EUR/USD is holding lower ground near 1.0850 heading toward the European opening bells. The pair is treading water amid renewed US Dollar strength even as risk sentiment improves on US debt ceiling progress. All eyes remain on the US debt ceiling updates and ECB-speak.
GBP/USD is dropping toward 1.2450 n the early European session. Cable is feeling the pull of gravity, courtesy of the resurgent US Dollar demand, as investors weigh US debt ceiling talks ahead of the mid-tier US housing data.
USD/JPY eases from intraday high to 136.35 as it snaps the five-day winning streak on upbeat Japan growth numbers published early Wednesday. Also exerting downside pressure on the risk barometer pair could be the US Dollar’s retreat amid easing fears of the US default. Even so, the Yen pair remains indecisive as hawkish Federal Reserve (Fed) statements join upbeat US data.
AUD/USD takes offers to prod the intraday low surrounding 0.6645 as market sentiment fades the early Asian session optimism ahead of Wednesday’s European morning. In doing so, the Aussie pair also takes clues from the mixed Australian wage data, as well as political headlines from Canberra.
NZD/USD struggles to defend intraday gains around 0.6240, recently easing from daily tops, as the US Dollar benefits from mixed market sentiment during early Wednesday morning in Europe. Also challenging the Kiwi pair buyers is the anxiety ahead of New Zealand’s (NZ) annual budget announcements, scheduled for Thursday.
The USD/CAD pair is looking to reclaim the mark of 1.3500 in the early London session. The Loonie asset has rebounded after a mild correction to near 1.3463 amid the recovery move by the US Dollar Index (DXY). The USD Index has refreshed its day’s high at 102.68 as US debt-ceiling issues have deepened further.
The USD/CHF pair is looking to stretch its recovery above the immediate mark of 0.8970 in the Asian session. The Swiss franc asset has rebounded firmly as the US debt-ceiling negotiations for raising the same to avoid the situation of default in augmenting obligated payments by the US treasury have been postponed.
Oil prices moved in a flat-to-low range in Asian trade on Wednesday as industry data pointed to an unexpected build in U.S. inventories, while weak economic readings from the U.S. and China also dented the outlook for demand.
Gold price (XAU/USD) grinds near the lowest levels in a fortnight, recently easing from the intraday top, as market sentiment dwindles amid a lack of clarity about the US default conditions.
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