EUR/USD is attempting a bounce toward 1.0750, shrugging off the downbeat German factory data in the European morning on Wednesday. The US Dollar is retreating alongside the US Treasury bond yields, despite a risk-off market mood. EU Retail Sales, US PMIs eyed.
GBP/USD is advancing toward 1.2600, rebounding from its lowest level since June 13 in early Europe on Wednesday. The pair is underpinned by a broad pullback in the US Dollar from six-month highs, as the focus shifts to the US ISM Services PMI for fresh cues.
The USD/JPY pair reverses an Asian session dip to the 147.35 area and climbs back close to its highest level since November 2022 touched the previous day. Spot prices currently trade around the 147.80 region, though lack bullish conviction amid fears of further jawboning by Japanese authorities.
The AUD/USD pair fails to capitalize on the overnight modest bounce from the vicinity of mid-0.6300s, or its lowest level since November 2022 and attracts fresh sellers during the Asian session on Wednesday. Spot prices remain depressed near the 0.6360 region and move little in reaction to the better-than-expected Australian GDP report.
NZD/USD trades lower around 0.5860 during the Asian session on Wednesday, continuing the losing streak that began on Friday. The pair is under pressure due to the firmer US Dollar (USD) as the market participants seem to accept the less likelihood of an interest rate hike by the US Federal Reserve (Fed) in September’s policy meeting.
The USD/CAD pair lacks any firm intraday directional bias on Wednesday and seesaws between tepid gains/minor losses through the Asian session. Spot prices currently trade just below mid-1.3600s and remain well within the striking distance of the highest level since March 28 touched on Tuesday.
USD/CHF consolidates around 0.8890 during the Asian session on Wednesday, grappling to retreat the losses from the previous session. However, the pair experienced downward pressure, primarily driven by the strength of the US Dollar (USD). The yield on the 10-year US Treasury bond rose to 4.25%, up by 1.51%, which is contributing the support in underpinning the US Dollar (USD).
Oil prices ticked up in early Asian trade on Wednesday after rising over 1% in the previous session, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.
Gold Price seesaws within a key trading range despite the previous day’s heavy loss. Fears of economic slowdown in Beijing contradict US soft landing chatters and weigh on the Gold Price. US ISM Services PMI, Fed talks eyed for fresh impulse.
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