Forex Today: US Dollar retreats as mood improves on falling Oil prices
Here is what you need to know on Tuesday, March 10:
Here is what you need to know on Tuesday, March 10:
The EUR/USD pair edges lower to around 1.1615 during the early European session on Tuesday. Concerns over oil flow disruptions through the Strait of Hormuz boost the US Dollar (USD) as a safe-haven and create a headwind for the major pair.
The Hang Seng Index has shown relative resilience during the US–Iran war 2026, outperforming many Asian peers as policy signals from China’s National People's Congress supported sentiment. After rebounding from 24,765 and reclaiming its 200-day moving average, the index now faces a crucial 26,350 resistance level that could determine whether a stronger bullish recovery unfolds.
The EUR/JPY cross loses traction to around 183.20 during the early European session on Tuesday. The Japanese Yen (JPY) strengthens against the Euro (EUR) as escalating conflict in the Middle East boosts safe-haven demand.
Silver (XAG/USD) attracts some buyers in Tuesday’s early European trading hours. The white metal currently trades around $88.00, up 1.20% for the day, after facing a volatile session at the start of a new week.
The NZD/USD pair attracts some sellers during the Asian session on Tuesday and erodes a part of the previous day's goodish recovery gains from levels just below mid-0.5800s.
The General Administration of Customs will publish its data for February on Tuesday at 03.00 GMT. Trade balance is expected to widen to $179.60B in February, compared to $114.10B in the previous reading.
AUD/USD jumped about 0.8% on Monday, closing just shy of 0.7100 in a session that erased a large portion of last week's pullback.
News that several countries have cut Oil output hit the financial markets on Monday as Oil producers claimed they are unable to export through the Strait of Hormuz amid threats from Iran.
US Dollar, AUD/USD and EUR/USD Analysis: The US Dollar took a turn lower after reaching 2026 highs as geopolitical tensions from the US-Iran-Israel conflict triggered a global rush for dollar liquidity. With WTI and Brent experiencing historic volatility, traders are now watching whether the Dollar’s momentum can extend further across key FX pairs.