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.

Market Analysis by covering: British Pound US Dollar, DAX. Read ‘s Market Analysis on Investing.com

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.

Overall Trend: At the beginning of a bearish bias.

The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, holds steady on Wednesday, hovering near one-week highs as the extension of the US-Iran ceasefire is seen as a temporary pause in military escalation rather than a real breakthrough, suggesting th

Cautious trade has given way to a break back above 159.00