EUR/USD
EUR/USD halts its winning streak that began on June 18, trading around 1.1800 during the Asian hours on Wednesday. The pair inches lower after marking 1.1830, the highest since September 2021 recorded on Tuesday, which could be attributed to the slight gains in the US Dollar.
GBP/USD
The GBP/USD pair trades on a flat note near 1.3745 during the Asian trading hours on Wednesday. However, the dovish remarks from the US Federal Reserve Chair Jerome Powell and rising fiscal worries might weigh on the Greenback in the near term.
USD/JPY
The Japanese Yen (JPY) sticks to its intraday negative bias heading into the European session on Wednesday in the wake of US President Donald Trump’s threat to impose higher tariffs on Japanese imports. Apart from this, a positive risk tone undermines the JPY’s safe-haven status, which, along with the emergence of some US Dollar (USD) buying, assists the USD/JPY pair to build on overnight bounce from a nearly one-month low.
AUD/USD
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Wednesday following the release of weaker-than-expected domestic economic data. However, the AUD/USD pair gained ground as the US Dollar (USD) remains subdued amid rising odds of the Federal Reserve (Fed) cutting interest rates.
NZD/USD
The NZD/USD pair attracts some buyers to around 0.6105 during the early European session on Wednesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) as the Federal Reserve (Fed) rate cut bets rise. The US ADP Employment Change report for June will be in the spotlight later on Wednesday.
USD/CAD
The USD/CAD pair trades in a very tight range near 1.3650 during the Asian trading session on Wednesday. The Loonie trades consolidates as investors await the United States (US) Nonfarm Payrolls (NFP) data for June for fresh cues on the Federal Reserve’s (Fed) monetary policy outlook.
USD/CHF
The USD/CHF pair consolidates in a narrow band above the 0.7900 mark during the Asian session on Wednesday and remains close to its lowest level since September 2011 touched the previous day.
CRUDE OIL
Oil prices moved little in Asian trade on Wednesday after U.S. President Donald Trump flagged progress towards an Israel-Hamas ceasefire, while signs of an unexpected build in U.S. inventories sapped some confidence.
Gold price consolidates its weekly gains registered over the past two days amid mixed cues. A modest USD uptick and a positive risk tone seem to act as a headwind for the commodity. Fed rate cut bets should cap the USD and support the XAU/USD pair amid trade uncertainties.
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