Oil prices plunged more than 15% in Asian trading on Wednesday after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, just hours before his self-imposed deadline to reopen the Strait of Hormuz.
Most Asian currencies advanced on Wednesday, supported by a weaker dollar and improving risk sentiment after U.S. President Donald Trump agreed to a temporary ceasefire with Iran, while New Zealand's central bank held interest rates unchanged as expected.
The dollar sank to its lowest level in a month while the euro, yen, Aussie and kiwi rallied hard in Asian trading on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran.
Oil prices dived, stocks surged and the dollar was knocked back on Wednesday as a two-week Middle East ceasefire sparked a relief rally, fuelled by hopes that oil and gas flows through the Strait of Hormuz could resume.
Asian stocks rose sharply on Wednesday after the U.S. and Iran agreed to a tentative two-week ceasefire, with Japanese and South Korean markets leading gains.
U.S. services sector growth slowed in March, while prices paid by businesses for inputs increased by the most in more than 13 years, an early indication that the prolonged war with Iran was boosting inflation pressures.