EUR/USD
EUR/USD advances for the second consecutive day, trading around 1.0900 during Wednesday’s Asian session. The analysis of the daily chart shows a bullish trend, as the pair remains within an ascending channel.
GBP/USD
GBP/USD trades below 1.3000 in the European session on Wednesday. The data from the UK showed that annual CPI inflation held steady at 2% in June. This reading came in line with the market expectation and limited Pound Sterling’s upside.
USD/JPY
The Japanese Yen (JPY) recovers its intraday losses on Wednesday. The USD/JPY pair may limit its downside due to improved US Treasury yields. Traders remain vigilant amid suspicions of intervention by Japanese authorities. Data released on Tuesday showed that the Bank of Japan (BoJ) entered the foreign exchange market on consecutive trading days last Thursday and Friday.
AUD/USD
The Australian Dollar (AUD) recovers its daily losses on Wednesday. However, the AUD/USD pair has faced challenges due to a modest rebound in the US Dollar (USD), likely influenced by a hawkish speech from Federal Reserve (Fed) Board of Governors member Dr. Adriana Kugler on Tuesday.
NZD/USD
The NZD/USD pair stages a solid recovery from over a two-month low touched during the Asian session on Wednesday, albeit it lacks follow-through buying and remains below the 0.6100 round figure. Nevertheless, spot prices, for now, seem to have snapped a two-day losing streak and currently trade around the 0.6065 area, still up over 0.30% for the day.
USD/CAD
The USD/CAD pair trades in a negative territory near 1.3670 during the early Asian session on Wednesday. The rising speculation of a rate cut by the Federal Reserve (Fed) in September continues to undermine the USD Index (DXY). Investors will monitor US Building Permits, Housing Starts, Industrial Production, and the Fed Beige Book. Also, Fed’s Barkin and Waller are set to speak.
USD/CHF
USD/CHF holds ground near 0.8940 during the Asian session on Wednesday. The USD/CHF pair may receive support from a modest rebound in the US Dollar (USD), which is likely influenced by improved Treasury yields.
CRUDE OIL
Oil prices eased on Wednesday, with global benchmark Brent hovering near a one-month low hit in the prior session on signs of weakening demand in China, although losses were capped by declining U.S. oil stockpiles.
Gold price (XAU/USD) trims gains after touching a fresh record peak, around the $2,482-2,483 region during the Asian session on Wednesday and currently trades near the lower end of its daily range.
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