EUR/USD
EUR/USD is holding steady below 1.0900 heading into the early European morning. The US Dollar is picking up safe-haven bids on renewed US-China trade issues, which is keeping investors cautious. The pair looks to EU data and Fed Minutes for fresh impetus.
GBP/USD
GBP/USD edges lower on Wednesday and is pressured by a modest USD strength. Bets for a 25 bps Fed rate hike in July and economic woes lend support to the buck. Investors now keenly await the FOMC minutes before placing fresh directional bets.
USD/JPY
USD/JPY aptly portrays the market’s indecision around mid-144.00s as traders await the week’s key catalysts amid early Wednesday in Europe. In doing so, the Yen pair seesaws within a symmetrical triangle comprising multiple levels marked since June 30.
AUD/USD
AUD/USD has registered a corrective move to near 0.6680 in the Asian session. The Aussie asset has faced selling pressure as investors have turned cautious ahead of the release of the Federal Open Market Committee (FOMC) minutes and the United States labor market data.
NZD/USD
The NZD/USD pair trades with a positive bias for the fourth successive day on Wednesday, albeit struggles to capitalize on the move and remains capped near the 0.6200 mark through the Asian session. Rising bets for a 25 bps Fed rate hike at its next policy meeting on July 25-26 remain supportive of elevated US Treasury bond yields, which act as a tailwind for the US Dollar (USD) and cap the upside for the NZD/USD pair.
USD/CAD
The USD/CAD pair attracts some buying during the Asian session on Wednesday and moves further away from the weekly low, around the 1.3200 mark touched the previous day. Spot prices currently trade around the 1.3230-1.3235 region, up nearly 0.10% for the day, and draw support from a combination of factors.
USD/CHF
The USD/CHF pair has witnessed extreme selling pressure after a less-confident pullback to near 0.8970 in the early London session. The Swiss Franc asset has retreated following the footprints of the US Dollar Index (DXY). The USD Index has dropped sharply as investors have shifted their focus toward the release of the United States Employment data.
CRUDE OIL
Oil prices were flat in Asian trade on Wednesday as traders sought more cues on monetary policy from the minutes of the Federal Reserve’s June meeting, while fears of a renewed U.S.-China trade war also dented sentiment.
Gold price is consolidating a minor uptick to week highs of $1,931 seen on Tuesday, as bulls and bears remain in a tug-of-war early Wednesday. Gold price is bracing for a return of the United States traders after an extended Independence Day holiday, awaiting the Minutes of the US Federal Reserve (Fed) June policy meeting.
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