Asia Roundup: Dollar drops on Iran de-escalation hopes, Asian stock rallies, Gold ticks up , Oil slides –April 1st,2026

Market Roundup

 •  Australia Building Approvals (MoM) (Feb): 29.7%, 5.8% forecast, -7.2% previous

 •  Australia Building Approvals (YoY) (Feb): 14.00%, -15.70% previous

 •  Australia Private House Approvals (Feb): 0.2%, 1.7% previous

 •  Japan au Jibun Bank Manufacturing PMI (Mar): 51.6, 51.6 forecast, 51.4 previous

 •  China Caixin Manufacturing PMI (Mar): 50.8, 51.6 forecast, 52.1 previous

Looking Ahead Economic Data (GMT) 

 •10:00   Irish Unemployment (Mar) 4.6% previous

Looking Ahead Events And Other Releases (GMT)  

•No Events Ahead

Currency Forecast

EUR/USD : The euro strengthened    on Wednesday   as investors grew cautiously optimistic about prospects for a ceasefire in the Middle East conflict, though mixed signals kept markets on edge.The White House said U.S. President Donald Trump would address the nation "to provide an important update on Iran" at 9 p.m. EDT on Wednesday (0100 GMT on Thursday). The president said earlier in the day the U.S. could end its military campaign against Iran within two to three weeks, while Secretary of State Marco Rubio told Fox News Washington could see the "finish line" in the Iran war.At the same time, there were signs of escalation in the conflict. U.S. Defense Secretary Pete Hegseth said the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not make a deal. Immediate resistance can be seen at 1.1620(38.2%fib), an upside break can trigger rise towards 1.1704 (Higher BB).On the downside, immediate support is seen at 1.1553(SMA 20), a break below could take the pair towards 1.1436(23.6%fib).

GBP/USD:The British pound edged higher against the dollar on Wednesday  as global markets rallied on hopes of a de-escalation in the Iran conflict.Global investor appetite was buoyed by comments from President Donald Trump that the U.S. could end its military campaign against Iran within two to three weeks. U.S. Secretary of State MarcoRubio said Washington will have to reexamine its relations with NATO after the war ends.Trump will provide an update on Iran in an address to the nation at 9 p.m. ET on Wednesday (0100 GMT on Thursday), White House spokeswoman Karoline Leavitt said on X. Immediate resistance can be seen at 1.3236(SMA 20), an upside break can trigger rise towards 1.3399(50%fib).On the downside, immediate support is seen at 1.3228(38.2%fib ), a break below could take the pair towards 1.3156(Lower BB).

AUD/USD: The Australian dollar firmed on Wednesday as improving market sentiment, driven by hopes of a possible de-escalation in the Iran conflict, supported risk currencies like the Australian dollar.   Investors are increasingly reacting to geopolitical developments, with comments from Donald Trump indicating that attacks on Iran could potentially end within 2–3 weeks.Adding to the cautious optimism, unconfirmed reports suggest that Iran’s president may be open to a ceasefire. However, the conflict remains ongoing, keeping uncertainty elevated and limiting stronger risk rallies.  Looking ahead, Australia’s February trade balance data is due Thursday, with markets expecting a surplus of around AUD 2.58 billion.. Meanwhile, key U.S. releases include February retail sales, expected to rise by 0.5% month-on-month, and the March nonfarm payrolls report on Friday, forecast at +60K. These will be crucial in shaping the U.S. dollar outlook.  Immediate resistance can be seen at 0.6955(50%fib), an upside break can trigger rise towards 0.7008(SMA 20).On the downside, immediate support is seen at 0.6893(Daily low), a break below could take the pair towards 0.6839(61.8%fib).

USD/JPY:  The U.S. dollar eased   against yen   on Wednesday    on Wednesday    as market optimism grew over a potential de-escalation of tensions in the Middle East.Investors were encouraged after Donald Trump signaled that U.S. military operations in Iran could conclude “very soon,” pointing to a potential timeline of two to three weeks.The yen rebounded from this year’s low of 160.46 per dollar, moving back above the key 160 level that had raised concerns of intervention by Japanese authorities.On the data front, the Bank of Japan's quarterly Tankan survey showed business sentiment among large Japanese manufacturers improved in the three months to March, though firms expect conditions to worsen in the next three months. Immediate resistance can be seen at 158.98(Daily high) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at  158.09(38.2%fib)  a break below could take the pair towards 157.22 (Lower BB).

Equities Recap

Asian stock markets rallied on Wednesday after U.S. President Donald Trump's comments raised hopes of a de-escalation in the Middle East war

Japan’s Nikkei 225 was up  by  5.31% ,  Hang Seng was up  at  1.9 %, China A50 wasdow  at 1.50%

Commodities Recap

Gold prices climbed on Wednesday to a near two-week high, supported by a weaker dollar after Donald Trump signaled the Iran war could wind down within weeks.

Spot gold rose 1% to $4,717.82 per ounce by 0712 GMT, its highest level ​since March 20. U.S. gold futures for April delivery gained 1.4% to $4,744.30.

Oil tumbled more than 3% on Wednesday, reversing earlier gains as persistent Middle East volatility ‌unnerved markets even amid reports the U.S.-Israeli war with Iran could be winding down.

The front-month Brent contract for June fell $3.33, or 3.2%, to $100.64 per barrel at 0641 GMT. U.S. West Texas Intermediate (WTI) crude futures for May slipped $3.34, or 3.3%, to $98.04 per barrel