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AUD/USD surges near the 0.7240 price region, supported by improving risk sentiment after Axios reported that the United States (US) and Iran are moving closer to a deal aimed at ending the conflict.

EUR/GBP trades flat on Wednesday after trimming earlier gains as geopolitical headlines surrounding a potential US-Iran peace deal triggered fresh volatility across the FX market.

USD/CHF declines around 0.7790 on Wednesday at the time of writing, down 0.50% on the day, as the US Dollar (USD) remains under pressure in a more risk-positive market environment.

The New Zealand Dollar (NZD) appreciates more than 1.5% against the US Dollar (USD) on Wednesday, as rumours that Washington and Iran are close to a peace deal have boosted risk appetite.

GBP/USD advances on Wednesday and trades around 1.3630 at the time of writing, up 0.65% on the day, benefiting from the broad weakness of the US Dollar (USD).

West Texas Intermediate (WTI) US Oil falls sharply on Wednesday and trades around $91.00 at the time of writing, posting an 8.91% daily decline as markets rapidly reassess geopolitical risks in the Middle East following reports from Axios suggesting major progress between the United States (US) and

MUFG’s Derek Halpenny argues that recent USD/JPY moves likely reflect renewed Japanese Ministry of Finance intervention, with the pair dropping nearly three big figures after testing the 158.00 area.

Here is what you need to know on Wednesday, May 6:

USD/CAD extends its losses for the second successive day, trading around 1.3590 during the early European hours on Wednesday. However, the technical analysis of the daily chart indicates the pair is positioned within the descending channel pattern, signaling an ongoing bearish bias.

The EUR/USD pair gathers strength around 1.1730 during the early European trading hours on Wednesday. The Euro (EUR) edges higher against the US dollar (USD) amid hopes for a US-Iran peace deal. Traders will keep an eye on the release of the US ADP April Employment Change report later on Wednesday.