The GBP/USD pair trades flat around 1.3565 during the European trading session on Wednesday, but is close to its almost two-month high of 1.3590 posted the previous day.

ING’s Francesco Pesole sees downside risks to Australia’s March employment data and a possible uptick in unemployment, but does not expect this to derail a May rate hike by the RBA.

MUFG’s Derek Halpenny notes EUR/USD has returned to pre-conflict levels despite severe Middle East disruptions and higher energy prices, helped by stable equities and only moderate Oil gains.

The Euro (EUR) posts marginal gains against the British Pound (GBP) on Wednesday and extends losses for the third consecutive day, testing April lows at the 0.8685 area, which, so far, has held the bears.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann report that USD/JPY fell to 158.59 and closed at 158.77, with downside momentum starting to build.

ING’s Francesco Pesole highlights that Bank of England (BoE) tightening expectations have eased further, with officials sounding less hawkish than the European Central Bank (ECB).

Here is what you need to know on Wednesday, April 15:

Commerzbank’s Antje Praefcke notes that recent headlines around a possible diplomatic solution in the Middle East war have weakened the Dollar and supported EUR/USD. She argues FX may stay relatively muted until there is clearer evidence on the conflict path and a reliable easing of tensions.

The GBP/JPY cross trades with a positive bias for the eighth straight day and sits near mid-215.00s, close to the July 2008 swing high during the early European session on Wednesday.

The (EUR) is trading practically flat against the US Dollar (USD) on Wednesday, changing hands at 1.1785 at the time of writing, following a nearly 2.5% rally over the previous seven trading days.

EUR/JPY moves little after registering little losses in the previous day, trading around 187.30 during the early European hours on Wednesday.

OCBC strategists Sim Moh Siong and Christopher Wong note that the Australian Dollar (AUD) has been restrained by a sharp slump in confidence despite hawkish Reserve Bank of Australia (RBA) rhetoric.

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

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.

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.

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.

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 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.

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

AUD/USD gains ground for the third successive day, trading around 0.7120 during the Asian hours on Wednesday. The pair appreciates as the Australian Dollar (AUD) receives support from improved market sentiment due to the potential for further United States (US)-Iran talks.

South Korea Trade Balance up to $26.23B in March from previous $25.74B

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8582 compared to the previous day's fix of 6.8593 and 6.8096 Reuters estimate.

The USD/JPY pair is seen consolidating the previous day's losses and oscillating in a narrow band below the 159.00 mark during the Asian session on Wednesday.

EUR/USD remains flat after seven days of gains, trading around 1.1790 during the Asian hours on Wednesday.

South Korea Unemployment Rate dipped from previous 2.9% to 2.7% in March

NZD/USD rose over 0.55% on Tuesday, printing a session high near 0.5920 before pulling back to settle around 0.5900.