Oil rises despite record stockpile release
The Australian dollar led gains across FX markets even as the International Energy Agency announced the largest emergency oil release in its history.
The IEA said it had agreed to release 400 million barrels of emergency stockpiles, equivalent to around four days of global oil consumption or 20 days of flows through the Strait of Hormuz.
The announcement had little impact on prices. WTI crude surged 5.1%, while Brent edged 0.5% higher.
Aussie outperforms as kiwi struggles
The Australian dollar outperformed its peers, with AUD/USD up 0.4%.
The Aussie also gained strongly in the crosses, with AUD/EUR up 0.8%, AUD/GBP higher by 0.5%, and AUD/JPY climbing 0.8%.
By contrast, the New Zealand dollar reversed lower after testing the top of its descending price channel.
The next key resistance sits near the 21-day EMA at 0.5949, while support lies at the 100-day EMA at 0.5885.
USD/CNH back near lows as summit talks face setbacks
USD/CNH has reversed most of its recent gains, sliding back toward 6.85, as concerns grow over preparations for the upcoming Xi–Trump summit.
According to Bloomberg, Chinese officials are frustrated by what they see as a lack of US engagement ahead of the talks. Beijing is concerned the late push will narrow the agenda to trade, sidelining broader diplomatic and security issues.
The next key resistance lies at 21-day EMA of 6.8958, followed by 50-day EMA of 6.9305.
Elsewhere, USD/SGD rose 0.2%.
Aussie extends gains
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 9 – 14 March
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
