EUR/USD
The EUR/USD pair extends the previous day’s rejection slide from near the 1.0865 region and remains under some selling pressure for the second straight day on Wednesday. Spot prices, however, manage to hold above the 1.0800 mark during the Asian session.
GBP/USD
GBP/USD extends its losses for the second consecutive day, depreciating to near 1.2620 during the Asian session on Wednesday. The pair could test the 1.2600 level. If this level is breached, it could prompt the pair to revisit March’s low at 1.2575.
USD/JPY
USD/JPY is correcting sharply from three-decade highs just shy of 152.00 in Asian trading on Wednesday. Dovish BoJ commentary drove USD/JPY to fresh multi-decade highs but Japan’s Finance Minister’s verbal intervention triggered the latest leg down in the pair.
AUD/USD
The Aussie Dollar remains flatlines against the US Dollar as Wednesday’s Asian session begins. On Tuesday, the AUD/USD pair, reached a daily high of 0.6559 before retreating 0.11%. At the time of writing, the pair trades at 0.6533 virtually unchanged.
NZD/USD
The NZD/USD pair remains on the defensive around 0.6000 despite the weaker US Dollar (USD) during Wednesday’s early Asian session. The ANZ Business Confidence will be due from the New Zealand docket, and Reserve Bank of New Zealand (RBNZ) Governor Orr is set to speak later in the day. Nonetheless, the market is likely to be mute in light trading ahead of the Good Friday holiday.
USD/CAD
USD/CAD halts its two-day losing streak, edging higher to near 1.3590 during the Asian session on Wednesday. The US Dollar (USD) is exhibiting strength, while lower Crude oil prices are contributing to downward pressure on the Canadian Dollar (CAD). This dynamic is bolstering the USD/CAD pair.
USD/CHF
The USD/CHF pair recaptures the 0.9000 mark in the European session. The Swiss Franc asset rebounds despite the US Dollar easing after refreshing its monthly high. Weak Swiss Franc due to the surprise rate cut decision by the Swiss National Bank (SNB) reinforces demand for the pair.
CRUDE OIL
Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world’s biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Gold price has returned to the red near $2,170 early Wednesday, notwithstanding Tuesday’s uptick to the $2,200 level. The US Dollar consolidates the previous rebound even though the US Treasury bond yields struggle amidst souring market sentiment.
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