TD Securities’ Global Strategy Team expects the Reserve Bank of New Zealand to leave the Official Cash Rate unchanged, in line with market consensus. The analysts think RBNZ communication will stress patience in responding to supply shocks while the economy runs below capacity.

The NZD/USD pair is trading near the 0.5720 region on Wednesday, holding a neutral tone as the US Dollar (USD) remains supported by safe-haven demand while traders brace for the Reserve Bank of New Zealand (RBNZ) monetary policy decision.

Trump's 8 pm ET deadline for Iran to reopen the Strait of Hormuz looms as ceasefire talks stall and oil tops $100.

AUD/USD rose around 0.4% on Tuesday, recovering from early session lows near 0.6900 to trade close to 0.6950. The pair pushed briefly toward the 0.6980 area during the session, its highest level in over a week, as ceasefire optimism fueled a broad improvement in risk sentiment.

USD/CHF trims some of its earlier gains as the market mood improved on a Reuters headline that a Senior Iranian official said Tehran is reviewing positively Pakistan’s two-week ceasefire proposal, which pushed US equities higher.

The Australian Dollar (AUD) strengthens against the US Dollar (USD) on Tuesday as the Greenback softens amid fragile market sentiment ahead of a deadline set by US President Donald Trump for Iran to reach a deal or reopen the Strait of Hormuz by 8:00 p.m. Eastern Time (00:00 GMT on Wednesday).

Commerzbank’s Tatha Ghose argues that Turkey’s brief disinflation respite is already obsolete as higher Oil prices and external shocks dominate. Headline CPI slowed in March, but core dynamics remain strong and credibility concerns persist.

The Pound Sterling rose by over 0.20% on Tuesday amid speculation of a ceasefire agreement, but newswires revealed that the chances of a deal are far, increasing the likelihood of an US attack as Trump’s deadline approaches. The GBP/USD trades at 1.3241, still above its opening price.

The USD/JPY pair is trading near the 159.95 price region with a strong but volatile tone on Tuesday, as markets react to a sharp escalation in the ongoing conflict between Israel, the United States (US and Iran.

The Euro (EUR) rises against the US Dollar (USD) on Tuesday, as the Greenback softens amid cautious market sentiment ahead of a deadline set by US President Donald Trump for Iran to reach a deal or open the Strait of Hormuz.

ING’s Chris Turner expects the Reserve Bank of New Zealand (RBNZ) to leave rates unchanged at 2.25% with no new forecasts and limited guidance, as markets price only modest tightening this year.

BNY’s Head of Markets Macro Strategy Bob Savage reports that Eurozone data and European Central Bank (ECB) commentary point to rising downside risks for the Euro as the Iran war and energy shock weigh on growth and sentiment.

National Bank of Canada (NBC) economists Stéfane Marion and Kyle Dahms note the Canadian Dollar (CAD) initially outperformed after WTI hit $100, but has since weakened with USD/CAD now seen at 1.41 in Q2 2026.

The British Pound (GBP) trades with a mild upside bias against the Japanese Yen (JPY) on Tuesday, as elevated Oil prices stemming from the ongoing US-Iran war weigh heavily on Japan’s economic outlook, keeping the Yen on the defensive against most major peers.

TD Securities analysts note Swedish CPIF and CPIF ex-Energy inflation for March surprised sharply to the downside, driven mainly by weaker Food and Recreation, Sport & Culture prices, partly offset by petrol.

Brown Brothers Harriman’s (BBH) Elias Haddad expects the Reserve Bank of New Zealand (RBNZ) to keep the OCR at 2.25%, with Governor Breman set to update growth and inflation projections.

BNY’s Head of Markets Macro Strategy Bob Savage highlights a growing divergence between the New Zealand Dollar (NZD) and Australian Dollar (AUD) as markets favor currencies backed by real assets.

Silver (XAG/USD) is showing a mild bearish momentum on Tuesday’s European trading session, with the reversal from Monday's high, at 81.13, extending to levels below $72.00, amid vanishing hopes of a peace deal in Iran.

The Pound Sterling (GBP) surrenders its early gains against the US Dollar (USD) and flattens around 1.3240 during the European trading session on Tuesday.

The Australian Dollar (AUD) is trading higher against the US Dollar (USD) for the second consecutive day on Tuesday, but the pair failed to find any significant acceptance above 0.6950.

The Euro (EUR) extends losses against the British Pound (GBP) for the second consecutive day on Tuesday, approaching the bottom of its near-term horizontal range at 0.8700, from Monday’s highs at 0.8735.

National Bank of Canada (NBC) economists Stéfane Marion and Kyle Dahms describe recent Euro (EUR) weakness versus Dollar (USD) after the Iran conflict and energy shock, but keep a recovery bias for EUR/USD.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY traded quietly between 159.28 and 159.82, closing at 159.68, with a firm underlying tone.

DBS Group Research’s Philip Wee expects the Reserve Bank of New Zealand to keep policy on hold at its April 8 meeting, looking through energy-driven inflation. He notes Governor Anna Breman’s conditional hawkishness if inflation expectations de-anchor.

Eurozone Sentix Investor Confidence: -19.2 (April) vs previous -3.1

Eurozone HCOB Composite PMI above expectations (50.5) in March: Actual (50.7)

Eurozone HCOB Services PMI above forecasts (50.1) in March: Actual (50.2)

Germany HCOB Services PMI came in at 50.9 below forecasts (51.2) in March

Germany HCOB Composite PMI in line with expectations (51.9) in March

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that GBP/USD briefly dipped to 1.3178 before rebounding to 1.3267 and closing at 1.3238, invalidating a prior downside-biased view.