The offshore yuan strengthened to around 6.82 per dollar on Wednesday, continuing its upward momentum for a fourth consecutive session and reaching its highest level since February 2023, primarily driven by a pressured greenback following a ceasefire announcement.
President Donald Trump revealed that the US and Iran had reached a two-week ceasefire agreement, narrowly averting what the president had previously warned could escalate into an attack with catastrophic consequences for the region. Shortly after the announcement, Iranian Foreign Minister Seyed Abbas Araghchi stated that access to the Strait of Hormuz would be possible through coordination with Iran’s Armed Forces. Domestically, investors are turning their attention to China’s upcoming inflation data, due later this week. Analysts expect a slight uptick in annual consumer prices, while producer prices are projected to see its first annual rise since September 2022.
EUR/USD may rise toward the six-week high of 1.1795.
The 14-day Relative Strength Index at 56 indicates positive momentum above the midline.
The immediate support lies at the 50-day EMA of 1.1632.
EUR/USD extends its winning streak for the third successive day, trading around 1.1670 during Asian hours on Wednesday. The daily chart technical analysis indicates a bullish reversal as the pair is rising above the descending channel pattern.
The EUR/USD pair has rebounded above the nine-day and 50-day Exponential Moving Averages (EMAs), framing a tentative bullish bias after an earlier downside phase.
The 14-day Relative Strength Index (RSI) momentum indicator at 56 shows positive momentum above the midline, backing the recovery and reducing immediate downside pressure. This configuration points to buyers regaining control as long as the EUR/USD pair holds above recent breakout levels, with scope for an extension higher if it can sustain above the shorter moving average cluster.
On the upside, the EUR/USD pair may target the six-week high of 1.1795, reached on March 2. Further advances would support the pair in exploring the region around 1.2082, the highest since June 2021, reached on January 27.
The EUR/USD pair may find the immediate support at the 50-day EMA of 1.1632, followed by the nine-day EMA of 1.1575. A return to the descending channel would put downward pressure on the pair to test the eight-month low of 1.1411, recorded on March 13. Further declines would put downward pressure on the pair to test the descending channel around 1.1220.
EUR/USD: Daily Chart
(The technical analysis of this story was written with the help of an AI tool.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.64%
-0.77%
-0.74%
-0.32%
-1.04%
-1.49%
-0.93%
EUR
0.64%
-0.14%
-0.13%
0.32%
-0.40%
-0.89%
-0.30%
GBP
0.77%
0.14%
0.00%
0.46%
-0.24%
-0.72%
-0.16%
JPY
0.74%
0.13%
0.00%
0.44%
-0.26%
-0.74%
-0.17%
CAD
0.32%
-0.32%
-0.46%
-0.44%
-0.70%
-1.16%
-0.61%
AUD
1.04%
0.40%
0.24%
0.26%
0.70%
-0.48%
0.08%
NZD
1.49%
0.89%
0.72%
0.74%
1.16%
0.48%
0.57%
CHF
0.93%
0.30%
0.16%
0.17%
0.61%
-0.08%
-0.57%
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 Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
NZD/USD catches aggressive bids as the US-Iran ceasefire news weighs heavily on the USD.
The RBNZ leaves interest rates unchanged, doing little to influence the NZD or spot prices.
Traders now look to the RBNZ’s post-meeting press conference for short-term impetuses.
The NZD/USD pair turns positive for the third straight day following a modest Asian session dip to the 0.5700 mark and rallies to a nearly two-week top on Wednesday in reaction to the US-Iran ceasefire news. Spot prices stick to strong intraday gains above the 0.5800 mark and move little following the Reserve Bank of New Zealand (RBNZ) policy decision.
As was widely anticipated, the RBNZ decided to leave the Official Cash Rate (OCR) unadjusted at 2.25% for the second meeting in a row amid uncertainties over the economic and inflation outlook due to the Iran war. The announcement, however, does little to influence the New Zealand Dollar (NZD) or the NZD/USD pair as traders now look to RBNZ Governor Dr. Anna Breman’s comments during the post-meeting press conference for some meaningful impetus.
In the meantime, positive geopolitical developments remain supportive of the upbeat market mood, which undermines the US Dollar’s (USD) reserve currency status and acts as a tailwind for the NZD/USD pair. US President Donald Trump announced that he will suspend planned military strikes against Iran for two weeks, provided Tehran agrees to an immediate and safe opening of the Strait of Hormuz. Moreover, Iran’s Foreign Minister, Seyed Abbas Araghchi, said in a statement that Tehran will cease its defensive operations if attacks against the country are halted.
Iran’s foreign minister further added that safe passage through the key waterway will be possible for a period of two weeks, triggering a steep decline in Crude Oil prices and easing inflationary concerns. This tempers market bets for a rate hike by the US Federal Reserve (Fed), which, along with the risk-on impulse, continues to weigh on the safe-haven US Dollar (USD) and offers support to the NZD/USD pair.
AUD/JPY strengthens to near 111.80 in Wednesday’s Asian session.
The cross maintains the constructive outlook above the 100-day EMA, with bullish RSI momentum.
The initial support level is located at 111.00; the first upside barrier emerges at 112.50.
The AUD/JPY cross gathers strength to around 111.80 during the Asian trading hours on Wednesday. The Australian Dollar (AUD) edges higher against the Japanese Yen (JPY) amid improved risk sentiment. US President Donald Trump said late Tuesday that he had agreed “to suspend the bombing and attack of Iran for a period of two weeks” on the condition that Iran reopens the Strait of Hormuz.
Iranian Foreign Minister Seyed Abbas Araghchi stated that during the two weeks, safe passage through the Strait of Hormuz “will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.” Easing tensions in the Middle East undermines a safe-haven currency such as the JPY and acts as a tailwind for the cross in the near term.
On the other hand, fears that Japanese authorities would step in to support the domestic currency might cap the downside for the JPY. Japan’s top currency diplomat Atsushi Mimura said last week that officials may need to take “decisive” steps if speculative moves persist in the currency market.
Technical Analysis:
In the daily chart, the near-term bias of AUD/JPY is bullish as price extends its advance well above the 100-day exponential moving average around 107.50, confirming a dominant uptrend and resilient dip demand. The latest candles hold in the upper half of the Bollinger Band envelope, while the bands remain relatively wide, signalling sustained upside momentum rather than a volatility blow-off. RSI has rebounded toward the high-50s, recovering from mid-range readings and aligning with renewed buying pressure after the recent consolidation above the 111.00 handle.
Initial support emerges at 111.00, where recent lows converge with the mid-Bollinger zone, and a break below would expose deeper pullback risk toward the 110.00 area. Stronger downside protection aligns near the 109.00 region, close to the Bollinger lower band cluster and prior congestion, and a loss of this floor would weaken the broader bullish structure. On the topside, immediate resistance stands at the March 19 high of 112.61, followed by the upper boundary of the Bollinger Band of 113.15.
EUR/USD pierces the range top at 1.1570 amid a brighter market mood.
Eurozone Services PMI has been revised slightly higher in March.
Investors hold their breath ahead of Trump’s deadline for destroying Iran.
The Euro (EUR) has brushed off previous weakness to extend its recovery against the US Dollar (USD) to reach fresh weekly highs above 1.1570 on Tuesday’s European morning session. The market sentiment has improved, with European equities turning positive after a negative opening, and Eurozone services activity revised up, which has provided some support for the common currency.
Eurozone HCOB Services Purchasing Managers’ Index (PMI) has been revised to 50.2 on Tuesday from the 50.1 preliminary reading, although it remains significantly below February’s 51.9 reading. Among country members, Spain’s services activity stands out with a 53.3 reading, although France’s services contracted for the third consecutive month, and Germany’s expansion was revised down to 50.9 from preliminary estimations of 51.2.
Investors’ appetite for risk remains limited as the US deadline to Iran draws closer. US President Donald Trump reiterated his threats on Monday, warning Tehran that the US could destroy a country tonight if the Strait of Hormuz is not reopened before Tuesday, at 8 PM Easter Time (00:00 GMT on Wednesday).
Previously, the US and Iran rejected the 45-day ceasefire proposal offered by Pakistan, and Tehran came out with an alternative plan, considered “significant” by Trump but not good enough.
Before that, the European Central Bank’s (ECB) Governing Council member, Dimitar Radev, affirmed that it is still “too early” to say whether the bank will hike rates in April, as they might need some data amid the elevated level of uncertainty.
Technical Analysis: Pushing against the range top
The EUR/USD has turned higher, with technical indicators in the 4-hour chart suggesting an incipient bullish momentum. The Relative Strength Index (RSI) nears 60 after having remained flat around the 50 level, and the Moving Average Convergence Divergence (MACD) histogram is popping up above zero, although the MACD line remains practically flat.
A confirmation above the near-term channel’s top, at the 1.1570 area, would expose the late March and early April highs, in the area between 1.1630 and 1.1640. Further up, the March 10 high, at 1.1667, emerges as a plausible target.
Immediate support emerges at the 1.1505 area, which held bears on April 2 and 6. A confirmation below here would expose the March 30 and 31 lows near 1.1440, ahead of the multi-month lows, at 1.1411 hit in mid-March.
AUD/USD trades with caution around 0.6900 ahead of Trump’s Iran deadline.
US President Trump threatened to destroy Iran’s civilian infrastructure if it doesn’t reopen the Hormuz.
Investors await the US FOMC minutes and the CPI data.
The AUD/USD pair trades in a tight range around 0.6900 during the early European trading session on Tuesday. The Aussie pair consolidates as investors await Tehran’s response to United States (US) President Donald Trump’s warning to destroy Iranian power plants and bridges if it doesn’t reopen the Strait of Hormuz by Tuesday, 08:00 PM ET.
Market sentiment remains cautious, with the S&P 500 futures trading 0.5% down during the press time. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally higher around 100.10.
Ahead of the deadline, statements from Iranian officials indicate that the nation is unlikely to reopen the Hormuz, a scenario that could mark an escalation in the ongoing war. An advisor to Iran’s Parliament Speaker Mohammad Bagher Ghalibaf stated that “Trump has about 20 hours to either surrender to Iran, or his allies will return to the Paleolithic Age”.
On the domestic front, investors await the US Federal Open Market Committee (FOMC) minutes of the March policy meeting, which will be released on Wednesday. This week, the major highlight will be the US Consumer Price Index (CPI) data for March, which is scheduled for Friday.
AUD/USD technical analysis
AUD/USD trades cautiously at around 0.6910 as of writing. The near-term bias is mildly bearish as spot holds below the 20-day exponential moving average, which has started to roll over and cap bounces in the 0.6960 area. Price action shows a sequence of lower closes from the 0.71 region, while the RSI has slipped below the 50 line and stabilizes in the low-40s, confirming building downside momentum rather than oversold conditions.
Initial resistance emerges at the 20-day EMA near 0.6960, with a break above exposing the March 23 high around 0.7060 as the next barrier. On the downside, immediate support stands at 0.6880, guarding the recent trough at 0.6835. A daily close below 0.6835 would extend the bearish phase toward the 0.6800 handle, while recovery above 0.6960 would ease selling pressure and open a corrective phase within the broader range.
The Indian Rupee trades marginally higher against the US Dollar in the opening trade.
Investors await Iran’s final decision on Trump’s deadline at 08:00 PM ET, 05:30 AM IST on Wednesday.
The RBI is expected to maintain the status quo on Wednesday.
The Indian Rupee (INR) ticks up against the US Dollar (USD) in the opening trade on Tuesday. The USD/INR pair edges down to near 93.00, while it is expected to remain range bound as investors stay on sidelines ahead of United States (US) President Donald Trump’s ultimatum to Iran either to reopen the Strait of Hormuz or face brutal consequences whose deadline is Tuesday, April 7, 08:00 PM Eastern Time (ET), which will be 05:30 AM IST on Wednesday.
Trump threatens hell if Iran misses deadline
Over the weekend, US President Trump warned, through a post on Truth.Social, that Washington will bomb Iranian power plants and bridges, if it doesn’t reopen the Strait of Hormuz before the deadline.
Meanwhile, comments from Iran signal that it won’t back down, as it threatened reciprocal attacks on the regional US infrastructure and its allies. An advisor to Iran’s Parliament Speaker Mohammad Bagher Ghalibaf stated that “Trump has about 20 hours to either surrender to Iran, or his allies will return to the Paleolithic Age”.
Market participants worry that a fresh escalation in the ongoing war would boost oil prices, a scenario that is unfavorable for the Indian Rupee, being the currency of a nation that caters its 88%-89% of its domestic energy needs through oil imports.
The ongoing tensions in the Middle East have dampened the interest of foreign investors in the Indian stock market. Foreign Institutional Investors (FIIs) continue to dump their stake in the Indian equity market, and have offloaded their stake worth Rs. 26,429.45 crore in the three trading days of April gone by.
Investors await RBI’s policy decision and FOMC minutes
On the domestic front, the next major trigger for the Indian Rupee will be the Reserve Bank of India’s (RBI) monetary policy announcement on Wednesday. The RBI is expected to leave its Repo Rate unchanged at 5.25%, as higher energy prices have prompted inflation expectations globally.
As the RBI is highly anticipated to maintain the status quo, investors will pay close attention to comments from the Indian central bank regarding the outlook of inflation, economic growth and key borrowing rates.
In the US, the Federal Open Market Committee (FOMC) minutes of the March policy meeting will be published on late Wednesday. In the policy meeting, the Fed decided to leave interest rates unchanged in the range of 3.50%-3.75% and stated that “higher energy prices will push up inflation in the near term”.
Technical Analysis: USD/INR turns range bound as RSI sifts into 40.00-60.00 zone
USD/INR edges down to near 93.00 in the opening trade on Tuesday. The near-term bias appears neutral as the pair trades close to the 20-day Exponential Moving Average (EMA), which is at 92.95, capping rebounds. The overall trend remains bullish as the higher highs and higher lows structure has not broken yet.
The 14-day Relative Strength Index (RSI) shifts into the 40.00-60.00 zone from the bullish territory above 60.00, signifying that momentum has cooled down, but the bullish bias remains intact.
Initial support emerges at the March 9 high of 92.35, with a daily close below this level opening the room toward the March 5 low of 91.35. On the topside, immediate resistance stands at the April 2 high of 93.66; a break above that level would reassert the bullish trend, which will improve the odds of the price reclaiming the all-time high of 95.22.
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.
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