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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
USD/JPY is consolidating below 160.75 in Thursday's Asian trading, with intervention fears lending support to the Japanese Yen and capping the pair's upside amid a modest US Dollar downtick. The signing of a US-Iran peace deal to end the war and reopen the Strait of Hormuz undermines the Greenback's reserve-currency status.
AUD/USD bounces back toward 0.7050 in the Asian session on Thursday as the US Dollar retreats from its highest level since late March, touched in reaction to the Fed's hawkish tilt the previous day. The US and Iran electronically signed a MoU aimed at ending the war and reopening the Strait of Hormuz, boosting investors' confidence and undermining the safe-haven USD.
Gold is reversing the previous slump early Wednesday, regaining $4,300 after finding fresh buyers near $4,250. The US Dollar retreats as US-Iran peace deal optimism overshadows hawkish Fed outlook. Technically, Gold needs a sustained break above the 21-day SMA near $4,390 to revive the recovery.
Ripple steadies at $1.19 below the upper boundary of its falling channel after facing rejection. Meanwhile, Stellar extends its gains, rallying over 25% so far this week. Derivatives metrics suggest a cautious outlook for XRP, while XLM's improving futures positioning suggests a bullish outlook.
The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.
