EUR/USD
The EUR/USD pair trades with a bullish bias around 1.0815 during the Asian trading hours on Wednesday. Markets might turn to a cautious mood later in the day ahead of key economic data from the Eurozone and the US.
GBP/USD
GBP/USD consolidates its gains around 1.2590 during the Asian session on Wednesday. The major pair holds above the key 100-day EMA but remains capped under the 1.2600 hurdle. The US CPI and Retail Sales report for April will be in the spotlight.
USD/JPY
The USD/JPY pair trades in positive territory for the fourth consecutive day near 156.55 on Wednesday during the early Asian session. The uptick of the pair is bolstered by the speculation that the Federal Reserve (Fed) might maintain rates higher for longer amid the elevated inflation. However, the fear that Japanese authorities could intervene in the foreign exchange markets might cap the upside of USD/JPY.
AUD/USD
The Australian Dollar registered gains against the US Dollar on Tuesday, even though inflation in the United States (US) edged, spurring hawkish remarks by Fed Chair Jerome Powell. The AUD/USD trades at 0.6624, virtually unchanged as Wednesday’s Asian session commences.
NZD/USD
The NZD/USD pair gains traction near 0.6055 on Wednesday during the early European trading hours. The final reading of the US Consumer Price Index (CPI) and Retail Sales for April will be in the spotlight later on Wednesday.
USD/CAD
USD/CAD has extended losses for the second successive session, trading around 1.3640 during the Asian hours on Wednesday. The decline of the pair could be attributed to the weaker US Dollar (USD) as investors digested higher-than-expected US Producer Price Index data for April while awaiting the Consumer Price Index report scheduled for Wednesday.
USD/CHF
USD/CHF edges lower for the second successive session, trading around 0.9060 during the Asian hours on Wednesday. The decline of the USD/CHF pair could be attributed to the weaker US Dollar (USD) as investors shrugged off the higher-than-expected US Producer Price Index data for April. Investors will likely await the Consumer Price Index report scheduled for Wednesday.
CRUDE OIL
Oil prices rose in Asian trade on Wednesday as industry data showed a drop in U.S. inventories and boosted expectations of tighter supplies, although anticipation of key inflation data kept gains limited.
GOLD
Gold price posts modest gains on the weaker US Dollar on Wednesday. The rising gold demand from robust over-the-counter market investments, consistent central bank purchases, and safe-haven flows amid Middle East geopolitical risk act as a tailwind for XAU/USD.
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