EUR/USD
EUR/USD remains steady above 1.0350 in the European trading hours on Wednesday. The pair trades with caution as US President Trump’s plans of reciprocal tariffs through executive action, bypassing Congress, keep the US Dollar underpinned ahead of the US inflation report.
GBP/USD
GBP/USD clings to recovery gains near 1.2450 in the European session on Wednesday. The pair capitalizes on a slight positive shift in risk sentiment but broad US Dollar strength and market’s nervounsess ahead of US CPI data could cap gains while awaiting Trump’s reciprocal tariffs.
USD/JPY
The Japanese Yen (JPY) remains heavily offered for the third successive day on Wednesday amid worries about the economic fallout from US President Donald Trump’s levies on commodity imports and reciprocal tariffs. Apart from this, a positive risk tone is seen as another factor undermining the safe-haven JPY. This, along with the emergence of some US Dollar (USD) buying, assists the USD/JPY pair to stick to its strong gains above mid-153.00s heading into the European session.
AUD/USD
The Australian Dollar (AUD) struggles against the US Dollar (USD) on Wednesday. The AUD/USD pair faced challenges due to US President Donald Trump’s 25% tariff hike and Fed Chair Jerome Powell’s indication that the central bank was in no hurry to cut interest rates further.
NZD/USD
The NZD/USD pair remains under selling pressure around 0.5635 during the Asian session on Wednesday. The concerns about potential trade wars under US President Donald Trump administration continue to undermine the New Zealand Dollar (NZD).
USD/CAD
The USD/CAD pair gathers strength to around 1.4295 on Wednesday during the early European session, bolstered by a firmer US Dollar (USD). The US Consumer Price Index (CPI) inflation data for January will be the highlight later on Wednesday.
USD/CHF
The USD/CHF pair trades on a flat note around 0.9130 during the early European trading hours on Wednesday. Traders await further information from US President Donald Trump on potential trade tariffs. The US Consumer Price Index (CPI) inflation data will be in the spotlight later on Wednesday. Also, the Federal Reserve’s (Fed) Raphael Bostic and Christopher Waller are scheduled to speak.
CRUDE OIL
Oil prices edged down on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market’s downside.
Gold price consolidates the previous pullback from record highs of $2,943, struggling below $2,900 early Wednesday. All eyes now remain on the high-impact US Consumer Price Index data due later in the day for fresh directional impetus in Gold price.
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