EUR/USD
EUR/USD cut away bearish sentiment and rallied back into recent highs on Tuesday, taking another unsuccessful run at 1.1200. The Euro itself has little reason to be bid up by traders, but a broad-market weakening in the Greenback is helping to keep Fiber bidding action on the high side.
GBP/USD
GBP/USD extended the ongoing Pound Sterling rally for another consecutive day, crossing the 1.3400 handle and chalking in fresh 30-month highs after the US Dollar broadly weakened on Tuesday. The Greenback’s market-wide withering gave Cable exactly what it needed to keep the current Pound Sterling bull run on-balance.
USD/JPY
The Japanese Yen (JPY) inches lower against the US Dollar (USD) on Wednesday as investors assess the Bank of Japan’s (BoJ) monetary policy outlook. On Tuesday, BoJ Governor Kazuo Ueda indicated that the central bank has time to evaluate market and economic conditions before making any policy adjustments, signaling that there is no urgency to raise interest rates again.
AUD/USD
The Australian Dollar (AUD) pares its intraday gains against the US Dollar (USD) but holds minor gains after a weaker-than-expected Monthly Consumer Price Index report on Wednesday. However, the commodity-linked Aussie found support as China, its largest trading partner, announced a new round of stimulus measures.
NZD/USD
NZD/USD extends its gains for the third successive session, trading around 0.6340 during the Asian hours on Wednesday. The pair marked a nine-month high of 0.6355 earlier in the day. The upside of the New Zealand Dollar (NZD) could be attributed to a stronger outlook for foreign currency inflows amid fresh monetary stimulus by New Zealand’s largest export partner China.
USD/CAD
The USD/CAD pair remains under selling pressure near 1.3430 during the early Asian session on Wednesday. The Greenback edges lower as traders raise their bets on an additional 50 basis points (bps) jumbo rate cut from the US Federal Reserve (Fed) in November. Fed Governor Adriana Kugler is set to speak later on Wednesday.
USD/CHF
USD/CHF extends its losses for the third successive day, trading around 0.8420 during the Asian hours on Wednesday. This downside of the pair could be attributed to the subdued US Dollar (USD) following the strengthening dovish sentiment surrounding the US Federal Reserve’s (Fed) policy outlook.
CRUDE OIL
Chinese stocks surged on Wednesday, lifting regional markets and helping extend a stimulus-fueled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high.
Gold price rallied to the $2,664-2,665 region on Tuesday, hitting yet another record high amid rising bets for a more aggressive policy easing by the Federal Reserve and escalating geopolitical tensions in the Middle East.
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