EUR/USD
The EUR/USD pair tumbles to near 1.1705 during the Asian trading hours on Wednesday. The Euro weakens against the Greenback as renewed tariff threats from US President Donald Trump unsettle markets. Traders await the FOMC Minutes, which will be released later on Wednesday.
GBP/USD
GBP/USD extends its losing streak, trading around 1.3580 during the Asian hours on Wednesday. The pair depreciates as the US Dollar gains ground amid increased risk aversion. On Tuesday, US President Donald Trump told reporters at a White House cabinet meeting to impose a 50% tariff on Copper imports but he did not say when the tariff would take effect.
USD/JPY
The Japanese Yen (JPY) maintains its offered tone through the Asian session on Wednesday, which, along with a broadly firmer US Dollar (USD), assists the USD/JPY pair to stick to intraday gains near the 147.00 round figure. Concerns about the economic fallout from US President Donald Trump’s 25% tariffs from a new deadline of August 1 on Japanese goods undermine the JPY. Furthermore, expectations that trade tensions could create pressure on the Bank of Japan (BoJ) to forgo raising interest rates this year turn out to be another factor driving flows away from the JPY amid domestic political uncertainty.
AUD/USD
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday, extending its gains for the second successive session. The AUD/USD pair appreciated as the Reserve Bank of Australia (RBA) Governor Michele Bullock said in a post-meeting conference that inflation risks persist due to elevated unit labor costs and weak productivity, which could push inflation above forecasts.
NZD/USD
The NZD/USD pair fades an intraday spike to the 0.6015 area that followed the Reserve Bank of New Zealand’s (RBNZ) widely expected decision to hold rates steady and retests a two-week low during the Asian session on Wednesday. Spot prices currently trade below the 0.6000 psychological mark and seem vulnerable to slide further amid a broadly stronger US Dollar (USD).
USD/CAD
The USD/CAD pair regains positive traction during the Asian session on Wednesday and climbs to the 1.3700 neighborhood, closer to over a one-week high touched the previous day. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices is to the upside.
USD/CHF
The USD/CHF pair gathers strength around 0.7975 during the early European session on Wednesday, bolstered by a firmer US Dollar (USD). However, the concerns about renewed trade tensions triggered by US President Donald Trump might cap the upside for the pair. All eyes will be on the FOMC Minutes, which will be published later on Wednesday.
CRUDE OIL
Oil prices edged down on Wednesday after rising to two-week highs in the previous session, as investors awaited new developments on U.S. tariffs amid expectations of rising crude inventories in the United States.
Gold price remains under some selling pressure amid reduced bets for a Fed rate cut in July. The USD stands firm near a two-week high and contributes to the commodity’s offered tone. Tariff jitter weigh on investors’ sentiment, though it does little to impress the XAU/USD bulls.
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