Societe Generale analysts Reo Sakida and Jin Kenzaki highlight stronger‑than‑expected resilience in Japan’s non‑manufacturing sector in 1Q, based on the 4Q25 Tankan survey.

Eurozone HCOB Manufacturing PMI above forecasts (51.4) in March: Actual (51.6)

Germany HCOB Manufacturing PMI came in at 52.2, above expectations (51.7) in March

France HCOB Manufacturing PMI below forecasts (50.2) in March: Actual (50)

The GBP/JPY cross shows some resilience below the 100-day Simple Moving Average (SMA) for the second consecutive day and gains some positive traction on Wednesday.

ING’s Francesco Pesole highlights that hawkish European Central Bank rhetoric is making Euro front-end rates stickier on the downside versus the US, where Fed easing is more easily priced.

NZD/USD extends its gains for the second successive day, trading around 0.5760 during the European hours on Wednesday. The technical analysis of the daily chart signals an ongoing bearish bias as the pair remains within a descending channel pattern.

Italy HCOB Manufacturing PMI came in at 51.3, above forecasts (50.9) in March

The USD/JPY pair extends its losing streak for the third trading day on Wednesday, trading 0.26% lower to near 158.30 during the European session.

Switzerland SVME - Purchasing Managers' Index came in at 53.3, above expectations (47) in March

Here is what you need to know on Wednesday, April 1:

Silver (XAG/USD) recovery has stalled below the $75.00 resistance area on Wednesday, yet the immediate upside bias remains intact after three consecutive trading days of gains.

The GBP/USD pair is seen building on the overnight bounce from the 1.3160 area, or its lowest level in over four months, and gaining positive traction for the second consecutive day.

Danske Research Team notes that EUR/USD has rebounded above 1.15 as risk sentiment improves with hopes of a US-Iran de-escalation. They highlight that lower global yields and sharply lower energy prices have supported the Euro against the Dollar.

The USD/CHF pair is down 0.35% to near 0.7960 during the early European trading session on Wednesday. The Swiss Franc pair faces selling pressure as the US Dollar (USD) declines further due to intensifying expectations of a ceasefire in the Middle East.

The US Dollar (USD) is trading moderately lower on Wednesday, with the Canadian Dollar a tad firmer amid a cautious appetite for risk, following comments by US President Donald Trump, suggesting a quick end to the Iran war.

The AUD/USD pair gives back some of its early gains, but still trades 0.12% higher to near 0.6910 during the late Asian trading session on Wednesday.

The Indian Rupee (INR) opens higher against the US Dollar (USD) on Wednesday after a holiday due to the Shri Mahavir Jayanti the previous day.

The EUR/USD pair touches a one-week top on Wednesday, though it lacks follow-through buying and remains below the 1.1600 mark through the Asian session. Moreover, the mixed fundamental backdrop warrants some caution before positioning for any further appreciating move.

EUR/JPY extends its gains for the second consecutive day, trading around 183.60 during the Asian hours on Wednesday. The technical analysis of the daily chart suggests the currency cross moves sideways within the ascending triangle pattern, reflecting buying pressure.

The NZD/USD pair attracts some sellers following a modest Asian session rise to the 0.5760 area, or the weekly top, and stalls the previous day's recovery move from over a four-month low.

Silver price (XAG/USD) halts its three-day winning streak, trading around $74.20 per troy ounce during the Asian hours on Wednesday. The safe-haven demand for Silver weakens as optimism grows over easing tensions in the Middle East.

The Pound Sterling (GBP) trades slightly higher against its major currency peers, rising 0.12% to near 1.3242, during the Asian trading session on Wednesday.

USD/CAD remains subdued for the second successive trading day, hovering around 1.3910 during the Asian hours on Wednesday.

The USD/JPY pair recovers slightly from over a one-week low, around the 158.45 region touched during the Asian session on Wednesday, though it lacks follow-through buying.

EUR/USD extends its gains for the second successive day, trading around 1.1560 during the Asian hours on Wednesday. The pair advances as the US Dollar (USD) softens, weighed down by fading safe-haven demand amid a moderation in Middle East tensions.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9025 compared to the previous day's fix of 6.9194 and 6.8858 Reuters estimate.

The AUD/USD pair is seen building on the previous day's recovery move from over a two-month low and gaining traction for the second consecutive day on Wednesday.

South Korea Trade Balance above expectations ($21.2B) in March: Actual ($25.74B)

BNY’s Head of Markets Macro Strategy Bob Savage notes that the Bank of Korea (BoK) may consider policy easing as Middle East geopolitical shocks threaten domestic growth.