Pound rises as US-Iran deal hopes offset UK political concerns.The British pound strengthened against the dollar on Wednesday after investors reacted positively to reports suggesting the United States and Iran were moving closer to a deal aimed at ending the war. Sterling rose 0.6% to $1.3621, trading near its highest level since February.

Copper: Geopolitics keeps volatility elevated – ING.Copper: Geopolitics keeps volatility elevated – ING

Pound gains from optimism over US-Iran deal, options suggest calm after local elections .The pound rose against the dollar on Wednesday, as investors ​took heart from an Axios report saying that the United States and Iran were closing in ‌on a deal to end the war.

Euro rallies amid higher risk appetite and hot Eurozone inflation data.Euro rallies amid higher risk appetite and hot Eurozone inflation data

USD/JPY: Intervention risk and peace headlines steer pair – MUFG.USD/JPY: Intervention risk and peace headlines steer pair – MUFG

Chart alert: China A50 bullish breakout above 6-month resistance.China A50 breaks above a 6-month resistance, reinforcing a bullish outlook as the index outperforms global peers amid geopolitical tensions. Gains of 7% since late February highlight resilience despite the US–Iran conflict.

Russia to start buying forex as Middle East war oil windfall arrives.Russia will buy foreign currency on ​the market in the coming month for the first time since before the ‌start of the war in Ukraine, according to a Finance Ministry statement, as windfall revenues start to arrive from high oil prices triggered by the U.S. war with Iran.

AUD: Carry support and energy link – OCBC.AUD: Carry support and energy link – OCBC

Eurozone PPI Surges 3.4% mom as Energy Costs Drive Sharp Producer Inflation.Eurozone producer price inflation accelerated sharply in March, with PPI rising 3.4% mom and 2.1% yoy, exceeding expectations of 3.3% mom and 1.8% yoy. The increase was driven overwhelmingly by energy costs, highlighting the growing inflationary impact of the Middle East conflict on the region's industrial sector.

Breaking: Risk flows dominate as Axios reports US-Iran close in on deal to end conflict.Breaking: Risk flows dominate as Axios reports US-Iran close in on deal to end conflict

Eurozone Producer Price Index (MoM) above forecasts (3.3%) in March: Actual (3.4%).Eurozone Producer Price Index (MoM) above forecasts (3.3%) in March: Actual (3.4%)

Eurozone Producer Price Index (YoY) above expectations (1.8%) in March: Actual (2.1%).Eurozone Producer Price Index (YoY) above expectations (1.8%) in March: Actual (2.1%)

US, Iran reportedly getting close to a one-page memo to end the war.The risk mood is picking up on the headlines here.. More to come.

UK PMI Services Climbs to 52.7 as Inflation Signals Strengthen.UK services activity rebounded in April, with PMI Services finalized at 52.7, up from March's 11-month low of 50.5. PMI Composite also improved from 50.3 to 52.6, signaling a modest recovery in private sector growth after the slowdown seen in the previous month.

Poland: NBP seen steady with hawkish tilt – ING.Poland: NBP seen steady with hawkish tilt – ING

First Light News: Project Freedom on Pause.Yesterday's dominant narrative was the announcement from US President Trump to pause Project Freedom, an operation to escort vessels through the Strait of Hormuz.

Eurozone PMI Falls Into Contraction as Energy Shock Hits Services Hard.Eurozone private sector activity slipped back into contraction in April, with the Services PMI finalized at 47.6, down sharply from 50.2 in March and marking a 62-month low. Composite PMI fell from 50.7 to 48.8, its weakest reading in 17 months and the first contractionary print in nearly a year and a half.

Germany HCOB Services PMI meets forecasts (46.9) in April.Germany HCOB Services PMI meets forecasts (46.9) in April

GBP/JPY pares suspected JPY intervention-inspired losses; stays pressured below 213.00.GBP/JPY pares suspected JPY intervention-inspired losses; stays pressured below 213.00

Natural Gas and Oil Forecast: WTI Reclaims $100, Brent at $108 — More Upside Coming?.Energy markets are breathing easier as the US-Iran ceasefire enters its fourth week, allowing tanker traffic to resume through the Strait of Hormuz. Natural gas bounces off Fib support at $2.78 inside its rising channel.

Heavy importer hedging, exporter reluctance weigh on rupee, data shows.Indian importers continue to dominate hedging in the domestic foreign ​exchange market, while exporters hold back as ‌concerns over elevated oil prices kept expectations of rupee depreciation entrenched.

Spain HCOB Services PMI came in at 47.9 below forecasts (52) in April.Spain HCOB Services PMI came in at 47.9 below forecasts (52) in April

France Industrial Output (MoM) came in at 1%, above forecasts (0.5%) in March.France Industrial Output (MoM) came in at 1%, above forecasts (0.5%) in March

DXY: Dollar edges higher with safe-haven support – UOB.DXY: Dollar edges higher with safe-haven support – UOB

Brent: Strait of Hormuz risk reshapes supply outlook – MUFG.Brent: Strait of Hormuz risk reshapes supply outlook – MUFG

Trump Pauses Hormuz Mission, Signalling Progress in Negotiations.In Sweden, flash CPI figures are set for release, with a decline expected due to the VAT reduction on food from 12% to 6%. CPIF excluding energy is forecast to fall to 0.3% y/y, down from 1.1% in March, reflecting the tax impact.

Ahold Delhaize tops profit expectations despite hit from weak dollar.Supermarket group Ahold Delhaize reported ​a first-quarter core profit above market ‌expectations on Wednesday, as continued U.S. strength offset the negative impact from exchanging dollars to euros.

EUR/JPY bounces to 183.40 after dropping to 182.05 in a suspected intervention  .EUR/JPY bounces to 183.40 after dropping to 182.05 in a suspected intervention  

Russia S&P Global Services PMI increased to 49.7 in April from previous 49.5.Russia S&P Global Services PMI increased to 49.7 in April from previous 49.5

Rupee rises 0.2% to 95.07 vs USD tracking Asian peers, forward premiums retreat.Indian rupee gained ground on Wednesday, mirroring a broader Asian rally fueled by hopes of a U.S.-Iran deal, which eased oil prices. This positive sentiment boosted regional equities, offering a respite to the rupee after hitting a record low.