The EUR/USD pair has witnessed selling pressure after multiple failed attempts of overstepping the critical hurdle of 0.9880. The asset has not turned bearish yet as the risk profile is extremely cheerful.
GBP/USD is holding the recent upside above 1.1300 ahead of the critical UK inflation release. A mixed market mood and the US dollar rebound are limiting the pair. The UK CPI data holds the key following the government’s fiscal and political fiasco.
The USD/JPY pair extends its consolidative price moves and remains confined in a narrow trading band through the Asian session on Wednesday. The pair is currently placed comfortably above the 149.00 mark, just a few pips below the highest level since August 1990 touched the previous day.
AUD/USD struggles to defend the previous day’s upside break, taking rounds to 0.6315-20 after a two-day uptrend to Wednesday’s Asian session. In doing so, the Aussie pair fails to justify the firmer data from home, as well as the upbeat sentiment, as markets await fresh clues.
NZD/USD bulls struggle to keep the reins on early Wednesday, printing mild gains around 0.5700 during the three-day uptrend. In doing so, the Kiwi pair portrays the market’s sluggish performance amid the inactive US Dollar Index (DXY) and the risk-on mood. However, the hawkish bias for the Reserve Bank of New Zealand’s (RBNZ) next move keeps the pair buyers hopeful.
USD/CAD steadies near 1.3750 amid sluggish markets during Wednesday’s European morning. In doing so, the Loonie pair seesaws around intraday high while trying to stretch the previous day’s rebound.
The USD/CHF pair attracts some buying near the 0.9925-0.9930 area on Wednesday and moves away from a one-week low touched the previous day. The pair is currently trading around the mid-0.9900s, though the modest intraday uptick lacks bullish conviction.
Oil prices rose on Wednesday, recovering from recent losses as signs of a bigger-than-expected draw in U.S. crude inventories offset concerns over plans by the White House to increase supply in the near-term.
Gold price extends its consolidative mode below $1,670 so far this week. Mixed Asian equities support USD bulls while yields cheer hawkish Fedspeak. XAU/USD eyes a daily closing below the rising trendline, now at $1,642.
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