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EUR/USD finds support near 1.1450 after snapping a five-day losing streak.
US President Trump is willing to end the war with Iran, WSJ reported.
Investors await flash Eurozone HICP data for March.
The EUR/USD pair attracts bids after a five-day losing streak and edges higher to near 1.1475 during the Asian trading session on Tuesday. The major currency pair ticks up as the US Dollar (USD) edges down amid hopes of an end to the month-long war in the Middle East.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades slightly lower to near 100.40.
The expectations of peace in the Middle East war, which involves the United States (US), Israel, and Iran, have accelerated as President Trump has stated that he is willing to end the war, the Wall Street Journal (WSJ) reported. The report also shows that Trump is ready for peace despite the Strait of Hormuz remaining largely closed, as he doesn’t intend a forceful reopening to avoid stretching the military mission beyond his timeline of four to six weeks.
The continuous closure of the Hormuz, through which almost 20% of global energy is supplied, would limit the upside in the oil price, a scenario that will keep global inflation projections elevated. This could be the reason behind a slight downtick in the US Dollar, which should have faced intense selling pressure on peace hopes, as it rallied in the past few weeks due to hopes that de-anchored inflation expectations would discourage the Federal Reserve (Fed) from loosening the monetary policy in the near term.
Meanwhile, higher oil prices are expected to remain a key drag on the Euro (EUR), given that the Eurozone is an energy importer.
On the macro front, investors await the flash Eurozone Harmonized Index of Consumer Prices (HICP) data for March, which will be published at 09:00 GMT. The headline HICP is expected to have grown at a robust pace of 2.7% Year-on-Year (YoY) against the previous reading of 1.9%.
