EUR/USD is recovering ground above 1.0850 early Europe this Wednesday. Cautious optimism and a retreat in the US Dollar alongside the US Treasury bond yields underpin EUR/USD’s renewed upside. All eyes remain on the EU and US PMIs.
GBP/USD is trading on the front foot near 1.2750 in the European morning this Wednesday. The pair is drawing support from the US Dollar pullback across the board. However, the further upside appears elusive amid cautious trading and ahead of UK PMIs.
USD/JPY holds lower grounds near the intraday bottom, sidelined around 146.60-70 during early Wednesday morning in Europe, as market players seek more clues to extend the Yen pair’s two-day downtrend. Even so, upbeat Japan data and a pullback in the Treasury bond yields join cautious optimism to weigh on the risk-barometer pair ahead of the top-tier US activity data for August.
AUD/USD stays on the front foot for the fourth consecutive day, despite struggling of late, as market players cheer the downbeat US Dollar amid early Wednesday morning in Europe. With this, the Aussie pair adds 0.30% intraday gains to print the 0.6450 level by the press time.
NZD/USD struggles to defend the previous day’s run-up as it prods the 100-DMA resistance amid early Wednesday morning in Europe. In doing so, the Kiwi pair justifies the market’s dilemma amid mixed New Zealand Retail Sales data and the US Dollar’s retreat ahead of the key US PMIs for August. That said, the quote seesaws around 0.5950 by the press time.
USD/CAD holds lower grounds near 1.3540 while portraying a sluggish weekly move heading into Wednesday’s European session. The Loonie pair clings to mild losses amid a softer US Dollar and the recent improvement in Canada’s key export item WTI crude oil as markets await top-tier data from the US and Canada.
USD/CHF languishes around 0.8800 as it fades the previous day’s rebound from the 100-SMA heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair portrays the market’s cautious mood ahead of the preliminary readings of the August month Purchasing Managers Indexes (PMIs) for the US.
Oil prices ticked up in Asian trade on Wednesday, as traders weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness.
Gold price gains positive traction for the third successive day on Wednesday. Retreating US bond yields undermines the US Dollar and lends some support. China’s economic woes further boost demand for the safe-haven XAU/USD.
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