EUR/USD
EUR/USD holds the recovery below 1.1400 in early Europe on Wednesday, though it lacks any follow-through amid a modest US Dollar uptick. The pair remains confined in a familiar range held over the past week or so as traders aswait the top-tier German, EU and US GDP data for fresh impetus.
GBP/USD
GBP/USD remains on the back foot near 1.3400 in the European trading hours on Wednesday. The pair is under pressure as the US Dollar strengthens on renewed optimism surrounding US-China trade developments. But the further upside appears capped ahead of the US jobs, GDP and PCE inflation data.
USD/JPY
The USD/JPY pair is trading around the 142.00 handle during the North American session on Tuesday. The pair saw some upward movement as the US Dollar (USD) steadied following the release of softer-than-expected US JOLTS Job Openings data and a sharp drop in Consumer Confidence. However, gains remain limited due to ongoing uncertainty surrounding US trade negotiations, particularly with China.
AUD/USD
The Australian Dollar (AUD) is gaining ground on Wednesday following a more than 0.50% decline against the US Dollar (USD) in the previous session. The AUD/USD pair appreciates following the release of key economic data from Australia and China.
NZD/USD
The NZD/USD pair struggles to gain any meaningful traction during the Asian session on Wednesday and languishes near the lower end of a nearly two-week-old trading range. Spot prices hold steady around the 0.5930 region and move little following the release of Chinese PMIs.
USD/CAD
USD/CAD is holding gains for a second consecutive session, trading near 1.3840 during Wednesday’s Asian session. The pair remains supported as the US Dollar (USD) benefits from renewed optimism surrounding US-China trade developments. Market focus now shifts to the release of the US Core Personal Consumption Expenditures (PCE) Price Index for March and Canada’s GDP data for February, both due later in the day.
USD/CHF
The USD/CHF pair posts modest losses around 0.6410 during the early European session on Wednesday. The uncertainty surrounding trade policy continues to boost the safe-haven flows, supporting the Swiss Franc (CHF). The Swiss KOF Leading Indicator for April is due later on Wednesday.
CRUDE OIL
Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.
Gold price attracts some sellers for the second straight day amid receding safe-haven demand. A stronger USD further exerts pressure on the commodity amid signs of easing trade tensions. Fed rate cut bets might cap the USD and help limit losses for the non-yielding yellow metal.
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