EUR/USD
The EUR/USD pair faces some selling pressure to around 1.0530 amid the firmer US Dollar (USD) during the early Asian trading hours on Monday. Investors will closely monitor the speech by the European Central Bank’s (ECB) President Christine Lagarde and the release of the US ISM Manufacturing Purchasing Managers’ Index (PMI), which is due later on Monday.
GBP/USD
EUR/USD is trading modestly flat above 1.0500 in the early European morning on Wednesday. The pair gyrates in a familiar range amid a broadly stable US Dollar and French political uncertainty, as the government faces a no-confidence vote in a busy day ahead.
USD/JPY
The Japanese Yen (JPY) trades in negative territory on Wednesday. The upbeat US Manufacturing PMI data and job openings data this week indicated that the US economy remains robust, lifting the Greenback. However, traders are increasingly confident that the Bank of Japan (BOJ) may hike interest rates this month. This, in turn, might support the JPY in the near term.
AUD/USD
The Australian Dollar (AUD) trims a part of its heavy intraday losses and assists the AUD/USD pair to rebound around 35-40 pips from the 0.6400 neighborhood or the lowest level since August 5. Any meaningful recovery, however, seems elusive in the wake of rising bets for an early interest rate cut by the Reserve Bank of Australia (RBA), bolstered by softer domestic growth figures released earlier this Wednesday.
NZD/USD
The NZD/USD pair attracts fresh sellers following the previous day’s good two-way price move and drops to a one-week low during the Asian session on Wednesday. Spot prices, however, manage to rebound a few pips in the last hour and currently trade around mid-0.5800s, down over 0.50% for the day.
USD/CAD
The USD/CAD pair struggles to capitalize on its gains registered over the past two days and oscillates in a range, around the 1.4070 area during the Asian session on Wednesday. Spot prices remain close to the weekly high, though the mixed fundamental backdrop warrants some caution before placing fresh bullish bets.
USD/CHF
The USD/CHF pair loses ground to near 0.8825 during the early European session on Wednesday, weighed by the softer US Dollar (USD) broadly.
CRUDE OIL
Oil prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand.
Gold price is holding onto minor bids early Wednesday, struggling to build on the previous bounce, anticipating a fresh batch of top-tier US economic data releases and Federal Reserve Chairman Jerome Powell’s speech.
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