EUR/USD
EUR/USD stays firm above 1.0800, snapping the two-day losing streak in European trading on Wednesday. The further upside, however, appears elusive, as traders prefer to wait for the Eurozone inflation data and the Fed policy decision before placing fresh bets.
GBP/USD
GBP/USD retraces its recent losses, trading around 1.2840 during the Asian hours on Wednesday. The analysis of the daily chart indicates that the pair is positioned in the narrow section of a descending channel, suggesting a consolidation phase or a potential reversal.
USD/JPY
The Japanese Yen (JPY) loses ground against the US Dollar (USD) despite the Bank of Japan (BoJ) board members deciding to raise the short-term rate target by 15 basis points (bps) from the range of 0%-0.1% to 0.15%-0.25%, following the conclusion of its two-day monetary policy review meeting on Wednesday.
AUD/USD
The Australian Dollar (AUD) falls against the US Dollar (USD) after the release of mixed Consumer Price Index (CPI) data released on Wednesday, offering potential insights into the future direction of the Reserve Bank of Australia’s (RBA) monetary policy.
NZD/USD
The NZD/USD pair extends recovery near 0.5915 Asian trading hours on Wednesday. The pair edges higher after the stronger-than-expected Chinese Manufacturing Purchasing Managers’ Index (PMI) data for July. Investors will shift their attention to the Federal Reserve’s (Fed) interest rate decision, which is scheduled for Wednesday.
USD/CAD
USD/CAD extends its losses after retreating from an eight-month high of 1.3865 on Monday, trading around 1.3840 during the Asian session on Wednesday. The recovery in crude Oil prices is supporting the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD), as Canada is the largest crude exporter to the United States.
USD/CHF
In Wednesday’s trading session, the USD/CHF pair declined by 0.20%, edging lower at around 0.8845. This decline came despite improving US consumer sentiment and strong job openings data, which led to a generally strong performance for the Greenback on Tuesday. Markets are now on high alert awaiting the outcome of the Federal Reserve (Fed) meeting scheduled for later today.
CRUDE OIL
Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the killing of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.
Gold price has paused its previous upswing in Asian trading on Wednesday, as buyers take a breather and gather pace ahead of the all-important US Federal Reserve policy announcements.
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