Mediators propose a 10-day Iran-US strike pause, easing geopolitical tensions and lifting risk assets like the AUD and NZD.
The USD showed little change against the EUR, JPY, and GBP early in the North American session, while the AUD and NZD advanced on improved risk appetite. Reports of a proposed 10-day cessation of strikes between Iran and the U.S. helped reduce fears of immediate escalation in the Middle East.
Oil prices fell sharply on the news, with crude trading at $80.00, down $1.80 from the session high of $84.60. The price dipped below its 100-hour moving average at $80.23, reaching a low of $79.58, with further support seen at $77.84.
Risk assets benefited from the de-escalation headlines, though the USD remained largely unchanged against major peers. The 100-hour moving average at $76.95 serves as a key technical level for oil traders.