EUR/USD
EUR/USD retreats after hitting a six-week peak of 1.1454 on Tuesday amid increasing concerns of market participants regarding the trade war ignited by the United States (US). The Greenback’s appreciation weighs on the pair, which trades at 1.1379, down 0.52%.
GBP/USD
GBP/USD trimmed bullish momentum on Tuesday, settling into slim chart churn just north of 1.3500. The Bank of England’s (BoE) latest Monetary Policy Report hearings before British parliament did little to galvanize Cable traders, and market sentiment is pinned in the middle as traders hope for a cooling of US-China trade tensions.
USD/JPY
USD/JPY is recovering ground to test 144.0 in Wednesday’s Asian session as the US Dollar picks up fresh bids despite looming trade risks. However, the pair’s upside appears limited as the Japanese Yen holds ground amid upbeat Japan’s preliminary May Services PMI. US data awaited.
AUD/USD
AUD/USD erases gains to revert toward 0.6450 in the Asian session on Wednesday, facing the heat of the disappointing Australian Q1 GDP data, which came in at 0.2% QoQ vs. 0.4% expected. The RBA’s dovish tilt and renewed US-China trade war fears add to the weight on the pair. US jobs data and trade updates eyed.
NZD/USD
The NZD/USD pair holds positive ground around 0.6000 during the early Asian session on Wednesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) amid concerns over the impact of US President Donald Trump’s tariffs on the US economy and global trade.
USD/CAD
The USD/CAD pair remains on the defensive around 1.3715 during the early Asian session on Wednesday. The Canadian Dollar (CAD) edges higher against the Greenback as crude oil prices rise. The Bank of Canada (BoC) interest rate decision and the US ISM Services Purchasing Managers Index (PMI) report will take center stage later on Wednesday.
USD/CHF
USD/CHF bounces off six-week lows of 0.8155 and surges past the 0.8200 figure as the Greenback is boosted by solid US jobs data, which is pushing the pair above its opening price by 0.26%.
CRUDE OIL
Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor.
Gold price is staging a tepid turnaround above $3,350 in Asian trading on Wednesday. Gold buyers keenly await the high-impact US data releases and speeches from Fed policymakers for a sustained move higher. Gold price is recovering some ground amid a renewed selling wave around the US Dollar as trade concerns return to the fore.
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