EUR/USD
EUR/USD holds its position after a four-day losing streak, trading around 1.0890 during the Asian session on Wednesday. The Euro may face downward pressure as the European Central Bank (ECB) is widely anticipated to implement a 25 basis point cut on both the Main Refinancing Operations and the Deposit Facility Rate during Thursday’s policy meeting.
GBP/USD
GBP/USD churned chart paper in familiar territory for a fourth consecutive trading day on Wednesday. Cable continues to cycle in a dead zone between 1.3100 and 1.3000 as GBP traders await meaningful UK data updates before picking a side to fall on.
USD/JPY
USD/JPY is trading with mild losses near 149.00 early Wednesday. The risk-off impulse supports the safe-haven Japanese Yen while the US Dollar also loses ground and adds to the weight on the pair. Traders digest BoJ Adachi’s comments for fresh cues on the policy outlook.
AUD/USD
AUD/USD holds recovery below 0.6700 in the Asian session on Wednesday, having hit over a one-month low amid the Chinese stimulus scepticism-led risk aversion. However, a renewed US Dollar selling aids the pair’s rebound alongside RBA Hunter’s hawkish remarks.
NZD/USD
NZD/USD experiences a decline for the second consecutive day, trading around 0.6060 during Asian trading hours. The pair hit a two-month low of 0.6039 after the latest data showed that inflation in New Zealand has slowed to its lowest level in over three years.
USD/CAD
The USD/CAD pair struggles to capitalize on a modest Asian session uptick on Wednesday and remains below its highest level since August 6, around the 1.3835-1.3840 region touched the previous day. Spot prices currently trade around the 1.3775 region, nearly unchanged for the day, though the fundamental backdrop supports prospects for an extension of the recent strong rally witnessed over the past three weeks or so.
USD/CHF
The USD/CHF pair struggles to capitalize on the previous day’s strong move up to a nearly two-month high and attracts some intraday sellers during the first half of the European session on Wednesday. The downtick drags spot prices to the 0.8615 region, or a fresh daily low in the last hour and is sponsored by a modest US Dollar (USD) pullback.
CRUDE OIL
Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session.
Gold price is building on the previous recovery early Wednesday, challenging the $2,670. Gold buyers stay optimistic.
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