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US Dollar Dips as Iran Rejects Ceasefire Amid Rising Middle East Tensions 
Oil Prices Crash 15% as Trump and Iran Agree to Two-Week Ceasefire 
RBNZ Holds Rates at 2.25% as Middle East Conflict Fuels Inflation Concerns 
Xi Jinping Pushes Demand-Driven Strategy to Modernize China's Service Sector 
Asian Currencies Waver as Dollar Holds Firm Amid Middle East Tensions 
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Trump-Iran Ceasefire Sends Dollar Tumbling as Global Currencies Surge 
Energy Prices and Dollar Climb as U.S.-Iran Conflict Grips Global Markets 
India's Services Sector Growth Slows to 14-Month Low in March Amid Rising Costs 
Asian Stocks Surge as U.S.-Iran Ceasefire Deal and Samsung Earnings Boost Market Confidence 
Asian Currencies Hold Steady as Trump's Iran Deadline Rattles Markets 
Global LNG Exports Drop 4% in Q1 2026 as Qatar Shutdown Reshapes Energy Markets 
Global Markets Waver as U.S.-Iran War Deadline Looms and Oil Prices Surge 
Most Asian currencies gained ground on Wednesday as the US dollar retreated to a four-week low amid improving global risk appetite, fueled largely by a surprise ceasefire agreement between US President Donald Trump and Iran. The development eased fears of a prolonged Middle East conflict and sent oil prices tumbling below $100 per barrel.
The US Dollar Index shed nearly 1%, with futures contracts also trading around 0.9% lower in early Asian hours. The retreat in the greenback provided broad support across regional currencies, with several posting notable gains.
Trump announced late Tuesday that both sides had agreed to a two-week "double-sided" ceasefire, struck just before a self-imposed deadline for potential large-scale US military action. The deal, brokered through Pakistan's diplomatic efforts, hinges on Iran guaranteeing the full and immediate reopening of the Strait of Hormuz — a critical global shipping route. Analysts at MUFG noted that de-escalation in the region is particularly favorable for Asia, which has been disproportionately affected by the threat of a Strait closure.
The Chinese yuan surged to its strongest level against the dollar in three years, with the USD/CNY pair falling to 6.82. The Japanese yen and South Korean won also strengthened, while the Singapore dollar posted moderate gains.
In monetary policy news, the Reserve Bank of New Zealand held its benchmark interest rate steady at 2.25%, in line with market forecasts. The central bank cautioned that elevated oil prices could temporarily drive inflation higher even as economic momentum slows. The New Zealand dollar jumped 1.7% following the announcement. The Australian dollar climbed 1.2%.
Meanwhile, the Indian rupee edged higher ahead of the Reserve Bank of India's policy decision, where the repo rate is broadly expected to remain at 5.25%. Traders are also watching Friday's US consumer price index release for fresh signals on the Federal Reserve's monetary policy direction.
