The Australian and New Zealand dollars and the euro led early gains against the US dollar as the Iran war pauses. The Swiss franc was the biggest mover of the morning, while weekend oil markets showed a 3% decline ahead of the open.
The Australian dollar led risk-currency gains at the start of the week, climbing 0.33% to 0.7002 and back above the 0.70 handle as the Iran war pauses. New Zealand’s dollar tracked the Aussie higher, extending 0.29% to 0.5804 from Friday’s 0.5787 close. The euro firmed too, up 0.22% to 1.1392 and holding within Friday’s 1.1386-1.1399 range.
Meanwhile, the Swiss franc was bid as the dollar softened against it, and USD/CHF fell 0.23% to 0.8162 — the biggest move of the morning. Sterling was a touch firmer, with GBP/USD at 1.3332, up 0.1% and sitting right at Friday’s high.
Elsewhere, USD/JPY slipped 0.1% to 163.67, a small pullback from the 163.84 close but still hovering near recent highs. The loonie was steady, with USD/CAD at 1.4083, down 0.06% and just under 1.41.
The oil market opens at the top of the hour, and weekend markets are showing a 3% decline. The price action in FX so far validates that, but it could change at any minute as the US and Iran remain far away from a lasting peace.
Source: Investinglive
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