EUR/PKR Exchange rate

AUD/USD trades with a positive bias for the third straight day as the Iran-Israel ceasefire continues to erode the safe-haven appeal of the USD, despite Powell's hawkish remarks on Tuesday, and benefit the risk-sensitive Aussie. Traders now look to monthly Australian consumer inflation figures for a fresh impetus ahead of Powell's second day of congressional testimony.

USD/JPY remains depressed below the 145.00 mark, marking a one-week low following the release of strong Services PPI from Japan, which supports the case for more BoJ rate hikes and underpins the JPY. Meanwhile, the USD struggled to attract buyers after Fed's Powell reaffirmed the wait-and-see rate policy.

Gold price is looking to build on the previous day's bounce from sub-$3,300 levels, or over a two-week low, amid the prevalent USD selling bias. However, Powell's hawkish tone could limit deeper USD losses. Furthermore, the Israel-Iran ceasefire optimism might cap the yellow metal.

Circle shares slid 15% on Tuesday following analysts' predictions that declining interest rates and competition from other stablecoin issuers would affect its long-term growth.

As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.