EUR/USD
EUR/USD extends its winning streak for the third successive session, trading around 1.1580 during the Asian hours on Wednesday. The pair is gaining as the US Dollar (USD) comes under pressure, with softer United States (US) economic data boosting expectations of a Federal Reserve (Fed) rate cut in December.
GBP/USD
GBP/USD continues its winning streak for the fifth consecutive day, trading around 1.3190 during the Asian hours on Wednesday. Traders await the UK Chancellor of the Exchequer, Rachel Reeves, to deliver the Autumn Budget later in the day.
USD/JPY
USD/JPY makes a U-turn and tumbles over 0.54% on Tuesday as investors grew confident that the Federal Reserve will cut rates at the December meeting, following a soft US inflation report, along with weaker than expected Retail Sales. At the time of writing the pair trades at 155.98, below the 156.00 figure for the first time in four days.
AUD/USD
The Australian Dollar (AUD) advances against the US Dollar (USD) on Wednesday, extending its gains for the fourth successive session. The AUD/USD pair holds ground after the Australian Bureau of Statistics (ABS) released the first “complete” monthly Consumer Price Index (CPI), which climbed by 3.8% year-over-year (YoY) in October. The reading surpassed the market consensus of a 3.6% rise and a 3.5% increase prior.
NZD/USD
NZD/USD trades higher by more than 1%, trading around 0.5690 during the Asian hours on Wednesday. The technical analysis of the daily chart signals a persistent bearish bias as the pair price remains within the descending channel pattern.
USD/CAD
The USD/CAD pair trades 0.12% lower to near 1.4080 during the Asian trading session on Wednesday. The Loonie pair faces slight selling pressure as the US Dollar (USD) trades cautiously amid firming speculation that the Federal Reserve (Fed) could cut interest rates in the monetary policy meeting in December.
USD/CHF
The USD/CHF pair is seen extending the previous day’s pullback from a nearly three-week top – levels just above the 0.8100 mark – and losing ground for the second straight day on Wednesday. The slide is sponsored by the prevalent US Dollar (USD) selling bias and drags spot prices to mid-0.8000s, closer to the lower end of the weekly range, in the last hour.
CRUDE OIL
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $58.02 per barrel, up from Tuesday’s close at $57.88.
Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $61.81 price posted on Tuesday, and trading at $61.95.
Gold (XAU/USD) maintains its bid tone heading into the European session and currently trades near a one-and-a-half-week top, touched earlier this Wednesday. Traders ramped up bets for another interest rate cut by the US Federal Reserve (Fed) after the US Producer Price Index (PPI), released on Tuesday, pointed to signs of cooling inflation. Moreover, several Fed officials backed the case for further policy easing, which dragged the US Dollar (USD) to a one-week low and acts as a tailwind for the non-yielding yellow metal.
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