EUR/USD
The EUR/USD pair remains under pressure on Wednesday, holding steady just above the 1.0600 level during Asian trading hours. This would mark the fourth consecutive day of losses for the Euro, as the pair continues to face downward momentum.
GBP/USD
GBP/USD extends its losing streak for the fourth successive session, trading around 1.2740 during the Asian hours on Wednesday. This downside of the pair is attributed to a stronger US Dollar (USD) amid optimism around the Trump trades.
USD/JPY
USD/JPY consolidates after hitting the highest level since July 30 just shy of 155.00 early Wednesday. Speculations that a fragile minority Japan’s governmentwill make it difficult for the BoJ to tighten its monetary policy further, support the pair at the expsense of the Japanese Yen. US CPI eyed.
AUD/USD
AUD/USD has bounced off multi-month lows, approaching 0.6550 in the Asian session on Wednesday. The US Dollar is on a gradual retracement from six-month highs, as traders take profits on their USD longs ahead of the critical US CPI inflation data. Softer wage inflation data fails to deter dip-buying.
NZD/USD
The NZD/USD pair trades flat near 0.5930 during the Asian trading hours on Wednesday. However, the upside of the pair might be limited amid a strengthening of the US Dollar (USD). Traders brace for the US October Consumer Price Index (CPI) and Fedspeak later on Wednesday.
USD/CAD
The USD/CAD pair extends the rally to around 1.3950 during the early Asian session on Wednesday. The upward movement of the pair is bolstered by the firmer US Dollar (USD) amid optimism around the Trump trades. Investors will closely monitor the release of the US October Consumer Price Index (CPI) data, which is due later on Wednesday.
USD/CHF
The USD/CHF pair attracts some buyers to around 0.8810 during the early Asian session on Wednesday. The stronger US Dollar (USD) broadly provides some support to the pair. The Federal Reserve’s (Fed) Christopher Waller, Thomas Barkin, Neel Kashkari and Patrick Harker are set to speak later in the day. The US Consumer Price Index (CPI), and Producer Price Index (PPI) will be in the spotlight today.
CRUDE OIL
Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.
Gold price has regained $2,600 early Wednesday, replicating the tepid recovery moves seen during Tuesday’s Asian trading. Gold price is snapping its three-day losing streak to its lowest level in two months, set on Tuesday at $2,590.
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