EUR/USD
The EUR/USD pair holds positive ground to near 1.0505 during the early European session on Wednesday. However, the cautious sentiment ahead of the Federal Reserve (Fed) interest rate decision meeting could weigh on riskier assets like the Euro (EUR).
GBP/USD
The GBP/USD pair struggles to capitalize on a two-day-old recovery move from the vicinity of the 1.2600 mark, or a three-week low touched on Monday and oscillates in a narrow band during the Asian session. Spot prices currently trade around the 1.2700 round figure, nearly unchanged for the day as traders keenly await the outcome of the highly-anticipated FOMC policy meeting before placing fresh directional bets.
USD/JPY
USD/JPY has come under renewed selling pressure to near 0.6350 in Wednesday’s Asian trading. The pair fails to benefit from fading hopes of a BoJ rate hike on Thursday as the US Dollar retreats despite a cautious risk environment. All eyes remain on the Fed outcome ahead of Thursday’s BoJ decision.
AUD/USD
AUD/USD keeps the red, flirting with YTD lows near 0.6300 in the Asian session on Wednesday. A cautious market mood and China’s economic woes weigh negatively on the pair even as the US Dollar slips ahead of the Federal Reserve’s monetary policy announcement.
NZD/USD
The NZD/USD pair remains on the defensive around 0.5750 during the early Asian session on Wednesday. The New Zealand Dollar (NZD) struggles to gain ground as traders await the US Federal Reserve (Fed) interest rate decision on Wednesday.
USD/CAD
USD/CAD extends its winning streak for the fifth consecutive day, trading around 1.4320 during the Asian hours on Wednesday. This upside could be attributed to the tepid Canadian Dollar (CAD) following dovish remarks from the Bank of Canada (BoC) Governor Tiff Macklem.
USD/CHF
The USD/CHF pair stretches its winning spell for the eighth trading day on Wednesday. The Swiss Franc pair posts a fresh five-month high around 0.8970 as the Swiss Franc (CHF) remains weak across the board on expectations that the Swiss National Bank (SNB) could continue loosening its monetary policy to avoid risks of inflation undershooting the central bank’s target.
CRUDE OIL
Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the U.S. Federal Reserve.
Despite the latest uptick, Gold price remains in a familiar range near $2,650 early Wednesday. Gold price appears to lack bullish commitment in the lead-up to the US Federal Reserve showdown.
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