EUR/USD
EUR/USD maintains its position after the recent losses registered in the previous session, trading around 1.0480 during the Asian hours on Wednesday. Traders await the US Personal Consumption Expenditure (PCE) Price Index and quarterly Gross Domestic Product Annualized scheduled to be released later in the North American session.
GBP/USD
GBP/USD churned chart paper just below 1.2600 on Tuesday, marking out familiar territory as the Pound Sterling struggles to find an intraday direction against the Greenback. A limited data schedule on either side of the Atlantic kept Cable traders locked in place, but looming US inflation data could spark a fresh round of volatility ahead of the US Thanksgiving holiday slated for Thursday.
USD/JPY
USD/JPY extends the drop toward 152.00 early Wednesday as Trump’s tariff threats continue to drive haven flows into the Japanese Yen. Traders ignore doubts over the BoJ’s future rate hikes, accelerating the USD/JPY downside ahead of US data.
AUD/USD
AUD/USD consolidates the latest uptick below 0.6500 in Wednesday’s Asian trading, capitalizing on a modest optimism and a broad US Dollar weakness. The upside, however, remains capped by the softer Australian CPI inflation data for October. US data are next in focus.
NZD/USD
The New Zealand Dollar (NZD) breaks its five-day losing streak against the US Dollar (USD) following the Reserve Bank of New Zealand’s (RBNZ) interest rate decision on Wednesday. The central bank announced a further cut to its Official Cash Rate (OCR), lowering it by 50 basis points (bps) from 4.75% to 4.25% in November.
USD/CAD
The USD/CAD pair attracts some dip-buyers following the previous day’s pullback from the highest level since April 2020 and trades around the 1.4070 region during the Asian session on Wednesday. Meanwhile, the fundamental backdrop favors bullish traders and suggests that the path of least resistance for spot prices is to the upside.
USD/CHF
The USD/CHF pair holds positive ground around 0.8875 during the early European session on Wednesday. The US Dollar (USD) gains traction broadly after US President-elect Donald Trump on Monday vowed tariffs on Mexico and Canada and extra tariffs on China.
CRUDE OIL
Oil prices fell slightly in Asian trade on Wednesday, extending recent losses after Israel agreed to a ceasefire with Lebanese militant group Hezbollah, which presented a smaller risk premium for crude.
Gold price has found fresh demand, looking to extend the previous rebound toward $2,650 in Wednesday’s Asian trading. The ongoing US Dollar weakness and sluggish US Treasury bond yields allow Gold price to gain traction amid a cautiously optimistic market mood. US data awaited for fresh impetus.
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