Little change, as prices extend cautious trade around 1.3650

The situation in the Eurozone, particularly in its “engine,” Germany, is deteriorating rapidly in the face of the ongoing conflict with Iran. It is worth noting that Germ…

GBP/USD holds steady on Wednesday as geopolitical tensions remain high amid the lack of progress toward resuming negotiations between the US and Iran. An absent economic schedule in the US, keeps traders leaning on the latest UK inflation figures, which showed the effects of the energy shock.

The EUR/USD forecast has taken a hit in the last few days owing to the lack of any progress in the Strait of Hormuz situation.

Emerging market currencies resist a stronger dollar despite Iran conflict and $100 oil.

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the US Dollar (USD) was largely unmoved by Kevin Warsh’s Senate hearing, as he defended Federal Reserve independence and avoided clear policy guidance.

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Buy the AUD/USD pair and set a take-profit at 0.7250.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is little changed versus the US Dollar (USD), trading around the midpoint of Tuesday’s range. April’s broader USD decline has largely closed CAD’s valuation gap to fair value near 1.3563.

The Euro trimmed some losses against the US dollar after President Trump announced an extension of the ceasefire for negotiations to continue but the blockade of the Strait of Hormuz will still be in effect. Reacting to the update, the EURUSD made minimal gains but still capped under 1.1760.