EUR/USD
EUR/USD loses ground after registering gains in the previous two consecutive sessions, trading around 1.1400 during the Asian hours on Wednesday. The pair depreciates as the US Dollar receives support from easing tariff tensions between the United States and China.
GBP/USD
The GBP/USD pair extends the decline to around 1.3475 during the Asian trading hours on Wednesday. The Pound Sterling weakens against the US Dollar due to a weaker UK employment report. Later on Wednesday, the attention will shift to the US May Consumer Price Index inflation.
USD/JPY
The Japanese Yen (JPY) retains its negative bias for the second straight day against a broadly firmer US Dollar (USD) and trades near a two-week low touched the previous day. The latest optimism over a positive outcome from US-China trade talks remains supportive of a positive risk tone and is seen undermining the safe-haven JPY. Furthermore, the emergence of some USD buying assists the USD/JPY pair stick to modest gains near the 145.00 psychological mark through the Asian session on Wednesday.
AUD/USD
The Australian Dollar (AUD) declines against the US Dollar (USD) on Wednesday, retracing its recent gains. However, the AUD/USD pair may gain ground amid easing trade tensions between the United States (US) and China. Any economic change in China could impact AUD as China and Australia are close trade partners.
NZD/USD
The NZD/USD pair trades in positive territory near 0.6055 during the early Asian session on Wednesday. Hopes that trade talks between the United States (US) and China were going well provide some support to the China-proxy New Zealand Dollar (NZD). The US Consumer Price Index (CPI) inflation data for May will take center stage later on Wednesday.
USD/CAD
The USD/CAD pair holds steady near 1.3670 during the early Asian session on Wednesday. Easing trade tension between the United States (US) and China could underpin the US Dollar (USD). Investors will closely monitor the result of the US-China trade talks. Also, the US May Consumer Price Index (CPI) data will take center stage later on Wednesday.
USD/CHF
The USD/CHF pair extends its consolidative price move through the Asian session on Wednesday and remains confined in a range held over the past two weeks or so amid mixed cues. The emergence of some US Dollar (USD) buying lends some support to spot prices, though reviving safe-haven demand acts as a headwind.
CRUDE OIL
Oil prices softened in Asian trade on Wednesday as markets assessed the outcome of U.S.-China trade talks, yet to be reviewed by President Donald Trump, with weak oil demand from China and OPEC+ production increases weighing on the market.
Gold price regains positive traction following the previous day’s range-bound price moves. Trade-related uncertainties and geopolitical risks underpin the safe-haven precious metal. A modest USD strength might cap the XAU/USD ahead of the critical US inflation figures.
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