EUR/USD
The EUR/USD pair loses traction near 1.1840 during the early European session on Wednesday, pressured by renewed US Dollar (USD) demand. Traders brace for the Federal Open Market Committee (FOMC) Minutes for signals on future rate cuts, which will be released later on Wednesday.
GBP/USD
The GBP/USD pair struggles to capitalize on the previous day’s late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.
USD/JPY
The Japanese Yen (JPY) trades little changed against the US Dollar (USD) on Tuesday, with USD/JPY seeing two-way price action as traders return following the long US Presidents’ Day weekend. At the time of writing, USD/JPY is hovering near 153.40, after touching an intraday low around 152.70.
AUD/USD
The AUD/USD pair meets with a fresh supply during the Asian session on Wednesday and stalls the previous day’s bounce from the 0.7030-0.7025 region, or an over one-week low. Spot prices currently trade around the 0.7075-0.7070 region, down just over 0.10% for the day, amid modest US Dollar (USD) strength, though the downside potential seems limited.
NZD/USD
The NZD/USD pair adds to the dovish Reserve Bank of New Zealand (RBNZ)-inspired losses and drops to a nearly two-week low, below the 0.6000 psychological mark during the early European session on Tuesday.
USD/CAD
The Canadian Dollar (CAD) weakens against the US Dollar (USD) on Tuesday after softer-than-expected headline inflation data reinforced signs of easing price pressures. At the time of writing, USD/CAD is trading around 1.3676, extending gains for a fifth consecutive day.
USD/CHF
The US Dollar (USD) posts moderate gains against the Swiss Franc (CHF) on Wednesday, with price action returning right above the 0.7700 line at the time of writing. The pair, however, remains trapped within a broadly 70-pip range between 0.7660 and 0.7730, consolidating losses after dropping more than 5% in late January.
CRUDE OIL
Oil prices steadied in Asian trade on Wednesday after falling about 2% in the previous session as investors assessed progress in U.S.–Iran talks but remained cautious about the prospects of a final deal that could ease supply concerns.
Gold (XAU/USD) builds on its steady intraday ascent and climbs to a fresh daily peak heading into the European session on Tuesday. The commodity has now reversed a major part of the previous day’s heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low, though the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes. Traders will look for more cues about the US Federal Reserve’s (Fed) rate-cut path, which will play a key role in influencing the near-term US Dollar (USD) price dynamics and providing a fresh directional impetus to the non-yielding yellow metal.
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