EUR/USD
EUR/USD holds the bounce above 1.1600 in the European morning on Wednesday. The pair appreciates amid a modest US Dollar retreat, driven by traders’ caution ahead of the upcoming US Producer Price Index data due later in the day.
GBP/USD
GBP/USD extends the rebound above 1.3400 in the early European session on Wednesday. The pair is helped by an upside surprise in the UK Consumer Price Index (CPI) data for June, which weighs on the BoE rate cut expectations and supports the Pound Sterling. The US PPI data is next in focus.
USD/JPY
The Japanese Yen (JPY) slides to the lowest level since early April against its American counterpart during the Asian session on Wednesday and seems vulnerable to prolonging a well-established short-term downtrend. Investors now seem convinced that the Bank of Japan (BoJ) will forgo raising interest rates this year amid concerns about the economic fallout from higher US tariffs. This, in turn, has been a key factor behind the JPY’s relative underperformance since the beginning of this month.
AUD/USD
The Australian Dollar (AUD) advances against the US Dollar (USD) on Wednesday, halting its three-day losing streak. The AUD/USD pair appreciates as the US Dollar edges lower amid renewed optimism, driven by US President Donald Trump’s willingness to further engage in trade discussions. Trump indicated the possibility of negotiating with the European Union (EU) and other key trading partners, which would ease investor concerns over an escalating trade dispute.
NZD/USD
The NZD/USD pair attracts some buyers to near 0.5965, snapping the three-day losing streak during the early Asian session on Wednesday. The better-than-expected China Gross domestic product (GDP) report provides some support to the China-proxy Kiwi. Investors will keep an eye on the US Producer Price Index (PPI) later on Wednesday, along with the Fed Beige Book and Industrial Production.
USD/CAD
The USD/CAD pair trades quietly close to the two-week high around 1.3720 during the Asian trading session on Wednesday. The Loonie pair demonstrates strength as the US Dollar (USD) gains after the United States (US) Consumer Price Index (CPI) data for June showed that President Donald Trump’s tariff policy has started feeding into prices.
USD/CHF
USD/CHF continues its winning streak for the third successive session, trading around 0.8020 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) remains stable, traders adopt caution ahead of the upcoming US Producer Price Index (PPI) later on Wednesday. The Fed Beige Book and Industrial Production will also be eyed.
CRUDE OIL
Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world’s two largest consumers, the United States and China, though gains were capped by analysts’ caution about the wider economy.
Gold price regains positive traction during the Asian session on Wednesday and has now reversed a major part of the previous day’s slide to the $3,320 area. Investors remain on edge amid persistent uncertainty surrounding US President Donald Trump’s trade tariffs.
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