Forex News: Antipodean Currencies Rise Amid Oil Price Surges

Antipodean Currencies Rise Amid Oil Price Surges

(RTTNews) - The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the European session on Wednesday, as the crude oil prices traded higher as the U.S and Iran escalated a standoff over control of the Strait of Hormuz, raising fears of prolonged disruptions to energy supplies.

Brent crude futures traded half a percent higher above $85 a barrel, while WTI crude futures were up 0.6 percent at $79.83.

U.S. forces resumed the naval blockade against vessels transiting to and from Iranian ports and coastal areas, and President Donald Trump threatened to hit energy targets in Iran, deepening fears of a wider supply disruption.

U.S. forces will intensify their campaign in the coming days, targeting power plants and bridges if Iran refuses to sign a deal with Washington, Trump was quoted as saying by Fox News.

Also, XAU/USD traded around $4,064, up 0.30 percent, rebounding from an intraday low of $4,017.

After weaker-than-expected US Producer Price Index (PPI) data weighed on the US dollar (USD) and US Treasury yields, gold (XAU/USD) edged higher on Wednesday, reversing its intraday losses.

The most recent numbers come after Tuesday's US Consumer Price Index (CPI) data was worse than anticipated. The non-yielding metal has increased as a result of lower expectations of an immediate Federal Reserve (Fed) interest rate hike brought on by the softer inflation data.

In economic news, China's economy logged its weakest expansion since the final quarter of 2022 on declining investment and subdued domestic consumption, underscoring the need for stimulus measures to support growth.

Gross domestic product posted an annual growth of 4.3 percent in the second quarter after rising 5.0 percent in the preceding period, the National Bureau of Statistics reported Wednesday. The rate marked the slowest since the fourth quarter of 2022 and also came in weaker than forecast of 4.5 percent.

Data showed that fixed asset investment declined 5.7 percent in the first half of the year, which was worse than forecast of 5.0 percent. At the same time, property investment slumped 18.0 percent from the last year.

Retail sales increased only 1.0 percent on a yearly basis in June. Nonetheless, sales rebounded from a 0.6 percent decline seen in May and confounded expectations for a decline of 0.1 percent.

Meanwhile, industrial production growth accelerated more-than-expected to 5.3 percent from 4.5 percent in the previous month. Economists had forecast an annual increase of 4.7 percent.

In the European trading today, the Australian dollar rose to a 4-week high of 113.48 against the yen and a 2-day high of 0.9834 against the Canadian dollar, from early lows of 113.12 and 0.9803, respectively. If the aussie extends its uptrend, it is likely to find resistance around 115.00 against the yen and 0.99 against the loonie.

Against the U.S. dollar and the euro, the aussie advanced to more than 3-week highs of 0.6998 and 1.6334 from early lows of 0.6976 and 1.6384, respectively. The aussie may test resistance around 0.71 against the greenback and 1.62 against the euro.

The NZ dollar rose to near 1-1/2-month highs of 94.61 against the yen and 1.9592 against the euro, from early lows of 94.21 and 1.9682, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 95.00 against the yen and 1.93 against the euro.

Against the U.S. and the Australian dollars, the kiwi edged up to 0.5834 and 1.1994 from early lows of 0.5809 and 1.2024, respectively. The kiwi is likely to find resistance around 0.59 against the greenback and 1.18 against the aussie.

Looking ahead, U.S. weekly EIA crude oil data and U.S. Fed Beige Book report are slated for released later in the day.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2026 RTTNews.com. All Rights Reserved

Market News provided by RTTNews