Forex Today: Markets steady after two days of risk-driven gains

Market Overview for Wednesday, April 15

As Wednesday begins, financial markets are experiencing a period of calm following the upbeat sentiment that dominated the start of the week. Later today, attention will turn to the US economic calendar, which includes the release of March's Import and Export Price Index data, as well as April's Empire State Manufacturing Index from the Federal Reserve Bank of New York. Additionally, several key figures from the European Central Bank (ECB), Bank of England (BoE), and the Fed are scheduled to speak during US trading hours.

Optimism has been building around the possibility of the US and Iran reaching an agreement to end the ongoing conflict before the set deadline, fueling risk appetite in the markets on Tuesday. According to the New York Post, US President Donald Trump hinted that developments could occur in Pakistan within the next two days. Later, in an interview with Fox News, he suggested that the conflict with Iran was nearing resolution and emphasized a strong desire to finalize a deal. US Vice President JD Vance also expressed that negotiations are progressing, with both parties actively working toward an agreement.

During the European morning session, US stock index futures are holding steady after Wall Street's main indices posted significant gains the previous day. The US Dollar (USD) Index remains stable near 98.00, though it has declined by over 0.5% since the start of the week.

EUR/USD is consolidating just below the 1.1800 mark, following a six-week high set above this level on Tuesday. Investors are awaiting the release of February's Industrial Production figures from Eurostat later in the day.

AUD/USD is trading positively around 0.7150 during Wednesday's European session. Looking ahead, market participants are focused on Thursday's early Asian session, which will bring Australia's March employment report and China's first-quarter GDP growth data.

GBP/USD continued its upward momentum on Tuesday, approaching the 1.3600 level. However, the pair has since pulled back slightly and is now moving within a narrow range just above 1.3550 midweek.

USD/JPY is relatively unchanged near 159.00 after experiencing a 0.4% decline on Tuesday.

Gold surged by over 2% on Tuesday, gaining strong upward momentum. Early Wednesday, XAU/USD has edged lower and is trading just above $4,800, representing a daily decrease of approximately 0.6%.