EUR/USD picks up bids to refresh intraday high, extends previous day’s recovery. Mixed Eurozone inflation, doubts over Fed and ECB’s role in banking fallouts challenge Euro pair buyers. US default fears, anxiety ahead of FOMC also act as additional checks for buyers.
GBP/USD takes the bids to renew intraday high near 1.2490 as it cheers the broad US Dollar weakness ahead of the key FOMC monetary policy meeting announcements. In doing so, the Cable pair buyers also cheer the latest doubts on the Fed’s capacity to further inflate the benchmark rates.
USD/JPY renews its intraday low near 136.00 as it extends the previous day’s U-turn from a multi-day high during early Wednesday. That said, the Yen pair keeps the earlier moves intact amid holidays in Japan and cautious mood ahead of the Federal Open Market Committee (FOMC) monetary policy meeting announcements.
The AUD/USD pair has continued its sideways performance in a range of 0.6660-0.6670 despite the Australian Bureau of Statistics has reported an upbeat Retail Sales data (March). Monthly Retail Sales have accelerated by 0.4%, higher than the consensus and the former release of 0.2%. Resilience in consumer spending indicates that the decision of hiking interest rates further by the Reserve Bank of Australia (RBA) was correct.
The NZD/USD pair has sensed selling pressure after a rally to near 0.6250 in the Asian session. The Kiwi asset is expected to continue its upside journey as the US Dollar Index (DXY) is under immense pressure amid expectations that higher interest rates by the Federal Reserve (Fed) were the major reason behind the United States banking fiasco.
The USD/CAD pair is displaying a sideways performance around 1.3620 in the Tokyo session. The Loonie asset displayed a perpendicular rally after defending the 1.3540 mark as oil prices nosedived amid deepening fears of a recession in the United States.
USD/CHF holds lower grounds near the intraday bottom of 0.8907, retreating of late, as bears keep the reins for the second consecutive day heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair extends the previous day’s U-turn from the highest level in a week.
Oil prices moved little in early Asian trade on Wednesday as traders hunkered down before the conclusion of a Federal Reserve meeting, although fears of worsening economic conditions left prices wallowing at five-week lows.
Gold price (XAU/USD) grind higher after defying the fortnight-old trading range as market players brace for the all-important Federal Reserve (Fed) decision. Mixed catalysts surrounding bank turmoil, US data and debt ceiling extension prod XAU/USD traders.
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