Heading into Wednesday’s European session, the EUR/USD is trading high around 1.1293, up 0.20% intraday. The major currency pair benefits from the weakening of the US dollar, which is bolstered by lower Treasury yields in the absence of major catalysts.
Traders of the Euro currency should keep an eye on the European Central Bank’s President, Christine Lagarde speech today which may affect interest rates in Europe.
Regarding the U.S Dollar, later today traders should expect the release of JOLTs Job Openings report which is part of the Job Openings and Labor Turnover Survey (JOLTS) that assesses the unmeted demand for labour in the U.S labor market.
Additionally, the 10-Year Bond Auction report will also be released later today, which may affect the Greenback.
The GBP/USD pair began the European session with a slight positive bias and was last seen hovering around 1.3200, up only 0.10 % intraday.
During the early European session, the USD/JPY pair last seen trading with modest intraday losses, just around 113.00s.
The AUD/USD pair gave up its intraday gains to hit a one-week high and was last seen hovering around 0.7130 region.
During the early European session, the NZD/USD pair extends its from the previous day to reclaim a one-week high.
Today is trading around 0.6778.
Following a sharp drop to a two-week low, USD/CAD remains on the back foot around 1.2650 region.
On Wednesday, traders of the Funds should prepare for the Bank of Canada’s (BOC) Interest Rate Decision release.
During early Wednesday, the USD/CHF retreated from the weekly high, teasing intraday lows around the 0.9250 region.
On Wednesday, WTI and Brent Crude oil prices rose overnight before entering the Asia-Pacific session. Crude WTI prices climbed above the $70 and is trading around $71 on the time of writing 10:30 UTC+2, while Brent Crude is trading around $74.
The Energy Information Administration (EIA) will release Crude Oil inventories by 15:30 UTC, which may affect the USD as well.
The XAU/USD pair trading high today for the third day in a row between the 1.783-1.791 region.
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