EUR/USD
Danske Research Team observes that EUR/USD is little changed below 1.1650, with 2‑year Bund and US Treasury yields slightly lower. The bank forecasts US February CPI at 2.5% year‑on‑year for both headline and core, marginally above consensus, but does not expect this to materially alter current market pricing for the Dollar or rates.
GBP/USD
GBP/USD rose to 1.3450 on Wednesday. Expectations of de-escalation in the Middle East supported the pound, as lower oil prices reduced inflationary risks for the British economy, which is heavily dependent on energy imports.
USD/JPY
The USD/JPY edges higher on Tuesday, rising nearly 0.25% as risk appetite deteriorated late in the New York session, even though the US President Donald Trump hinted a de-escalation of the conflict. At the time of writing the pair trades at 158.07 some 80 pips above its opening price.
AUD/USD
AUD/USD extends its winning streak for the fourth successive session, trading around 0.7130 during the Asian hours on Wednesday. The pair advances as the Australian Dollar (AUD) gains support from growing expectations of a Reserve Bank of Australia (RBA) rate hike next week.
NZD/USD
NZD/USD remains in the negative territory after giving up daily gains, trading around 0.5930 during the Asian hours on Wednesday. However, the pair advanced as the New Zealand Dollar (NZD) strengthened amid rising Reserve Bank of New Zealand (RBNZ) rate hike bets in 2026. This could be attributed to domestic inflation concerns, driven by the recent surge in oil prices.
USD/CAD
The USD/CAD pair sticks to its modest intraday losses through the early European session on Wednesday and currently trades just above mid-1.3500s, down nearly 0.15% for the day. Spot prices, meanwhile, remain close to a nearly one-month low, touched on Monday, and seem vulnerable to slide further.
USD/CHF
The USD/CHF pair loses ground to near 0.7765 during the early European trading hours on Wednesday. Ongoing Middle East tensions continue to boost a safe-haven currency such as the Swiss Franc (CHF) against the US Dollar (USD). All eyes will be on the US February Consumer Price Index (CPI) inflation report later on Wednesday.
CRUDE OIL
Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a record release of oil reserves could offset potential supply shocks from the U.S.-Israeli conflict with Iran.
Gold (XAU/USD) trims a part of its modest intraday gains and trades just below the $5,200 mark during the early European session on Wednesday. The commodity, however, remains close to a one-week high, touched on Tuesday, and draws support from a combination of factors. The US Dollar (USD) attracts some sellers amid expectations that Crude Oil prices are no longer high enough to limit the US Federal Reserve’s (Fed) ability to cut interest rates. This, in turn, acts as a tailwind for the non-yielding yellow metal.
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