Forex News: Commodity Currencies As Rise U.S.-Iran Peace Deal Lifts

Commodity Currencies As Rise U.S.-Iran Peace Deal Lifts Sentiment

(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Monday, with investors cheering the news about Iran and the U.S. signing a peace deal to end the crisis in the Middle East.

The preliminary framework includes halting the U.S. blockade of Iran and reopening of the Strait of Hormuz. The resultant sharp drop in oil prices has helped ease inflation concerns, adding to the upbeat sentiment in the markets.

According to reports, an official signing ceremony is scheduled to take place in Switzerland on June 19.

U.S. President Donald Trump announced the agreement on Truth Social on Sunday, saying, "The Deal with the Islamic Republic of Iran is now complete."

"Let the oil flow!" the U.S. President exclaimed and declared that the "great deal" would bring "peace and security to the whole region."

Investors await the Federal Reserve's (Fed) monetary policy decision due to be release on Wednesday. It is generally anticipated that the Fed will keep interest rates unchanged. In the Asian trading today, the Australian dollar rose to 10-day highs of 0.7088 against the U.S. dollar, 113.42 against the yen and 0.9894 against the Canadian dollar, from Friday's closing quotes of 0.7046, 112.90 and 0.9857, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.73 against the greenback, 114.00 against the yen and 0.99 against the loonie.

Against the euro and the NZ dollar, the aussie advanced to a 6-day high of 1.6380 and a 4-day high of 1.2108 from last week's closing quotes of 1.6419 and 1.2079, respectively. The aussie may test resistance around 1.62 against the euro and 1.22 against the kiwi.

The NZ dollar rose to 10-day highs of 0.5863 against the U.S. dollar and 93.81 against the euro, from Friday's closing quotes of 0.5834 and 93.47, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.59 against the greenback and 95.00 against the yen.

Against the euro, the kiwi edged up to 1.9818 from last week's closing value of 1.9832. On the upside, 1.95 is seen as the next resistance level for the 1.95 region.

The Canadian dollar rose to a 2-month low of 1.6221 against the euro and a 4-day high of 1.3950 against the U.S. dollar, from Friday's closing quotes of 1.6184 and 1.3990, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.63 against the euro and 1.38 against the greenback.

Against the yen, the loonie edged up to 114.71 from last week's closing value of 114.54. The loonie may test resistance around the 116.00 region.

Meanwhile, the safe-haven currencies such as the yen and the U.S. dollar fell amid rising risk-appetite.

The yen fell to 10-day lows of 185.96 against the euro, 215.38 against the pound and 201.86 against the Swiss franc, from Friday's closing quotes of 185.36, 214.83 and 201.00, respectively. If the yen extends its downtrend, it is likely to find support around 188.00 against the euro, 216.00 against the pound and 204.00 against the franc.

Against the U.S. dollar, the yen edged down to 160.23 from an early 4-day high of 159.88. The yen is likely to find support around the 161.00 region.

The U.S. dollar fell to 10-day lows of 1.1622 against the euro and 1.3461 against the pound, from last week's closing quotes of 1.1569 and 1.3407, respectively. If the greenback extends its downtrend, it is likely to find support around 1.17 against the euro and 1.36 against the pound.

Against the Swiss franc, the greenback dropped to a 10-day low of 0.7928 from Friday's closing value of 0.7972. The greenback is likely to find support around the 0.77 region.

Looking ahead, Eurozone industrial production for April is due to be released at 5:00 am ET in the European session.

In the New York session, Canada housing starts for May, manufacturing sales for April, wholesale sales for April, U.S. New York Empire State manufacturing index for June, industrial and manufacturing productions for May and U.S. NAHB housing market index for June are slated for release.

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