EUR/USD
The EUR/USD pair edges lower to near 1.1630 during the Asian trading session on Wednesday. The major currency pair faces a slight selling pressure as political uncertainty in France has weighed on the Euro.
GBP/USD
GBP/USD retraces its recent gains from the previous session, trading around 1.3450 during the Asian hours on Wednesday. The pair may regain its ground as the Pound Sterling receives support from the dampened likelihood of further Bank of England rate cuts, driven by persistent inflationary pressures. Inflation in the UK economy has been accelerating at a faster pace in recent months.
USD/JPY
USD/JPY recovers its recent losses from the previous session, trading around 147.60 during the Asian hours on Wednesday. However, the upside of the pair could be restrained as the US Dollar (USD) may struggle amid rising concerns over Federal Reserve (Fed) independence.
AUD/USD
The Australian Dollar (AUD) struggles following the release of the Monthly Consumer Price Index (CPI) on Wednesday. The AUD/USD pair receives downward pressure as the US Dollar (USD) recovers its recent losses from the previous session.
NZD/USD
The NZD/USD pair holds steady near 0.5860 during the early Asian session on Wednesday. Rising concerns over the Federal Reserve’s (Fed) independence could weigh on the US Dollar (USD) against the New Zealand Dollar (NZD). The preliminary reading of the US Gross Domestic Product (GDP) for the second quarter (Q2) will be in the spotlight on Thursday, ahead of the Personal Consumption Expenditures (PCE) Price Index report for July.
USD/CAD
The USD/CAD pair edges higher to near 1.3850 during the late Asian trading session on Wednesday. The Loonie pair gains marginally as the US Dollar (USD) ticks up, with the US Dollar Index (DXY) rising slightly to near 98.35.
USD/CHF
The USD/CHF pair trades in a tight range around 0.8050 during the Asian trading session on Wednesday. The Swiss Franc pair consolidates as the US Dollar (USD) trades calmly, with investors seeking fresh development on Federal Reserve (Fed) Governor Lisa Cook’s termination by United States (US) President Donald Trump over mortgage allegations on late Monday.
CRUDE OIL
Oil prices held steady in Asian trading on Wednesday after sharp losses in the previous session, as traders weighed the impact of steep U.S. tariffs on India and weaker-than-expected declines in U.S. crude inventories.
Gold is pulling back from the $3,400 neighbourhood, having refreshed two-week highs early Wednesday. Concerns over the US Federal Reserve’s autonomy and latest US tariff threats could cushion any downside in Gold.
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