The EUR/USD pair is facing barricades in extending its recovery above the 1.0980 mark in the early European session. The shared currency pair has sensed pressure as the US Dollar Index (DXY) has shown some recovery.
GBP/USD treads water around 1.2630-20 heading into Wednesday’s London open as candlesticks and chart formations print mixed signals as US inflation data looms. In doing so, the Cable pair seesaws around the highest levels since May 2022, marked during early weekdays.
The USD/JPY pair is making efforts for a consolidation breakout placed in a range of 134.69-135.36 in the past three trading sessions. The major is expected to remain in action ahead of the release of the United States inflation data (April).
The AUD/USD pair has resumed its upside journey after a corrective move to near 0.6750 in the Tokyo session. A solid recovery in the Aussie asset is being supported by a further correction in the US Dollar Index (DXY). The USD Index has refreshed its day’s low at 101.54 as a delay in US debt ceiling issues is impacting the long-term outlook of the United States economy.
The NZD/USD pair has stretched its recovery to near 0.6336 in the early Asian session. The Kiwi asset is expected to remain on the tenterhooks as negotiations for US debt ceiling issues between US President Joe Biden and Speaker Kevin McCarthy are heating as the latter is not ready to agree to support debt ceiling raise without cutting spending initiatives.
The USD/CAD pair has sensed selling pressures after a rebound to near the 1.3400 mark in the Asian session. The Loonie asset has faced selling interest as the US Dollar Index (DXY) has extended its correction further to 101.55 after US debt ceiling negotiations failed a decisive outcome.
USD/CHF remains mildly offered despite the latest rebound from the intraday low to 0.8900 heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair bears the burden of the market’s cautious mood ahead of the key US inflation data for April.
WTI crude oil remains static around mid-$73.00s amid the early hours of Wednesday’s Asian session, after portraying a four-day rebound from the lowest levels since December 2021. In doing so, the black gold price portrays the market’s cautious mood ahead of the key US inflation data, as well as mixed clues from the ongoing US debt-ceiling talks in the White House. However, talks of the US readiness to refill the US Strategic Petroleum Reserves (SPR) allow the WTI buyers to remain hopeful.
Gold price has entered a phase of consolidation near $2,030 early Wednesday, having witnessed two consecutive days of gains. The United States Dollar (USD) is pulling back from multi-day highs, snapping its recovery momentum ahead of the all-important Consumer Price Index (CPI) data.
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