EUR/USD
EUR/USD drove up 0.4% on Tuesday, breaching back above 1.1100 for the first time since last December, chalking in a fresh high for 2024. The pair has closed firmly in the green for three straight trading days, and is on pace to climb a full percent since Monday’s opening bids.
GBP/USD
GBP/USD chalked in another third of a percent gain on Tuesday, squeezing out a fresh 13-month high and closing in the green for a third straight day as the Pound Sterling capitalizes on broad-market Greenback weakness. Market sentiment is holding on the high end ahead of key business activity survey results, and the upcoming kickoff of the Jackson Hole Economic Symposium.
USD/JPY
USD/JPY is trading near 145.50 early Wednesday, sustaining the bounce from two-week lows of 144.95. The pair has recovered following a bigger-than-expected Japan’s Merchandise Trade Deficit, which weighed on the Yen despite a risk-off mood. Fed Minutes eyed.
AUD/USD
AUD/USD consolidates its recent strong gains to a one-month top near 0.6750, as traders opt to wait for the release of the July FOMC meeting Minutes, due later this Wednesday. Dovish Fed expectations remain a drag on the US Dollar, underpinning the pair.
NZD/USD
The New Zealand Dollar (NZD) edges lower on Wednesday after retracing from ten-week highs near 0.6164. The extended decline of the USD Index (DXY) and improved risk sentiment after China rolled out further measures to support the real estate sector might boost the Kiwi as China is New Zealand’s largest trading partner.
USD/CAD
USD/CAD continues its losing streak, trading around 1.3620 during the Asian session on Wednesday. The US Dollar (USD) attempts to halt its three-day losing streak as traders turn cautious ahead of the release of the FOMC Minutes on Wednesday. Furthermore, traders await Fed Chair Jerome Powell’s upcoming speech at Jackson Hole on Friday.
USD/CHF
The USD/CHF pair faces an intense sell-off and slides below the 0.8600 mark in Wednesday’s early European session. The Swiss Franc asset plummets as the US Dollar (USD) has declined to a multi-month low as investors seemed to be strongly confident that the Federal Reserve (Fed) will start reducing interest rates from the September meeting.
CRUDE OIL
Oil prices slipped on Wednesday on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
GOLD
Gold price shot to a fresh all-time peak on Tuesday amid dovish Fed-inspired USD selling bias. Geopolitical tensions further contributed to driving flows towards the safe-haven XAU/USD. Bulls take a pause and await more cues about the Fed’s rate-cut path before placing fresh bets.
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