EUR/USD
The EUR/USD pair attracts some sellers to around 1.1620 during the Asian trading hours on Wednesday. The Euro (EUR) weakens against the US Dollar (USD) amid fears of a political crisis in France. The FOMC Minutes will take center stage later on Wednesday.
GBP/USD
GBP/USD turned lower again on Tuesday, falling back below 1.3450, extending a near-term consolidation zone as the pair grinds through chart paper near the 50-day Exponential Moving Average (EMA). Despite a notable lack of firm bullish momentum, selling pressure remains unable to crack the 1.3400 handle, keeping Cable hobbled in a volatile midrange.
USD/JPY
USD/JPY holds its strong momentum above the 152.00 mark, below its highest level since mid-February in the Asian session on Wednesday. Takaichi’s win in Japan’s leadership contest fueled speculation about more expansionary fiscal policies and raised the chances that the BoJ will delay raising rates, which continues to weigh on the local currency.
AUD/USD
AUD/USD remains under moderate bearish pressure below 0.6600 early Wednesday. The pair holds losses as risk sentiment continues to lean cautious, fuelling the haven demand for the US Dollar. However, the downside appears capped amid the AUD/NZD upsurge, driven by the RBNZ’s surprise 50 bps interest rate cut.
NZD/USD
The NZD/USD pair attracts aggressive selling for the second straight day on Wednesday and dives to its lowest level since April 11, below mid-0.5700s during the Asian session.
USD/CAD
USD/CAD continues to gain ground for the second successive session, trading around 1.3960 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) gains ground, as United States (US) Consumer Inflation Expectations for the year ahead rose to 3.4% in September, the highest in five months, compared to 3.2% in August.
USD/CHF
The USD/CHF trades at around yearly lows of 0.7980, capped on the downside by the 20-day Simple Moving Average (SMA) of 0.7951 and by the 50-day SMA at 0.8008. At the time of writing, the pair hovers around 0.7980, virtually unchanged.
CRUDE OIL
Oil prices rose in Asian trade on Wednesday as traders assessed a mixed U.S. inventories report and kept their focus on the broader supply outlook, with a modest OPEC+ output hike scheduled for November.
Gold price sees uninterrupted buying interest in the Asian session on Wednesday, conquering the $4,000 threshold for the first time on record..Gold looks to extend the momentum beyond the $4,000 level. Fed rate cut bets and concerns about the US shutdown continue to act as a tailwind for the bullion amid a softer risk tone.
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