EUR/USD
The Euro has pulled back from session highs but remains above 1.1800, trading at 1.1820 against the US Dollar (USD), at the time of writing, practically flat on the day. The Eurozone inflation and services activity data have failed to provide any significant support to the Euro, and investors are now shifting their focus to the US ADP Employment Change.
GBP/USD
The Pound Sterling (GBP) drops against the US Dollar (USD) on Wednesday, and it remains trading below the 1.3700 figure, posting losses of 0.23% as traders wait for the Bank of England’s (BoE) monetary policy decision.
USD/JPY
The Japanese Yen (JPY) became the worst-performing currency of the G8 on Wednesday. JPY weakness has boosted the USD/JPY pair, which is trading above 156.80 at the time of writing, on track to a 3% rally from last week’s lows.
AUD/USD
The AUD/USD pair trades marginally lower around 0.7020 during the European trading session on Wednesday. The Aussie pair ticks down as the US Dollar (USD) trades higher ahead of the key United States (US) economic data releases in the North American session.
NZD/USD
The New Zealand Dollar is practically flat against the US Dollar on Wednesday, trading at 0.6040 at the time of writing, after being rejected at 0.6063 on Tuesday. A string of mixed New Zealand employment figures has halted the pair’s recovery from weekly lows at 0.5990.
USD/CAD
The US Dollar (USD) shows marginal gains against its Canadian counterpart on Wednesday, trading near 1.3650 at the moment of writing. The pair’s reversal from weekly highs above 1.3700 has been contained above 1.3625, with USD downside attempts limited, ahead of the release of January’s ADP Employment Change report.
USD/CHF
USD/CHF trades without a clear trend around 0.7750 on Wednesday at the time of writing, showing an almost unchanged performance on the day. The pair remains trapped in a narrow range as the US Dollar (USD) struggles to find a clear catalyst following the release of mixed US macroeconomic data.
CRUDE OIL
Oil prices were largely flat on Wednesday, halting a sharp advance from earlier after reports of growing tensions between the U.S. and Iran pushed up concerns over potential supply disruptions in the Middle East.
The report from OCBC Bank, authored by Sim Moh Siong and Christopher Wong, notes that Gold and Silver have rebounded due to dip-buying interest as liquidation pressures eased. However, sentiment remains cautious, and the report anticipates consolidation rather than a trend reversal. The year-end forecasts for Gold and Silver remain at USD5,600/oz and USD133/oz respectively.
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