EUR/USD
EURUSD remains on the back foot while eyeing 1.0050 in early European trading. The US Dollar stabilizes, awaiting clarity on the US midterm election results, with a potential Republican victory and a government gridlock. Speeches from Fed and ECB officials are next in focus.
GBP/USD
GBPUSD seesaws around the mid-1.1500s during the four-day uptrend as bulls and bears jostle amid early Wednesday. While the Cable pair’s previous gains could be linked to the broad US dollar weakness, the recent anxiety in the market is capping the upside.
USD/JPY
USDJPY is trying to hold on to the lows of the day from Tuesday following the US Dollar that sold off, extending the losses that started to take shape on Friday. The yen has picked up a bid in line with a general risk-on mood in the past few sessions.
AUD/USD
AUDUSD aptly justifies its risk-barometer status as it prints the first daily loss, so far, in four days amid political and/or covid updates. That said, the Aussie pair remains depressed around 0.6490, mildly offered heading into Wednesday’s European session.
NZD/USD
NZDUSD snaps a three-day winning streak while refreshing the intraday low near 0.5940 after China’s inflation data was released early Wednesday. In doing so, the Kiwi pair also extends the day-start pullback from the highest levels in seven weeks, marked the previous day.
USD/CAD
USDCAD grinds near 1.3450 heading into Wednesday’s European session amid dicey markets. The anxiety over US government gridlock joins covid fears from China and a cautious mood ahead of the key data/events to restrict the Loonie pair’s latest moves.
USD/CHF
The USDCHF pair has sensed selling pressure after failing to overstep the critical hurdle of 0.9875 in the early Asian session. The asset is hovering around its fresh two-week low at 1.3869 and is expected to surrender the same amid a risk-on market mood.
CRUDE OIL
Oil prices slid on Wednesday as industry data showed U.S Crude stockpiles rose more than expected and on worries a rebound in COVID-19 cases in top importer China would hurt fuel demand.
GOLD
Gold price is turning lower in early Wednesday’s trading, pulling away from five-week highs of $1,717 reached on Tuesday. The bright metal takes a breather, as investors await clarity on the US Midterm Election outcome while the focus shifts towards Thursday’s critical CPI data from the United States.
