EUR/USD
EUR/USD sustains the sell-off on 1.0700, down nearly 1.50% so far, as the focus remains on the US Presidential election outcome. With polls closed in most states, including critical battlegrounds, the Republican nominee Trump is seen leading, underpinning the US Dollar upsurge.
GBP/USD
GBP/USD is trading with steep losses near 1.2850 in European trading on Wednesday. A potential Donald Trump presidency has revived the Trump trades, lifting the US Dollar across the board at the expense of the Pound Sterling.
USD/JPY
The Japanese Yen (JPY) recovers a part of heavy intraday losses against its American counterpart, dragging the USD/JPY pair to mid-153.00s heading into the European session on Wednesday. The JPY bears turn cautious amid fears that Japanese authorities could intervene in the markets to prop up the domestic currency. Apart from this, the hawkish Bank of Japan (BoJ) meeting minutes, signaling that the central bank will continue to hike interest rates if economic and price forecasts meet, offer some support to the JPY.
AUD/USD
The Australian Dollar (AUD) retraces its recent gains against the US Dollar (USD) on Wednesday as market anticipation builds ahead of the US presidential election outcome. The AUD/USD pair depreciates as the US Dollar (USD) strengthens, driven by increased confidence in Trump trades following the favorable outcome for Republican candidate Donald Trump in the US presidential election.
NZD/USD
NZD/USD depreciates by more than 1% as the US Dollar (USD) rises due to a Trump trade rally sparked by the favorable results for the Republican candidate Donald Trump in the US presidential election. The pair trades around 0.5930 during the Asian hours on Wednesday.
USD/CAD
The USD/CAD pair gathers strength to near 1.3930 during the early European session on Wednesday. The US Dollar (USD) rises across the board on the day as Trump trades continue to gain momentum after the polls showed Republican candidate Donald Trump ahead of Democratic candidate Kamala Harris in the US presidential election.
USD/CHF
The USD/CHF pair catches aggressive bids on Wednesday and spikes to its highest level since early August, around the 0.8755 region during the Asian session. Spot prices, however, retreat a few pips in the last hour and currently trade just above the 0.8700 mark, still up 0.90% for the day.
CRUDE OIL
Oil prices fell more than 1% on Wednesday as the dollar firmed on market bets the U.S. presidential election could swing in Republican Donald Trump’s favour though the race was still too close to call, and as U.S. crude stocks rose more than forecast.
GOLD
Gold price (XAU/USD) comes under intense selling pressure heading into the European session on Wednesday and dives to the $2,700 neighborhood, or a nearly three-week low in the last hour.
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