The NZD/USD pair is up 1.6% to near 0.5830 in the European trading session on Wednesday.

TD Securities analysts review the latest Reserve Bank of New Zealand (RBNZ) decision, noting the cash rate was held at 2.25% while inflation forecasts were revised sharply higher for Q1 and Q2.

The Australian Dollar (AUD) is trading higher against the US Dollar (USD) for the third consecutive day on Wednesday, boosted by investors’ optimism about the ceasefire in Iran.

The US Dollar (USD) accelerated its reversal against the Swiss Franc (CHF) on Wednesday, as investors pared back US Dollar long positions following the announcement of a ceasefire in Iran.

Commerzbank notes that the Dollar is selling off as risk sentiment improves, with the Euro rising close to 1.17 against the Dollar following the ceasefire news.

Germany 10-y Bond Auction increased to 2.92% from previous 2.89%

The Euro (EUR) trades lower against the British Pound (GBP) for the third consecutive day on Wednesday, with bears testing support at 0.8700 at the time of writing. The Pound fares better than the common currency amid the positive market sentiment triggered by the ceasefire in Iran.

The EUR/USD pair trades 0.75% higher to near 1.1700 during the European trading session on Wednesday. The major currency pair strengthens as the US Dollar (USD) underperforms amid an upbeat market mood.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that NZD/USD has surged over 2% on improved risk sentiment and a hawkish hold from the RBNZ.

EUR/JPY edges lower after two days of gains, trading around 185.00 during the European hours on Wednesday. The technical analysis of the daily chart suggests the currency cross is moving upwards within the ascending channel pattern, indicating bullish bias.

Eurozone Retail Sales, a key measure of consumer spending, decline by 0.2% month-on-month (MoM) in February, as expected, slower than 0.1% in January.

Eurozone Producer Price Index (YoY) in line with expectations (-3%) in February

Eurozone Retail Sales (YoY) above expectations (1.6%) in February: Actual (1.7%)

Eurozone Producer Price Index (MoM) meets forecasts (-0.7%) in February

Eurozone Retail Sales (MoM) meets expectations (-0.2%) in February

Commerzbank’s Volkmar Baur reports that the Reserve Bank of New Zealand (RBNZ) left rates unchanged, but Governor Breman’s comments about discussing a hike were read as slightly hawkish, supporting the New Zealand Dollar (NZD) against the US Dollar (USD).

The USD/JPY pair trades 0.9% lower to near 158.20 during the European trading session on Wednesday. The pair faces intense selling pressure as the US Dollar (USD) underperforms across the board, following the announcement of a two-week ceasefire between the United States (US) and Iran.

The Pound (GBP) maintains its near.-term nullish bias against the Japanese Yen (JPY) intact, although bulls have been halted at the 212.80 area earlier on the day.

The USD/CAD pair extends its weekly downtrend for the third straight day and dives to a nearly two-week low on Wednesday, though it lacks follow-through selling. Spot prices trade around mid-1.3800s, down nearly 0.30% for the day, amid mixed fundamental cues.

Silver rallies on risk-on markets and reaches session highs above $77.00.

The AUD/USD pair climbs to around 0.7080, the highest since March 20, during the early European trading hours on Wednesday. The Australian Dollar (AUD) edges higher against the Greenback as the ceasefire between the US and Iran triggers a broad risk-on sentiment.  

NZD/USD gains ground for the third consecutive day, trading around 0.5850 during the early European hours on Wednesday. The technical analysis of the daily chart signals a bullish reversal as the pair rises above the descending channel pattern.

The Pound Sterling surges against the US Dollar (USD) on Wednesday as the market sentiment turns favorable for riskier assets, is up 1% to near 1.3445 during the early European session.

The announcement of a two-week ceasefire in Iran triggered a relief rally during Wednesday’s Asian trading session that sent the safe-haven US Dollar (USD) tumbling against its main peers.

The USD/CHF pair slumps to around 0.7890 during the early European session on Wednesday. Reports of a potential two-week ceasefire between the United States (US) and Iran drag the US Dollar (USD) lower against the Swiss Franc (CHF).  

The Indian Rupee (INR) jumps to a fresh an almost three-week high against the US Dollar (USD) in the opening trade on Wednesday. The USD/INR pair slides to near 92.30 as the US Dollar weakens and global oil prices nosedive, following a temporary ceasefire between the United States (US) and Iran.

The EUR/GBP cross declines to near 0.8700 during the early European session on Wednesday. A two-week ceasefire agreement between the United States (US) and Iran has improved global risk sentiment, which typically favors the Pound Sterling (GBP) over the Euro (EUR).

USD/CAD continues to lose ground for the third successive day, trading around 1.3830 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.

GBP/USD extends its winning streak for the third consecutive day, trading around 1.3400 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.

The NZD/USD pair jumps to a near two-week high of around 0.5820 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the Reserve Bank of New Zealand (RBNZ) interest rate decision and a broader risk-on sentiment.