Deutsche Bank economists report highlights a strong rally in the S&P 500, which has risen in 9 of the last 10 sessions and now trades just below its record high.

The USD/CAD pair struggles to capitalize on an intraday uptick and trades around the 1.3770-1.3775 region, up less than 0.05% for the day heading into the European session on Wednesday.

France Consumer Price Index (EU norm) (MoM) in line with forecasts (1.1%) in March

France Inflation ex-tobacco (MoM) up to 1% in March from previous 0.6%

France Consumer Price Index (EU norm) (YoY) above forecasts (1.9%) in March: Actual (2%)

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann highlight that GBP/USD extended gains to 1.3590, with short-term conditions remaining overbought. They see scope for a further push toward 1.3605, while judging the 1.3640 resistance as likely out of reach for now.

The Australian Dollar (AUD) outperforms its major currency peers, trading 0.23% higher to near 0.7137 against the US Dollar (USD), during the early European session on Wednesday.

India WPI Inflation above forecasts (3%) in March: Actual (3.88%)

Danske Research Team notes global equities extended gains, pushing MSCI World above pre-war levels on the back of strong earnings revisions. Growth and cyclical stocks outperformed value and defensives, with small caps also participating.

Oil prices have bounced up during the Asian session, as the US military announced a total blockade of the Strait of Hormuz on Tuesday, increasing the chokehold on supply and putting the new round of talks with Iran into question.

Commerzbank strategists note that Brent Oil dropped nearly 5%, reversing Monday’s gains, as hopes for a second round of US–Iran negotiations and International Energy Agency (IEA) warnings of demand destruction weighed on prices.

The Indian Rupee (INR) opens higher against the US Dollar (USD) after a holiday the previous day due to Dr. Baba Saheb Ambedkar Jayanti.

The USD/CHF pair trades flat around 0.7812 during the late Asian trading session on Wednesday, but is still close to its monthly low of 0.7790 posted the previous day.

Solana (SOL) remains under pressure, trading around $80 at press time on Wednesday, down 5% the previous day. Lack of institutional support for Solana prolongs its consolidation while the retail market shows near-term sell-side dominance.

EUR/USD remains calm after halting its seven-day winning streak, trading around 1.1790 during the Asian hours on Wednesday. The daily chart technical analysis indicates a bullish bias, as the pair is moving upwards within an ascending channel.

Cardano (ADA) is trading below $0.240 on Wednesday, down nearly 4% after a rejection at the key resistance level the previous day.

The USD/JPY pair once again shows some resilience below the 200-period Simple Moving Average (SMA) on the 4-hour chart and edges higher during the Asian session on Wednesday. Spot prices, however, lack bullish conviction and struggle to capitalize on the strength beyond the 159.00 mark.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is halting its seven-day losing streak and trading around 98.20 during the Asian hours on Wednesday.

The broader cryptocurrency market steadies, with Bitcoin (BTC) holding above $74,000 at press time on Wednesday amid US-Iran ceasefire talks and the dual blockade of the Strait of Hormuz. Meanwhile, RaveDAO (RAVE) and DeXe (DEXE) emerge as top performers over the last 24 hours.

US President Donald Trump said in an ABC News interview on Wednesday that he isn't thinking about extending the ceasefire, adding that he doesn't think it will be necessary.

The NZD/USD pair struggles to capitalize on its strong move up witnessed over the past two days and oscillates in a narrow band near the 0.5900 mark during the Asian session on Wednesday.

GBP/USD halts its seven-day winning streak, trading around 1.3560 during the Asian hours on Wednesday. The pair loses ground as the US Dollar (USD) edges higher despite dampened safe-haven demand amid growing market optimism amid hopes for a diplomatic solution to the Middle East conflict.

Bitcoin (BTC) and Ethereum (ETH) extend their recent gains, while Ripple (XRP) lags. BTC is holding near multi-week highs, while ETH is testing a key Fibonacci resistance level, but XRP’s muted price action indicates ongoing indecision among traders. 

The USD/CAD pair trades slightly higher to near 1.3780 during the European trading session on Wednesday.

Silver (XAG/USD) climbs to a nearly one-month peak during the Asian session on Wednesday, though it struggles to build on the momentum further beyond the $81.00 mark.

South Korea Money Supply Growth increased to 8% in February from previous 7.1%

Gold (XAU/USD) hits a nearly four-week high during the Asian session on Wednesday, though it lacks follow-through buying and currently trades just below the $4,850 level, nearly unchanged for the day.