EUR/USD
EUR/USD moves little after three days of losses, trading around 1.1580 during the Asian hours on Wednesday. The pair may further lose ground as the US Dollar (USD) gains amid declining US Federal Reserve (Fed) rate cut bets for December. The highly anticipated September Nonfarm Payrolls data are scheduled to be released on Thursday.
GBP/USD
GBP/USD remains subdued for the fourth consecutive session, trading around 1.3130 during the Asian hours on Wednesday. Traders await the United Kingdom (UK) Consumer Price Index (CPI), PPI Core Output, and Retail Price Index data for October due later in the day.
USD/JPY
The USD/JPY pair extends its upside to a fresh nine-and-a-half-month high near 155.50 during the early Asian session on Wednesday. The uptick of the pair is bolstered by worries about Japan’s fiscal stance and awaited US data for signals on the Federal Reserve’s (Fed) next move. The FOMC Minutes will be in the spotlight later on Wednesday.
AUD/USD
AUD/USD traded steady on Tuesday, around 0.6490 at the time of writing, virtually unchanged on the day. The Australian Dollar (AUD) maintains a mild upward bias after the Reserve Bank of Australia (RBA) published Minutes showing policymakers see no urgency to cut the Official Cash Rate (OCR) as domestic demand remains robust and inflation pressures persist. However, the central bank also noted that monetary easing could be considered if growth weakens further or if labor-market conditions deteriorate materially.
NZD/USD
The NZD/USD pair remains on the defensive near 0.5630 during the early European session on Wednesday. Expectations of an imminent interest rate cut from the Reserve Bank of New Zealand (RBNZ) exert some selling pressure on the New Zealand Dollar (NZD) against the Greenback. The FOMC Minutes will be in the spotlight later on Wednesday.
USD/CAD
USD/CAD rebounds after registering 0.5% losses in the previous session, trading around 1.4000 during the Asian hours on Wednesday. The pair appreciates as the commodity-linked Canadian Dollar (CAD) comes under downward pressure amid lower crude Oil prices. West Texas Intermediate (WTI) Oil price halts its four-day winning streak, slipping to near $60.40 per barrel at the time of writing.
USD/CHF
The USD/CHF pair prolongs its recent recovery from the 0.7880-0.7875 region, or a nearly one-month low touched last week, for the fourth straight day and climbs to an over one-week high during the Asian session on Wednesday. Spot prices currently trade around the 0.8000 psychological mark, with bulls looking to build on the momentum further beyond the 100-day Simple Moving Average (SMA).
CRUDE OIL
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.50 during the Asian trading hours on Tuesday. The WTI edges lower amid a rise in US crude inventories. Traders brace for the release of the US Energy Information Administration (EIA) crude oil stockpiles report later on Wednesday.
Gold (XAU/USD) builds on the previous day’s recovery from levels just below the $4,000 psychological mark, or a one-and-a-half-week low, and gains positive traction for the second straight day on Wednesday. The momentum lifts the bullion to the top end of its weekly range, with bulls now awaiting a sustained move beyond the $4,100 round figure before positioning for further gains as the focus remains on FOMC minutes, due later today.
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