EUR/USD is firmly auctioning above the magical figure of 1.000 ahead of Eurozone HICP. The Eurozone HICP is seen higher at 9% vs. 8.9% reported earlier. Energy supply cuts from Nord Stream 1 pipeline to Germany could accelerate the energy crisis.
GBP/USD is advancing towards 1.1700 as the DXY has extended losses. DXY’s investors have turned cautious on lower consensus for US NFP. Weaker US Average Hourly Earnings may create more problems for the Fed.
USD/JPY takes offers to refresh intraday low near 138.50 as it extends the previous day’s pullback from the six-week high during Wednesday’s Asian session. In doing so, the yen pair prints the first daily loss in four.
The AUD/USD pair has picked significant bids around 0.6860 after the release of upbeat China data. However, the investors’ focus will remain on the interest rate decision by the Reserve Bank of Australia (RBA), which is due next week
The NZD/USD pair is struggling to cross the immediate hurdle of 0.6150 after a less-confident rebound from 0.6130 in the Asian session. Broadly, the asset is displaying sideways movement around 0.6140 and the short-lived pullback is likely to turn into a fresh sell ahead.
USD/CAD consolidates the latest gains while reversing from a 1.5-month high, refreshing intraday low near 1.3070 heading into Wednesday’s European session. In doing so, the Loonie pair takes clues from the softer prices of Canada’s main export item, i.e. WTI crude oil, as well as the US Dollar Index (DXY), as the pair traders await important statistics from Ottawa and Washington.
USD/CHF snaps a three-day uptrend as it refreshes daily lows near 0.9730 during Wednesday’s Asian session.
Oil prices fell nearly $6 a barrel on Tuesday, the steepest decline in about a month, on fears that fuel demand could soften as global central banks hike rates to fight surging inflation, and as unrest in Iraq failed to dent the OPEC nation’s crude exports.
Gold price is nursing losses near the monthly lows of $1,720, replicating the similar price action seen in Tuesday’s Asian trading. Despite the broad weakness in the US dollar, the bright metal remains on the defensive.
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