EUR/USD rises to approximately 1.1670 during the early Asian session on Wednesday. Trump has reached an agreement for a two-week ceasefire with Iran. Market participants are preparing for the release of the FOMC Minutes later on Wednesday. The EUR/USD pair rises to approximately 1.1670 in the early Asian session on Wednesday. The Euro appreciates against the Greenback following US President Donald Trump’s agreement to a two-week ceasefire with Iran.
A White House official indicated that Trump stated he had consented to a two-week ceasefire with Iran on Tuesday, contingent upon Iran’s agreement to reopen the vital Strait of Hormuz. According to source, Israel has also consented to the ceasefire. Trump’s announcement followed the proposal of a ceasefire by Pakistani Prime Minister Shehbaz Sharif, aimed at facilitating diplomatic negotiations between the US and Iran.
Market participants will pay close attention to the unfolding events related to the US-Iran ceasefire. Indicators of reduced tension in the Middle East may support riskier assets like the shared currency in the short term. The minutes from the Federal Open Market Committee are set to be the focal point later on Wednesday. The report may provide valuable perspectives on how officials assess the recent energy disruption resulting from conflicts in the Middle East.