Forex News: Commodity Currencies Rise As European Shares Traded Higher

Commodity Currencies Rise As European Shares Traded Higher

(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the European session on Tuesday, as European stock markets traded higher on renewed hopes for progress in Middle East peace talks, with reports suggesting that there could be a second round of talks to end the West Asia conflict.

Without further elaborating details, U.S. President Donald Trump said on Monday that the U.S. has been called by the other side and he is still willing to engage with Tehran.

Gold prices rose toward $4,800 an ounce in Asian trade as the U.S. dollar faltered on renewed optimism for a negotiated end to the U.S.-Iran war. Brent crude prices dropped nearly 1 percent toward $98 a barrel.

China's export growth slowed sharply to hit a five-month low of 2.5 percent in dollar terms in March, while imports surged 27.8 percent from a year ago, logging their strongest growth in more than four years, China customs data showed today.

RBA deputy governor Andrew Hauser said stagflation is a "central banker's nightmare" and the coming months will be challenging for the country.

Investors await speeches by European Central Bank (ECB) President Christine Lagarde and Bank of England (BoE) Governor Andrew Bailey at the IMF forum, due later in the day.

In the European trading today, the Australian dollar rose to nearly a 4-week high of 0.7122 against the U.S. dollar and a 4-day high of 0.9797 against the Canadian dollar, from early lows of 0.7077 and 0.9757, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.72 against the greenback and 0.99 against the loonie.

Against the yen and the euro, the aussie advanced to 113.13 and 1.6565 from early lows of 112.62 and 1.6618, respectively. The aussie may test resistance around 115.00 against the yen and 1.63 against the euro.

The NZ dollar rose to near 5-week high of 0.5902 against the U.S. dollar and 93.78 against the yen, from early lows of 0.5857 and 93.23, respectively. The kiwi may test resistance around 0.59 against the greenback and 95.00 against the yen.

Against the euro, the kiwi advanced to a 4-day high of 1.9987 from an early low of 2.0080. If the kiwi extends its uptrend, it is likely to find resistance around the 1.95 region.

The kiwi edged up to 1.2043 against the Australian dollar, from an early low of 1.2092. On the upside, 1.18 is seen as the next resistance level for the kiwi.

The Canadian dollar rose to nearly a 3-week high of 1.3756 against the U.S. dollar and a 4-day high of 1.6238 against the euro, from early lows of 1.3790 and 1.6209, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.38 against the greenback and 1.63 against the euro.

Against the yen, the loonie advanced to 115.60 from an early low of 115.33. The loonie may test resistance around the 117.00 region.

The safe-haven currencies such as the U.S. dollar and the yen weakened as the U.S. blockade of Iran's ports officially came into force and reports suggested that the U.S. and Iran are arranging a second round of negotiations to end their conflict.

Discussions between Washington and Tehran are ongoing and another round of negotiations remains possible, with Turkey reportedly working to bridge differences between both sides, according to CNN.

The U.S. administration remains cautiously optimistic that a diplomatic breakthrough is still achievable, and both sides could consider extending the ceasefire deadline to allow additional time for negotiations, it was said.

According to reports by the New York Times and the Wall Street Journal, Tehran proposed suspending uranium enrichment for up to five years, an offer rejected by Washington which insisted on a 20-year freeze.

The U.S. dollar fell to nearly a 1-1/2-month low of 1.1799 against the euro, nearly a 2-month low of 1.3552 against the pound and more than a 1-month low of 0.7801 against the yen, from early highs of 1.1756, 1.3504 and 0.7839, respectively. If the greenback extends its downtrend, it is likely to find support around 1.18 against the euro, 1.36 against the pound and 0.76 against the franc.

Against the yen, the greenback slid to a 5-day low of 158.81 from an early high of 159.34. The greenback is likely to find support around the 157.00 region.

The yen fell to a 36-year low of 187.54 against the euro and an 18-year low of 215.48 against the pound, from early highs of 187.09 and 214.91, respectively. If the yen extends its downtrend, it is likely to find support around 188.00 against the euro and 216.00 against the pound.

Against the Swiss franc, the yen dropped to nearly a 5-week low of 203.90 from an early high of 203.02. The yen is likely to find support around the 204.00 region.

Looking ahead, U.S. NFIB business optimism index for March, U.S. ADP weekly employment data, U.S. PPI data for March and U.S. Redbook report are slated for release in the New York session.

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