EUR/USD
EUR/USD is holding its recovery but remains below 1.0800 early Wednesday. The pair draws support from a broadly weaker US Dollar even as Germany’s inflation cooled down and markets stay unnerved ahead of the Eurozone HICP release, US ADP jobs data and Powell’s speech.
GBP/USD
GBP/USD recovers some lost ground and trades around 1.2580 on Wednesday during the early European session. The decline of the USD Index and the dismal market mood in the UK economy act as a tailwind for the major pair.
USD/JPY
The USD/JPY remained capped at around 151.50 on Wednesday amid intervention threats from Japanese authorities. The close correlation between the US 10-year Treasury notes yield, and the major hasn’t influenced the pair’s price action, which has remained below the 152.00 mark.
AUD/USD
On Monday, the Australian Dollar registered losses of 0.4% against the US Dollar, sponsored by an improvement in business activity in the United States (US). However, with the Wednesday’s Asian session beginning, the AUD/USD is virtually unchanged at 0.6490, near the weekly lows at the time of writing.
NZD/USD
The NZD/USD pair attracts some dip-buying during the Asian session on Wednesday and might now be looking to build on the overnight recovery move from levels just below mid-0.5900s, or the YTD low. Spot prices currently trade near the top end of the daily range, around the 0.5970-0.5975 region, and remain at the mercy of the US Dollar (USD) price dynamics.
USD/CAD
USD/CAD seems to move in the negative direction for the second consecutive session, edging lower to near 1.3560 during the Asian session on Wednesday. The strength of the Crude oil prices contributes support for the Canadian Dollar (CAD), consequently, undermining the USD/CAD pair.
USD/CHF
The USD/CHF pair enters a bullish consolidation phase during the Asian session on Wednesday and oscillates in a narrow band near its highest level since November 11 touched the previous day. Spot prices currently trade around the 0.9080 region and seem poised to prolong the recent positive momentum witnessed over the past month or so.
CRUDE OIL
Oil prices rose slightly in Asian trade on Wednesday, sticking to five-month highs as signs of shrinking U.S. inventories and more potential supply disruptions in Russia presented a tighter outlook for global crude markets.
Gold price is holding near a new record high of $2,288 reached in the early Asian session on Wednesday, as softer US Dollar and the US Treasury bond yields lend support to the bright metal along with escalating Middle East geopolitical tensions.
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