The EUR/USD pair enters a bearish consolidation phase and oscillates in a narrow range near its lowest level since March 16, around the 1.0555 area touched during the Asian session on Wednesday.
GBP/USD continues the losing streak that began on September 20, trading below 1.2150 during the Asian session on Wednesday. Upbeat economic data from the United States (US) reinforces the prevailing pressure on the pair.
USD/JPY hovers slightly below the high since November, trading around 149.10 psychological level during the Asian session on Wednesday. Market caution is bolstering the US Treasury yields, which supports the US Dollar (USD) against the Japanese Yen (JPY).
The AUD/USD pair remains under selling pressure and drops below 0.6400 during the early Asian session on Wednesday. The pair is weighed by the negative sentiment and a decline in commodity prices. The pair currently trades around 0.6394, losing 0.03% on the day.
The NZD/USD pair trades in negative territory for two straight days during the Asian session on Wednesday. The uptick in the pair is bolstered by the stronger US Dollar (USD) and risk aversion. The pair currently trades near 0.5932, down 0.20% for the day.
The USD/CAD pair trades with a modest loss above the 1.3500 mark during the early Asian trading hours on Wednesday. The hawkish stance from the Federal Reserve (Fed) and risk aversion boost the US Dollar (USD) across the board. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD relative to a basket of foreign currencies, holds above 106.20, the highest level since November. The pair currently trades around 1.3510, down 0.05% on the day.
USD/CHF continues the winning streak that began on September 19 and reached the five-month high. The spot price is trading near 0.9140 during the early trading hours of the European session on Tuesday.
Market caution and upbeat US Treasury yields are underpinning the strength of the pair. US Federal Reserve’s (Fed) hawkish stance on interest rate trajectory keeps pushing the US Treasury yields, which is boosting the US Dollar (USD).
Oil prices surged in Asian trade on Wednesday, extending a rebound from the prior session as the prospect of tighter supplies helped markets look past concerns over rising interest rates and their impact on the economy.
Gold price shows some resilience below the $1,900 mark during the Asian session on Wednesday, albeit struggles to register any meaningful recovery from over a one-month low touched the previous day.
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