EUR/USD
EUR/USD hovers around 1.0710 during the early European session on Wednesday, maintaining its position after dropping to three-month lows. The US Dollar garnered support following the release of robust US inflation data for January.
GBP/USD
GBP/USD lost its traction and declined below 1.2600 in the European session on Wednesday. The data from the UK showed that the Consumer Price Index (CPI) declined by 0.6% on a monthly basis in January and weighed heavily on Pound Sterling.
USD/JPY
The USD/JPY surged to a three-month high of 150.81 after the US Bureau of Labor Statistics (BLS) revealed that inflation in the United States (US) remains above the 3% threshold, although slowing down. At the time of writing, the pair exchanges hands at 150.78, up 0.96%.
AUD/USD
The AUD/USD edged lower on Tuesday amid a strong US inflation report that pushed aside expectations rate cut expectations of the US Federal Reserve. Therefore, the pair dropped 1.18%, trading at around 0.6455 after hitting a new year-to-date (YTD) low of 0.6442.
NZD/USD
The NZD/USD pair attracts some sellers above the mid-0.6000s during the early Asian session on Wednesday. The US Dollar edges higher near a three-month high of nearly 105.00 following a stronger US Consumer Price Index (CPI). The pair currently trades near 0.6060, adding 0.02% on the day.
USD/CAD
The USD/CAD pair gains traction for the second consecutive day during the early Asian session on Wednesday. The uptick of the pair is bolstered by the US January Consumer Price Index (CPI) inflation data, which lifts the US Dollar (USD) and bond yields higher. USD/CAD currently trades near 1.3568, down 0.01% on the day.
USD/CHF
The USD/CHF pair delivers a moderate corrective move from an 11-week high of 0.8880 in the late Asian session on Wednesday. The corrective move seems profit-booking after a strong rally inspired by January’s sticky United States inflation data. Therefore, more upside in the Swiss Franc asset is anticipated.
CRUDE OIL
Oil prices fell in Asian trade on Wednesday after industry data pointed to an outsized build in U.S. crude inventories, while markets were also reeling from a hot inflation reading that further dented bets on early rate cuts by the Federal Reserve.
GOLD
Gold is flirting with the lowest level in two months near $1,990 early Wednesday, consolidating the previous day’s steep sell-off. The US Dollar rally has taken a breather alongside the US Treasury bond yields, allowing XAU/USD price a temporary relief.
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