EUR/USD
The EUR/USD pair drifts lower to around 1.0415 during the Asian trading hours on Wednesday. The Euro weakens against the US Dollar after US President Donald Trump vowed to hit the European Union with tariffs.
GBP/USD
GBP/USD pauses its two-day rally, trading around 1.2330 during the Asian session on Wednesday. The pair remains subdued as the US Dollar holds onto modest gains. US President Donald Trump confirmed that the proposal for universal tariff hikes is still under consideration, although he stated, “We are not ready for that yet.”
USD/JPY
The Japanese Yen (JPY) weakens across the board during the Asian session on Wednesday, which, along with the emergence of some US Dollar (USD) buying, assists the USD/JPY pair to build on the overnight bounce from over a one-month low. The risk-on mood – as depicted by a generally positive tone around the equity markets – turns out to be a key factor undermining the safe-haven JPY. Apart from this, a modest recovery in the US Treasury bond yields lends support to the buck and further exerts pressure on the lower-yielding JPY.
AUD/USD
The Australian Dollar (AUD) remains subdued against the US Dollar (USD) on Wednesday. The AUD/USD pair faces challenges as US President Donald Trump announced that his administration is considering imposing a 10% tariff on Chinese imports starting February 1. The move is reportedly linked to concerns over fentanyl shipments from China to Mexico and Canada, according to Reuters.
NZD/USD
The NZD/USD pair attracts some sellers to near 0.5660 during the early Asian session on Wednesday. The New Zealand Dollar (NZD) faces some selling pressure after US President Donald Trump said that he is discussing a 10% tariff on China on February 1.
USD/CAD
The USD/CAD pair attracts some dip-buyers following the previous day’s sharp retracement slide from the highest level since March 2020, though it struggles to capitalize on the move beyond the mid-1.4300s.
USD/CHF
The USD/CHF pair rebounds to around 0.9070, snapping the two-day losing streak during the early European trading hours on Wednesday. The uptick of the pair is bolstered by the stronger US Dollar (USD) broadly after US President Donald Trump said on Tuesday that he will impose tariffs and duties on trading partners.
CRUDE OIL
Oil prices were little changed on Wednesday as markets weighed U.S. President Donald Trump’s declaration of a national energy emergency on his first day in office and its impact on supply.
GOLD
Gold price prolongs its uptrend for the third straight day on Wednesday and climbs further beyond the $2,750 level, touching its highest level since early November during the Asian session. US President Donald Trump’s threatened tariffs turn out to be a key factor driving flows towards the safe-haven precious metal.
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