EUR/USD
EUR/USD trades listlessly above 1.1600 in Wednesday’s European trading hours, pausing a three-day losing streak. The struggles to gain ground as the US Dollar consolidates the upside. The Greenback witnessed a turnaround on Tuesday amid easing US-China trade tensions and a profit-taking pullback.
GBP/USD
GBP/USD has come under renewed selling pressure below 1.3350 in the European session on Wednesday. The UK annual Consumer Price Index rose 3.8% in September, against an expected increase of 4% in the same month. A downside surprise in the UK inflation data keeps BoE rate cut bets alive, weighing on the Pound Sterling.
USD/JPY
The Japanese Yen (JPY) maintains its position against the US Dollar (USD) on Wednesday after three days of losses. The USD/JPY pair depreciated as the JPY gained ground following the release of Japan’s Merchandise Trade Balance Total data.
AUD/USD
AUD/USD remains subdued for the second successive session, trading around 0.6490 during the Asian hours on Wednesday. The pair depreciates as the Australian Dollar (AUD) loses ground, likely weighed down by foreign outflows reflected in the decline of commodity-related stocks, including Gold and major mining companies. It is important to note that Australia is one of the world’s largest exporters of Gold.
NZD/USD
The NZD/USD pair strives to extend its recovery move above the immediate hurdle of 0.5750 during the Asian trading session on Wednesday. The Kiwi pair is expected to move higher on expectations that trade talks between United States (US) Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng scheduled later this week in Malaysia would go well.
USD/CAD
USD/CAD extends its losses for the second successive session, trading around 1.4000 during the Asian hours on Wednesday. The pair loses ground as the commodity-linked Canadian Dollar (CAD) receives support from the higher Oil prices.
USD/CHF
The USD/CHF pair trades firmly near Tuesday’s high around 0.7970 during the Asian trading session on Wednesday. The Swiss Franc pair exhibits strength as the US Dollar (USD) trades broadly firm on hopes that the United States (US) and China will reach a trade deal soon.
CRUDE OIL
Oil prices pushed higher for a second day on Wednesday, by more than 1%, buoyed by sanctions-related supply risk and hope of a U.S.-China trade deal while investors also digested news of the U.S. seeking oil for delivery to its strategic reserves.
Gold price tumbles below $4,100 during the Asian trading hours on Wednesday. The precious metal extends the decline after facing its steepest selloff in over a decade as traders booked profits following an extended rally that saw the commodity rise for nine straight weeks while hitting successive records.
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