EUR/USD is on the defensive while eyeing 1.0600 heading into Wednesday’s European session. The pair is undermined by a broad-based US Dollar rebound amid a recovery in risk sentiment, shrugging off the ongoing surge in the Treasury yields. US data awaited.
GBP/USD extends the previous day’s rebound from a three-week low, up 0.11% intraday near 1.2190 during the mid-Asian session on Wednesday. In doing so, the Cable pair cheers the broad-based US Dollar weakness due to the receding fears of the recession. However, the cautious mood ahead of the critical US data and challenges to the UK’s health sector seems to probe the pair buyers of late.
USD/JPY is consolidating the recovery gains above 132.00 amid an improved market mood so far this Wednesday. The pair witnessed the biggest daily slump in 24 years on Tuesday after the BoJ announced unexpected changes to its yield control policy.
AUD/USD picks up bids to 0.6690, as it portrays a recovery from the one-month low marked the previous day, amid cautious optimism in the market during early Wednesday. In doing so, the Aussie pair pays little attention to the softer sentiment data at home.
NZD/USD dropped to the lowest levels in three weeks before recently bouncing off 0.6300, making rounds to 0.6350 during early Wednesday. The Kiwi pair’s latest rebound could be linked to the downbeat US Dollar but pays little heed to New Zealand (NZ) trade numbers for November.
USD/CAD pares intraday losses around 1.3600 even as sellers keep the reins during the three-day downtrend early Wednesday. The Loonie pair’s latest rebound could be linked to the US Dollar’s consolidation, but the quote’s broad weakness is likely due to the firmer oil prices and the market’s cautious optimism. However, anxiety ahead of the key data from the US and Canada seems to allow the quote to pare recent losses.
USD/CHF grinds higher around the intraday top of 0.9281 as buyers attack during early Wednesday. In doing so, the Swiss Franc pair prints the first daily gains since last Friday.
Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China.
Gold price is reversing slightly from one-week highs of $1,821 reached on Tuesday, as bulls gather strength before resuming the uptrend. The latest leg down in Gold price could be attributed to a broad-based rebound in the USD.
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