Brown Brothers Harriman argues that with risk sentiment likely having bottomed on March 30, the Dollar Index should revert to trading primarily on rate differentials.

Standard Chartered revises its Japan macro outlook, cutting 2026 Gross Domestic Product (GDP) growth to 0.7% and raising Consumer Price Index (CPI) inflation to 2.0% on a worsening terms-of-trade shock from higher Oil and a weak Japanese Yen (JPY).

United States Import Price Index (YoY) increased to 2.1% in March from previous 1.3%

United States Export Price Index (YoY) climbed from previous 3.5% to 5.6% in March

Canada Wholesale Sales (MoM) registered at 2%, below expectations (2.3%) in February

United States Export Price Index (MoM) came in at 1.6%, above expectations (1.5%) in March

United States Import Price Index (MoM) below forecasts (2%) in March: Actual (0.8%)

United States NY Empire State Manufacturing Index registered at 11 above expectations (-0.5) in April

Rabobank Senior FX Strategist Jane Foley discusses EUR/GBP in light of shifting expectations for the European Central Bank (ECB) and Bank of England (BoE). She notes that EUR/GBP has traded with a downside bias recently but sees this fading as spring progresses.

Societe Generale’s Kit Juckes discusses whether the US Dollar’s global dominance is under threat as global imbalances widen and IMF meetings highlight systemic risks.

Gold (XAU/USD) retreats on Wednesday as the US Dollar (USD) shows signs of stabilization after seven consecutive days of losses, while evolving Middle East developments continue to shape broader market sentiment.

AUD/USD rises on Wednesday and trades around 0.7140 at the time of writing, up 0.28% on the day. The pair benefits from an improved risk environment after reports suggested that new discussions could take place between the United States (US) and Iran before the two-week ceasefire expires.

ING strategist Michiel Tukker stresses that current Oil volatility is feeding directly into rate expectations for the European Central Bank (ECB), Federal Reserve (Fed) and Bank of England (BoE).

Brazil Retail Sales (MoM) below expectations (1%) in February: Actual (0.6%)

The US Dollar (USD) is posting moderate gains against the Japanese Yen (JPY) on Wednesday, returning to levels past 159.00 to partially reverse the 0.5% depreciation witnessed over the last two days.

DBS Group Research’s Philip Wee notes that the US Dollar (USD) has given back most of its Iran‑war related strength, with the US Dollar Index (DXY) down this month and nearing pre‑conflict levels.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann keep a mildly positive short-term view on AUD/USD after it climbed to 0.7147. The pair is expected to trade between 0.7100 and 0.7155 intraday, with a possible test of 0.7155 if momentum improves.

United States (US) President Donald Trump said in an interview with Fox Business Network that the war with Iran is very close to an end.

Gold (XAU/USD) shows moderate losses on Wednesday, trimming gains following a two-day rally. The precious metal failed to find acceptance above the $4,850 resistance area on Wednesday and pulled back to session lows below $4,800, as the US Dollar Index bounced up amid mixed messages on Iran.

MUFG’s Derek Halpenny argues the US Dollar is under renewed selling pressure as President Trump’s comments on resuming talks and a war being “close to over” support risk assets and lift US equities above pre-conflict levels.

Brown Brothers Harriman's (BBH) Elias Haddad notes Brent crude Oil is consolidating around $96 per barrel after recent declines, with broader risk assets pausing their rally.

West Texas Intermediate (WTI), futures on NYMEX, recovers its early losses and turns positive around $90 during the European trading session on Wednesday.

United States MBA Mortgage Applications rose from previous -0.8% to 1.8% in April 10

The Islamic Revolutionary Guard Corps (IRGC) said during European trading hours on Wednesday that it will not allow imports and exports in the Gulf, and the Sea of Oman if the US blockade in the Strait of Hormuz against Iran's vessels continues.

NZD/USD trades around 0.5900 on Wednesday at the time of writing, virtually unchanged on the day but still close to a one-month high reached on Tuesday at 0.5921.

The US Dollar (USD) is trimming some losses against the Canadian Dollar (CAD) on Wednesday. The pair trades at 1.3775 at the time of writing, after bouncing up from Tuesday’s lows near 1.3730, although it remains more than 1% below last week’s highs.

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

TD Securities strategists note a sharp rally in US rates alongside a risk-on move in equities, with the S&P 500 nearing record highs after softer PPI data. They estimate March core PCE at 0.26% month-on-month.

Germany 30-y Bond Auction: 3.57% vs 3.42%

The United States (US) administration plans to deploy thousands of additional troops to the Middle East in the coming days, according to a report published on Wednesday by The Washington Post, citing US officials familiar with the matter.