EUR/USD
The EUR/USD pair trades flat around 1.1625 during the early European session on Wednesday. Markets turn cautious ahead of the US Federal Reserve (Fed) interest rate decision later on Wednesday, in which a 25 basis points (bps) rate cut is almost fully priced in.
GBP/USD
The GBP/USD pair trades on a firmer note around 1.3305 during the early European session on Wednesday. The Greenback edges lower against the Pound Sterling (GBP) as the US Federal Reserve (Fed) is widely expected to announce another interest rate cut on Wednesday. The UK monthly Gross Domestic Product (GDP) report will be published later on Friday.
USD/JPY
The USD/JPY pair climbs to two-week highs near 156.90 during the early Asian session on Wednesday. The stronger US jobs data provide some support to the US Dollar (USD) against the Japanese Yen (JPY). All eyes will be on the US Federal Reserve (Fed) interest rate decision later on Wednesday.
AUD/USD
The AUD/USD pair is seen consolidating its recent strong gains to the highest level since September 18, touched the previous day, and seesaws between tepid gains/minor losses through the Asian session on Wednesday. Spot prices currently trade around the 0.6640 area, nearly unchanged for the day, as traders keenly await the outcome of a two-day FOMC meeting.
NZD/USD
The NZD/USD pair holds steady during the Asian session on Wednesday and for now, seems to have stalled the previous day’s modest pullback from the 0.5800 neighborhood, or its highest level since late October. Spot prices currently trade around the 0.5780-0.5775 region, nearly unchanged for the day, as traders opt to wait for the outcome of a two-day FOMC policy meeting before placing fresh bets.
USD/CAD
The USD/CAD pair trades marginally higher to near 1.3855 during the Asian trading session on Wednesday. The Loonie pair is expected to trade broadly sideways as investors await monetary policy announcements by the Bank of Canada (BoC) and the Federal Reserve (Fed), which are scheduled for the North American session.
USD/CHF
The USD/CHF pair trades flat around 0.8060 during the late Asian trading session on Wednesday. The Swiss Franc pair consolidates as investors await the monetary policy announcement by the Federal Reserve (Fed), which is scheduled at 19:00 GMT.
CRUDE OIL
Oil prices held steady on Wednesday after falling about 1% in the previous session, as concerns over supply outpacing demand capped gains and investors watched for progress in Russia-Ukraine peace talks.
Gold (XAU/USD) extends its sideways consolidative price move through the early European session and trades just below the weekly high touched earlier this Wednesday. Traders now seem reluctant and opt to wait for the outcome of a two-day FOMC policy meeting later today. The key focus will be on updated economic projections and Federal Reserve (Fed) Governor Jerome Powell’s speech, which will be looked for cues about the future rate-cut path. This, in turn, will drive the US Dollar (USD) and provide a fresh impetus to the non-yielding yellow metal.
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