EUR/USD is holding steady at around 1.0900 in the European morning on Wednesday. The pair is struggling to gain traction, despite hawkish comments from ECB President Lagarde on Tuesday. A souring market mood is lifting the safe-haven demand for the US Dollar while the Fed Minutes failed to impress. US data awaited.
GBP/USD is trading under pressure below 1.2550 in Wednesday’s early European session. The pair’s weakness is backed by renewed US Dollar demand, as markets remain jittery ahead of a fresh batch of top-tier US economic data and the UK Autumn Forecast. Pound Sterling shrugs off hawkish BoE commentary.
The USD/JPY pair struggles to capitalize on the previous day’s solid 140-145 pips recovery from the 147.15 area, or its lowest level since September 14 and ticks lower during the Asian session on Wednesday. Spot prices, however, manage to hold above the 148.00 round figure and remain at the mercy of the US Dollar (USD) price dynamics.
The AUD/USD pair trades in the negative territory for the second consecutive day during the early Asian session on Wednesday. AUD/USD loses its recovery momentum despite the modestly hawkish Reserve Bank of Australia (RBA) meeting minutes, retreating from 0.6590. The pair currently trades near 0.6553, losing 0.04% on the day.
NZD/USD snaps a three-day winning streak after retreating from the three-month high at 0.6086, which could be attributed to the increase in the US Dollar (USD). The NZD/USD pair trades lower near 0.6030 during the early European session on Wednesday and extends gains for the second successive day.
USD/CAD recovers its intraday losses, hovering around the psychological level of 1.3700 during the Asian session on Wednesday. The USD/CAD posted losses despite the downbeat Canada inflation data released on Tuesday, which might be enough to keep the Bank of Canada (BoC) on hold now.
The USD/CHF pair edges lower during the Asian session on Wednesday. The weaker US Dollar (USD) drag the USD/CHF lower to the lowest level since September. Markets remain subdued ahead of the Thanksgiving Day holiday in the United States later this week. The pair currently trades near 0.8832, down 0.06% on the day.
Oil prices barely moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.
Gold price (XAU/USD) attracts some buyers for the second successive day on Wednesday and steadily climbs back closer to the monthly peak touched the previous day.
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