EUR/USD drops to 1.0915 as it consolidates the previous day’s rebound from a one-week low heading into Wednesday’s European session. The Euro pair justifies the market’s cautious mood ahead of the key US Consumer Price Index (CPI) for March.
GBP/USD prints mild gains around 1.2430 as traders await the week’s key catalysts headlines into Wednesday’s London open. The Cable pair struggles to cheer the recent upside break.
The USD/JPY pair has printed a fresh four-week high at 134.04 in the Asian session. The upside bias for the asset is the outcome of a recovery in the US Dollar Index (DXY) as investors have started turning anxious ahead of the release of the United States inflation data and the continuation of the Bank of Japan’s support to expansionary monetary policy.
AUD/USD renews an intraday high around 0.6670 as receding fears of Aussie recession joins the easing hawkish bias of the Federal Reserve (Fed) officials during early Wednesday. Adding strength to the upside momentum could be the upbeat catalysts surrounding Australia’s biggest customer, namely China.
The NZD/USD pair has attempted a recovery move after printing a fresh two-week low near 0.6170. The recovery move by the New Zealand Dollar looks less confident as investors are losing hopes of economic recovery in China despite dismantling lockdown curbs by the administration.
USD/CAD renews weekly low around 1.3450 as it drops for the third consecutive day during early Wednesday in Europe. The Loonie pair’s latest gains could be linked to the firmer prices of Canada’s main export item, namely WTI crude oil, as well as broad-based US Dollar weakness, ahead of the key catalysts. Among them, Bank of Canada (BoC) Interest Rate Decision, US Consumer Price Index (CPI) for March and the Minutes of the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting gain major attention.
The USD/CHF pair has extended its downside below 0.9030 in the Asian session. The downside in the Swiss Franc asset has stretched as Federal Reserve (Fed) policymakers are anticipating a decent softening of the United States Consumer Price Index (CPI) this year.
Oil prices rose on Tuesday as signs of a growing rebound in Chinese travel demand pushed up hopes of increased crude consumption this year, although anticipation of more cues on the U.S. economy this week kept broader gains limited.
Gold price is extending the previous rebound above the $2,010 mark early Wednesday, as markets remain in a cautiously optimistic mood ahead of the all-important United States Consumer Price Index data and the Minutes of the US Federal Reserve (Fed) March meeting.
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