the PMI rose to its highest level since October 2022, coming at 70.7, sparked by the rise of oil and fuel costs, commented Steve Miller, the Chair of the ISM’s Services Business Survey Committee.
Last week, strong US jobs data posted the largest job gains in 15 months and a dip in the Unemployment Rate. Nonfarm Payrolls rose by 178K in March, exceeding estimates of 60K. Meanwhile, the Unemployment Rate fell to 4.3% from 4.4% in February.
Consequently, expectations that the Federal Reserve (Fed) will cut rates are none, according to data from Prime Market Terminal, which reflects that the Fed funds rate will remain in the 3.50%-3.75% range, steady in 2026.
Fed interest rate probabilities
Source: Prime Market Terminal
Traders’ eyes will be on the release of US inflation figures, jobless claims, and the Federal Reserve’s last meeting minutes.
GBP/USD Price Forecast: Technical Outlook
In the daily chart, GBP/USD trades at 1.3239. The near-term bias is mildly bearish as spot holds below the downward-sloping resistance trend line from 1.3869 and trades under the clustered simple moving averages near 1.3500, which now cap the upside. The persistent rejection along that descending line, combined with price pressure below the 50–100–200-day group, signals sellers retaining control, even as the longer-term rising support trend line from 1.3035 still prevents a steeper breakdown.
Initial resistance is now at 1.3320, where recent rebounds have stalled beneath the descending trend line, followed by 1.3435 and the moving-average zone around 1.35. A daily close above that 1.35 area would be needed to dilute the current bearish tone and reopen 1.3600. On the downside, immediate support is seen at 1.3187, with 1.3130 and the rising trend line from 1.3035 below; a clean break under that trend support would confirm a deeper bearish extension toward 1.3050.
(The technical analysis of this story was written with the help of an AI tool.)
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the US Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.23%
-0.28%
0.02%
-0.22%
-0.33%
-0.45%
-0.25%
EUR
0.23%
-0.03%
0.24%
0.00%
-0.13%
-0.25%
-0.05%
GBP
0.28%
0.03%
0.25%
0.00%
-0.09%
-0.22%
0.00%
JPY
-0.02%
-0.24%
-0.25%
-0.23%
-0.36%
-0.49%
-0.28%
CAD
0.22%
-0.00%
-0.01%
0.23%
-0.10%
-0.23%
-0.02%
AUD
0.33%
0.13%
0.09%
0.36%
0.10%
-0.14%
0.09%
NZD
0.45%
0.25%
0.22%
0.49%
0.23%
0.14%
0.23%
CHF
0.25%
0.05%
-0.01%
0.28%
0.02%
-0.09%
-0.23%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
USD/CAD softens as the US Dollar weakens, allowing the Canadian Dollar to snap a two-day losing streak.
Shifting geopolitical headlines around the US-Iran war keep sentiment fragile, limiting downside in the US Dollar.
Focus also on upcoming US inflation data and Canada employment figures later this week.
The Canadian Dollar (CAD) gains traction against the US Dollar (USD) on Monday as traders react to evolving geopolitical developments in the US-Iran war. At the time of writing, USD/CAD is trading around 1.1315, hovering near four-month highs.
Risk appetite improved earlier in the Asian session following reports of a potential 45-day ceasefire between the US and Iran, which is weighing modestly on the Greenback. However, the US Dollar pared some of its losses as conflicting headlines kept uncertainty elevated and limited expectations of a near-term resolution.
The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, is trading around 99.98 after rebounding from an intraday low near 99.76.
Iran has called for a permanent end to the war in response to the US proposal, according to IRNA, while also rejecting a ceasefire framework conveyed via Pakistan. Meanwhile, a US official cited by Axios said Iran submitted a 10-point response to the proposal, describing it as “maximalist” and noting that it remains unclear whether it would allow progress toward a diplomatic solution.
This suggests the conflict could escalate further, with a deal appearing unlikely ahead of the deadline set by US President Donald Trump, who has warned of potential strikes on power plants and other civilian infrastructure if the Strait of Hormuz is not reopened by Tuesday, 8:00 p.m. Eastern Time.
Beyond immediate geopolitical risks, the broader economic fallout from the war is also coming into focus. Rising Oil prices are adding to inflation pressure while raising concerns about global economic growth, a combination that is complicating the outlook for both the Federal Reserve (Fed) and the Bank of Canada (BoC).
On the data front, the ISM Services Purchasing Managers Index (PMI) for March came in at 54, down from 56.1 in February and below expectations of 55.
Looking ahead this week, market attention will turn to inflation data in the US, including the Consumer Price Index (CPI) for March and the Personal Consumption Expenditures (PCE) Price Index for February. In Canada, the March employment data will also be in focus.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.22%
-0.26%
0.02%
-0.23%
-0.31%
-0.43%
-0.24%
EUR
0.22%
-0.02%
0.22%
-0.01%
-0.11%
-0.23%
-0.04%
GBP
0.26%
0.02%
0.23%
-0.01%
-0.09%
-0.25%
-0.01%
JPY
-0.02%
-0.22%
-0.23%
-0.23%
-0.34%
-0.47%
-0.28%
CAD
0.23%
0.01%
0.01%
0.23%
-0.08%
-0.21%
-0.02%
AUD
0.31%
0.11%
0.09%
0.34%
0.08%
-0.14%
0.07%
NZD
0.43%
0.23%
0.25%
0.47%
0.21%
0.14%
0.22%
CHF
0.24%
0.04%
0.00%
0.28%
0.02%
-0.07%
-0.22%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
GBP/JPY picks up on risk appetite but remains capped below 211.45.
Hopes of a peace deal in Iran have triggered a moderate sentiment improvement.
Yen downside attempts remain limited, as intervention risks loom.
The Pound (GBP) is trading higher against the Japanese Yen (JPY) on Monday, favoured by a moderate optimism amid news of a peace plan to end the war in Iran. The pair, however, remains capped below the 211.45 resistance area so far, although technical indicators are popping up into bullish territory.
News that Iran and the US have received the framework of a plan for a 45-day ceasefire that might end the hostilities immediately and reopen the Strait of Hormuz has been welcomed by the market. Investors have responded by selling safe-haven assets like the US Dollar for the benefit of riskier-perceived assets like the Pound.
Nevertheless, traders are wary of placing significant Yen shorts. The USD/JPY remains relatively close to 160.00 a level which, according to market speculation, might unleash an intervention by Tokyo authorities to stem undesired JPY weakness.
GBP/JPY shows a mildly bullish trend, after bouncing at 209.64 lows in late March, with the highest lows posted last week. A bullish engulfing candle in the daily chart might strengthen the case of a deeper correction if the pair closes the day beyond 211.45.
Technical indicators in the 4-hour chart show an improved momentum, with the Relative Strength Index (RSI) stabilizing just above the 50 mark and the Moving Average Convergence Divergence (MACD) line remaining in positive territory.
Price action suggests that we might be in the C-D leg of a Gartley pattern, targeting beyond the mentioned 211.45 resistance area to the area between the March 24 and 27 lows, at 212.30, and the 78.2% Fibonacci retracement of the late-March sell-off, at 212.55.
To the downside, immediate support is the April 2 low, at 210.35, ahead of the mentioned March 31 low, at 209.64.
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