EUR/USD
The EUR/USD pair gains ground to near 1.0780 during the Asian trading hours on Wednesday. The Greenback softens against the Euro due to the weaker US economic data and the uncertainty surrounding US President Donald Trump’s trade policy ahead of a new round of tariffs next week.
GBP/USD
The GBP/USD pair loses ground after registering gains in the previous two sessions, trading around 1.2930 during the Asian hours on Wednesday.
USD/JPY
The Japanese Yen (JPY) continues losing ground through the Asian session on Wednesday, which, along with the emergence of some US Dollar (USD) dip-buying, lifts the USD/JPY pair further beyond the mid-150.00s. Data released earlier today showed that Japan’s Service Producer Price Index (PPI) eased to the 3.0% YoY rate in February. Adding to this, a generally positive tone around the equity markets undermines the safe-haven JPY.
AUD/USD
On Tuesday, the Australian Dollar (AUD) remained well bid, encouraging AUD/USD to extend its weekly rebound further north of the key 0.6300 barrier. The pair’s uptick reached new three-day highs near 0.6330 and traded at shouting distance from the temporary 100-day SMA.
NZD/USD
NZD/USD continues its upward momentum for the second consecutive day, trading around 0.5740 during Asian hours on Wednesday. The pair strengthens as the New Zealand Dollar (NZD) gains traction, supported by improved trader sentiment after S&P Global Ratings projected that New Zealand and several regional economies would be less affected by US tariffs.
USD/CAD
USD/CAD extends its losing streak for the third consecutive session, hovering near 1.4270 during Wednesday’s Asian trading hours. The pair’s decline is driven by a strengthening Canadian Dollar (CAD) following reports from the “Toronto Star” suggesting that Canada may face the lowest tier of the April 2 US tariffs.
USD/CHF
The USD/CHF pair rebounds after two consecutive days of losses, trading around 0.8840 during Asian hours on Wednesday. The pair strengthens as the US Dollar (USD) finds support amid prevailing market caution ahead of US President Donald Trump’s upcoming tariff announcement on April 2.
CRUDE OIL
Oil prices rose in Asian trading on Wednesday, set for their sixth consecutive session of gains, after data showed that U.S. crude stockpiles fell sharply below forecasts, but gains were limited as traders cautiously assessed Russia-Ukraine peace talks.
Gold price ticks lower on Wednesday amid some USD dip-buying. A positive risk tone further weighs on the safe-haven precious metal. Trade jitters, US recession fears, and Fed rate cut bets help limit losses.
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