Forex News Timeline

OCBC strategists Christopher Wong and Sim Moh Siong highlight that USD/SGD has softened as markets weigh de-escalation hopes, with technical signals pointing to fading bullish momentum and a potential bearish phase. They flags key support and resistance levels around 1.2810–1.2780 and 1.29–1.2940.

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.

Silver price extended its losses on Tuesday as the white metal failed to clear the $75.00 milestone, while the 20-day SMA crossed below the 100-day SMA, an indication that sellers are gaining traction. The XAG/USD trades at $72.24, down 0.69%.

Gold price (XAU/USD) advances some 0.63% on Tuesday as Oil prices retreat from daily highs amid speculation of broken talks between the US and Iran, which Iranian media denied.

Commerzbank strategists Dr. Henry Hao and Moses Lim note that Vietnam’s Q1 GDP grew 7.8% year-on-year, slightly above expectations but below the government’s 10% 2026 target. Exports and imports surged, reflecting robust external demand and precautionary inventory building.

United States Consumer Credit Change below expectations ($10B) in February: Actual ($9.48B)

The US Dollar Index (DXY) held near 99.80, not far from last week’s 100 peak, broadly supported as markets remain locked on the Iran conflict and, in particular, on United States (US) President Donald Trump’s deadline for 8:00pm EST tied to the Strait of Hormuz.

ING’s Maurice van Sante argues that higher Oil and Gas prices, driven by conflict in the Middle East, are set to raise costs in the European building materials sector.

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).

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that inflation will come roaring back, citing that with Oil prices rising, this is a stagflationary shock to the market in a prepared speech in Detroit on Tuesday.

OCBC strategists Christopher Wong and Sim Moh Siong note that Asian FX, including South Korean Won (KRW), has traded slightly firmer on hopes of de-escalation in the Middle East, but stresses that geopolitics remains the key driver.

West Texas Intermediate (WTI) Crude Oil trades in a volatile and choppy range on Tuesday as traders remain cautious ahead of a deadline set by US President Donald Trump for Iran to reach a deal.

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.

United States 3-Year Note Auction: 3.897% vs 3.579%

Brown Brothers Harriman’s (BBH) Elias Haddad anticipates the RBI, NBP, BCRP and BOK will all leave policy rates unchanged at upcoming meetings.

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 Dow Jones Industrial Average (DJIA) dropped around 380 points, or 0.8%, snapping a four-session winning streak as risk appetite collapsed in the hours before President Trump's self-imposed deadline for Iran to agree to reopen the Strait of Hormuz.

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 Federal Reserve (Fed) Bank of New York's Survey of Consumer Expectations (SCE) for March showed one-year-ahead inflation expectations jumping to 3.4%, up 0.4 percentage points from February's 3.0% reading.

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.

MUFG’s Head of Research Derek Halpenny argues that rising Oil and gasoline prices from the Middle East conflict are set to push US inflation higher, with March CPI expected to jump. He highlights a sharp rise in ISM Services prices paid and weakening employment indices.

DBS Group Research’s Eugene Leow notes that Gold has stayed relatively stable despite conflicting geopolitical news, including a potential ceasefire and renewed threats around the Strait of Hormuz.

TD Securities’ commodity team argues that prolonged disruption in the Persian Gulf and blocked flows through the Strait of Hormuz leave Oil poised for another sharp leg higher.

The Wall Street Journal reported on Tuesday that Iran has cut off direct communications with the United States (US) following President Donald Trump's threat to destroy Iran's whole civilization.

Kit Juckes at Societe Generale highlights Sweden as the only G10 economy forecast to grow faster than the United States (US) this year, yet notes the Swedish Krona (SEK) is currently the weakest G10 currency.

New Zealand GDT Price Index fell from previous 0.1% to -3.4%

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.

Turkey Treasury Cash Balance: -279.58B (March) vs previous -94.42B

Henry Allen at Deutsche Bank says Brent crude Oil above $100 has not triggered a 1970s‑style shock because markets still discount a short conflict and lower prices ahead.

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.

United States RealClearMarkets/TIPP Economic Optimism (MoM) registered at 42.8, below expectations (48.1) in April

TD Securities commodity strategists see Gold and Silver facing further correction as the Middle East war sustains inflation expectations and delays Fed easing. Elevated opportunity costs and reduced regional capital are near-term headwinds.

Societe Generale economists report that February Euro area activity and labour market data were slightly disappointing but within normal ranges, with unemployment at 6.2%.

Canada Ivey Purchasing Managers Index s.a below forecasts (55.9) in March: Actual (49.7)

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.

Nordea analysts Jan von Gerich, Tuuli Koivu and Anders Svendsen now expect the European Central Bank (ECB) to prioritise inflation over growth as the Middle East conflict prolongs and broader price pressures build.

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.

United States Redbook Index (YoY) climbed from previous 6.9% to 7.6% in April 3

Federal Reserve Bank of New York President John Williams told Bloomberg on Tuesday that the impact of the Iran war will drive up headline inflation.

Durable Goods Orders in the United States (US) declined 1.4%, or $4.4 billion, to $315.5 billion in February, the US Census Bureau reported on Tuesday. This print followed the 0.5% decline recorded in January and came in worse than the market expectation for a decrease of 0.5%.

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.

United States Durable Goods Orders ex Defense declined to -1.2% in February from previous 0.5%

United States Durable Goods Orders ex Transportation above forecasts (0.5%) in February: Actual (0.8%)

United States Durable Goods Orders came in at -1.4% below forecasts (-0.5%) in February

Deutsche Bank’s Henry Allen argues that the S&P 500’s modest pullback versus past Oil shocks reflects markets pricing a short conflict, resilient macro data and still‑dovish central banks.

Private-sector hiring in the US has added extra momentum in mid-March. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 26K jobs per week in the four weeks ending March 14.

United States ADP Employment Change 4-week average climbed from previous 10K to 26K in March 14

"A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will," United States (US) President Donald Trump posted on Truth Social on Tuesday.

Societe Generale’s Kit Juckes discusses Robin Brooks’ view that the Dollar looks significantly overvalued versus G10 rate differentials and could fall sharply on a ceasefire, with Oil tumbling and safe-haven flows reversing.

Gold (XAU/USD) is trading in a choppy range on Tuesday with markets on edge as the ultimatum from US President Donald Trump to reach a deal with Iran nears its deadline.

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.

Citing an unidentified senior US official, Axios reported on Tuesday that the US military conducted strikes on military targets located on Iran's Kharg Island.

ING analysts Ewa Manthey and Warren Patterson report that Aluminium supply risks have intensified after Iranian attacks on Emirates Global Aluminium’s Al Taweelah smelter and Aluminium Bahrain’s plant.

Commerzbank analysts highlight that Brent has climbed above $111 per barrel as the Iran conflict continues and Trump links any ceasefire deal to free Oil traffic through the Strait of Hormus.

TD Securities analysts highlight a record monthly rise in the Melbourne Institute Inflation Gauge, pushing headline and trimmed mean inflation to their highest non-COVID levels since 2008. At the same time, Australian household spending growth is modest and momentum is slowing.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that a prolonged energy shock from the Iran conflict heightens financial stability risks and supports the Dollar beyond what rate differentials imply.

Gold price (XAU/USD) trades higher to near $4,675.00, but is broadly sideways, 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.

According to a Reuters report, a senior Iranian official has rejected a temporary ceasefire called in the two-tier deal by the United States, which was delivered by Pakistan.

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.

Japan’s Finance Minister (FM) Satsuki Katayama said during European trading hours on Tuesday that the administration remains focused on mitigating risks to the Japanese economy in the wake of the Middle East war.

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.

Societe Generale economists describe a quiet week in the UK, with Gilt yields easing as markets trimmed Bank of England (BoE) hike expectations after Governor Bailey pushed back on tightening.

EUR/CAD gains ground as the Euro (EUR) receives support from the hawkish tone of the European Central Bank (ECB). The currency cross is trading around 1.6100 during the European hours on Tuesday.

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $72.88 per troy ounce, up 0.12% from the $72.79 it cost on Monday.

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.

Spain 6-Month Letras Auction up to 2.362% from previous 2.059%

ING analysts Ewa Manthey and Warren Patterson highlight that central banks have resumed strong Gold buying, with February net purchases led by Poland and continued accumulation by China, Czech Republic and others.

Singapore Foreign Reserves (MoM) climbed from previous 416.1B to 419.2B in March

Commerzbank’s Chief Economist Dr. Jörg Krämer argues that the European Central Bank should respond to the recent Oil price shock by prioritizing long-term inflation expectations. He notes that higher energy costs are both lifting inflation and weighing on growth, creating a policy dilemma.

Spain 12-Month Letras Auction rose from previous 2.121% to 2.611%

Brown Brothers Harriman’s (BBH) Elias Haddad highlights a busy US data calendar for the Dollar, with February PCE, March CPI and the University of Michigan survey guiding inflation expectations.

The US benchmark West Texas Intermediate Oil (WTI) hesitates near four-week highs on Tuesday. Price action remains steady above the 103.00 per barrel, but attempts to extend gains beyond 105.00 have been capped with US President Donald Trump’s deadline on Tehran approaching.

United Kingdom S&P Global Services PMI below forecasts (51.2) in March: Actual (50.5)

United Kingdom S&P Global Composite PMI below expectations (51) in March: Actual (50.3)

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

Societe Generale’s Commodity Compass Analytics (CCA) team, led by Michael Haigh, Ben Hoff and Jeremy Sellem, highlights that Dated Brent at $141/bbl reflects severe physical tightness as Strait of Hormuz flows remain impaired.

Dow Jones futures fall 0.2% to near 46,800 during European hours on Tuesday, ahead of the regular United States (US) open. Meanwhile, S&P 500 and Nasdaq 100 futures also decline 0.34% and 0.45% to near 6,620 and 24,250, respectively, at the time of writing.

European Central Bank (ECB) policymaker and the head of Belgium's central bank, Pierre Wunsch, said in the Wall Street Journal’s (WSJ) What's News podcast conducted on Monday and released on Tuesday that the central bank could deliver an interest rate hike in the April meeting to limit the effect of

ING’s Chris Turner notes the Dollar (USD) remains supported as investors await a White House deadline linked to the US-Iran conflict and elevated energy prices. Strong US jobs data and resilient activity could see markets price Federal Reserve (Fed) hikes if Oil rises further.

China Foreign Exchange Reserves (MoM) came in at $3.342T below forecasts ($3.4T) in March

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

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

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

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

The USD/JPY pair trades calmly around 160.00 during the European trading session on Tuesday. The pair trades broadly sideways amid uncertainty surrounding the ongoing war in the Middle East.

Danske Bank analysts observe that global equities are about 4% above recent lows, with investors increasingly pricing a future de-escalation in the Middle East. Cyclical sectors have outperformed and volatility has declined across regions and asset classes.

France HCOB Composite PMI came in at 48.8, above forecasts (48.3) in March

France HCOB Services PMI above forecasts (48.3) in March: Actual (48.8)

The Euro (EUR) is crawling up against a weak Japanese Yen (JPY) on Tuesday. The pair extends gains for the second consecutive day, trading at 184.47 at the time of writing, with bulls focusing on March’s peaks in the 184.65-184.75 area.

Italy HCOB Services PMI below forecasts (51) in March: Actual (48.8)

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering losses in the previous trading day and hovering around 100.00 during the European hours on Tuesday.

Rabobank’s Senior Market Strategist Benjamin Picton highlights escalating geopolitical risks around Iran, the Strait of Hormuz and NATO fractures, with direct implications for Oil.

Here is what you need to know on Tuesday, April 7:

Brown Brothers Harriman’s (BBH) Elias Haddad expects Canada’s March labor force survey to show a modest job rebound, while the Bank of Canada (BoC) can use its benign inflation backdrop to look through the Oil shock.

The NZD/USD pair struggles to capitalize on the previous day's modest gains and trades with a negative bias around the 0.5700 mark during the early European session on Tuesday.

Spain HCOB Services PMI came in at 53.3, above expectations (50.8) in March

OCBC strategists Christopher Wong and Sim Moh Siong note that global markets are cautious as Hormuz risks and energy disruptions threaten to evolve into a broader energy shock. Survey data already show rising input costs and longer delivery times.

The Pound (GBP) trades higher against the Japanese Yen (JPY) for the second consecutive day on Tuesday. Bulls have pushed the pair above the top of last week’s trading range, at the 211.50 area, reaching fresh April highs above 211.65 at the time of writing.

GBP/USD holds its position after registering over 0.25% gains in the previous day, trading around 1.3240 during the early European hours on Tuesday. The technical analysis of the daily chart indicates a persistent bearish bias, as the pair moves lower within the descending channel.

Switzerland Foreign Currency Reserves increased to 721B in March from previous 710B

Austria Wholesale Prices n.s.a (YoY) up to 5.4% in March from previous 1.1%

Austria Wholesale Prices n.s.a (MoM) increased to 3.9% in March from previous 0.7%

The USD/CAD pair trades in positive territory around 1.3915 during the early European trading hours on Tuesday.

MUFG’s Senior Currency Analyst Michael Wan notes that Oil markets remain exposed to the Iran and Middle East conflict, with the Strait of Hormuz still constrained.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD rebounded to 0.6938 instead of drifting lower, but the move lacked momentum. The pair is seen trading between 0.6890 and 0.6940 in the near term and within a wider 0.6835–0.6955 band over one to three weeks.

Silver price (XAG/USD) trades broadly flat around $72.50 during the early European trading session on Tuesday. The white metal struggles for a direction as investors await Iran’s final decision over the reopening of the Strait of Hormuz.

Commerzbank’s Volkmar Baur expects the Reserve Bank of New Zealand (RBNZ) to keep rates unchanged at its April meeting, despite the Reserve Bank of Australia’s (RBA) recent hike and the Third Gulf War shock.

The Euro (EUR) is showing a moderate selling tone against the US Dollar (USD) as traders return from a long Easter weekend on Tuesday.

Danske Bank analysts stress that tensions in the Middle East and disruptions around the Strait of Hormuz are keeping Oil markets on edge. Brent has risen to 111 USD/bbl as traders assess risks to global energy supply.

The USD/CHF pair gathers strength near 0.7990 during the early European trading hours on Tuesday. The Greenback edges higher against the Swiss Franc (CHF) on a widening monetary policy divergence between the US Federal Reserve (Fed) and the Swiss National Bank (SNB).

The AUD/USD pair trades in a tight range around 0.6900 during the early European trading session on Tuesday.

The Indian Rupee (INR) ticks up against the US Dollar (USD) in the opening trade on Tuesday.

The EUR/GBP cross trades on a flat note around 0.8720 during the early European session on Tuesday. Traders will take more cues from the Eurozone Retail Sales and German inflation data, which are due later this week.

The European Central Bank (ECB) policymaker, Dimitar Radev said on Tuesday that it is too early to say if rate hike at the April policy meeting is needed.

AUD/JPY holds ground after posting gains in the previous trading day, hovering around 110.50 during the Asian hours on Tuesday. The currency cross remains in the positive territory as the Japanese Yen (JPY) weakens amid uncertainty surrounding the Bank of Japan’s (BoJ) policy stance.

Japan Coincident Index down to 116.3 in February from previous 117.9

Japan Leading Economic Index came in at 112.4, above expectations (112.3) in February

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – catches fresh bids during the Asian session on Tuesday and climbs back closer to a nearly four-week high set the previous day.

Gold prices rose in India on Tuesday, according to data compiled by FXStreet.

The EUR/JPY cross holds steady near 184.35 during the early European session on Tuesday. However, the potential upside for the cross might be limited as ongoing tensions between the United States (US) and Iran could boost a safe-haven currency such as the Japanese Yen (JPY).

USD/CNH gains ground after registering modest losses in the previous session, trading around 6.8800 during the Asian hours on Tuesday.

Asian equity markets opened mixed on Tuesday, tracking US stock index futures, as investors remain cautious ahead of US President Donald Trump's deadline for Iran to reopen the Strait of Hormuz.

Gold (XAU/USD) remains on the back foot during the Asian session on Tuesday, though it lacks follow-through selling and trades in the previous day's broader range.

The EUR/USD pair ticks marginally lower around 1.1530 during the Asian trading session on Tuesday, but is broadly sideways, wobbling inside Monday’s trading range.

GBP/USD pares its recent gains from the previous day, trading around 1.3220 during the Asian hours on Tuesday. The pair depreciates as the US Dollar (USD) gains ground amid increased risk aversion, which could be attributed to the Middle East peace truce uncertainty.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 100.10 during the Asian trading hours on Tuesday.

The NZD/USD pair attracts some sellers to around 0.5700 during the Asian trading hours on Tuesday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) as heightened uncertainty in the Middle East boosts demand for a safe-haven currency. 

USD/CAD edges higher after registering modest losses in the previous day, trading around 1.3930 during the Asian hours on Tuesday. The pair appreciates as the US Dollar (USD) gains ground amid increased risk aversion, which could be attributed to the Middle East peace truce uncertainty.

The advisor to Iran's Parliament Speaker, Mohammad Bagher Ghalibaf,  said on Tuesday that US President Donald Trump has about 20 hours to either surrender to Iran, or his allies will return to the Paleolithic Age. Ghalibaf emphasized that Iran will not back down.

The USD/JPY pair touches a one-week high during the Asian session on Tuesday, though it lacks follow-through and remains below the 160.00 psychological mark amid mixed fundamental cues.

Australia ANZ Job Advertisements: -3.1% (March) vs previous 3.2%

Australia TD-MI Inflation Gauge (YoY) climbed from previous 3.6% to 4.3% in March

New Zealand ANZ Commodity Price declined to 4.1% in March from previous 4.2%

On Tuesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8854 compared to last Friday's fix of 6.8929 and 6.8773 Reuters estimate.

AUD/USD steadies after registering modest gains in the previous trading day, hovering around 0.6920 during the Asian hours on Tuesday. The pair shows limited movement following the release of Australia’s S&P Global Purchasing Managers’ Index (PMI) data.

Australia TD-MI Inflation Gauge (MoM) increased to 1.3% in March from previous -0.2%

Silver (XAG/USD) extends its sideways consolidative price move for the second straight day and holds steady around the $73.00 mark during the Asian session on Tuesday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.60 during the early Asian trading hours on Tuesday.

The EUR/USD pair flat lines around 1.1540 during the early Asian session on Tuesday. The major pair steadies as traders monitor US President Donald Trump's deadline regarding the Strait of Hormuz. The US Durable Goods Orders and ADP Employment reports are due later on Tuesday. 

Ireland AIB Services PMI: 50.7 (March) vs previous 51.8

Japan’s Finance Minister Satsuki Katayama said on Tuesday that G7 finance ministers and central bankers agreed that fluctuating oil prices cause high volatility in financial and foreign exchange markets.

Japan JP Foreign Reserves declined to $1B in March from previous $1410.7B

Japan Overall Household Spending (YoY) below forecasts (-0.7%) in February: Actual (-1.7%)

US President Donald Trump said that the latest proposal for a US ceasefire with Iran is “not good enough,” ahead of his deadline for Iran to either reopen the Strait of Hormuz or face major attacks on its civilian infrastructure, CNBC reported on Monday.

Gold price (XAU/USD) recovers to near $4,660 during the early Asian session on Tuesday. The precious metal drifts higher as traders watch US President Donald Trump's Tuesday deadline for military strikes on Iranian infrastructure following the closure of the Strait of Hormuz.

GBP/JPY consolidates above the 211.00 figure yet remains unable to crack key resistance at the 211.50 psychological level due to an improvement in risk appetite, along with the 50-day Simple Moving Average (SMA) at 211.26 acting as a magnet.

Australia S&P Global Services PMI below forecasts (46.6) in March: Actual (46.3)

Australia S&P Global Composite PMI came in at 46.6, below expectations (47) in March

GBP/USD traded flat on Monday, settling close to 1.3240 in a thin session with the UK on Easter Monday holiday. The pair bounced modestly from last week's low near 1.3180, which marked the weakest level since mid-March, but the recovery has so far been shallow.

USD/JPY traded flat on Monday, edging up less than 0.1% to settle around 159.60 in a quiet session ahead of the US data release.

The Australian Dollar rallied by over 0.50% amid an improvement in risk appetite, though gains were capped by Iran’s rejection of a ceasefire deal, pushing traders to trim long positions in the AUD/USD pair. At the time of writing, the pair trades at 0.6918, still above its opening price.

The NZD/USD pair trades with a bullish tone near the 0.5710 region on Tuesday, as the US Dollar (USD) softens amid improving risk sentiment driven by ceasefire hopes in the Middle East.