EUR/USD
EUR/USD is bouncing back toward 1.0650 in the early European session on Wednesday. The pair regains traction as the US Dollar resumes its downside amid improving risk sentiment. Meanwhile, the Euro cheers plans for German fiscal reforms. Top-tier US economic data awaited.
GBP/USD
GBP/USD holds ground near 1.2800 in the European trading hours on Wednesday. The US Dollar hovered near a three-month low amid concerns over slowing US economic growth and fresh Chinese stimulus measures. The focus shifts to US data and Bailey’s testimony.
USD/JPY
The USD/JPY pair attracts some buyers to around 149.75 during the Asian trading hours on Tuesday. The US Dollar (USD) gains ground as traders await more cues from US President Donald Trump’s speech. Later on Wednesday, the US ISM Services Purchasing Managers Index (PMI) for February will be in the spotlight.
AUD/USD
The Australian Dollar (AUD) moves sideways on Wednesday, with the AUD/USD pair gaining ground as the USD remains under pressure amid growing concerns over slowing economic growth and the impact of tariffs on the US economy. Traders await US ISM Services PMI and ADP Employment Change due later in the North American session.
NZD/USD
NZD/USD trims its daily gains, trading around 0.5650 during Asian hours on Wednesday. The pair remains steady following the release of China’s Services Purchasing Managers’ Index (PMI), which unexpectedly rose to 51.4 in February from 51.0 in January, exceeding market expectations of 50.8. Given China’s close trading relationship with New Zealand, any change in the Chinese economy could impact the New Zealand Dollar (NZD).
USD/CAD
The USD/CAD pair extends the decline to near 1.4400 during early Asian session on Tuesday. The US Dollar (USD) fell against the Canadian Dollar (CAD) amid concerns about slowing growth and the impact of tariffs on the US economy outweighed any potential boost from new levies on Canada, China and Mexico.
USD/CHF
USD/CHF remains under pressure for the third consecutive day, hovering around 0.8960 during Wednesday’s Asian session. The pair may decline further as the safe-haven Swiss Franc (CHF) strengthens amid escalating risk-off sentiment driven by growing concerns over a global tariff war.
CRUDE OIL
Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns that U.S. tariffs on Canada, Mexico and China will slow economic growth and hit fuel demand.
Gold price is holding the fort above the $2,900 threshold early Wednesday, snapping its two-day upswing from three-week troughs of $2,833. Gold traders look forward to the fresh developments surrounding US President Donald Trump’s latest tariffs implementation and the US ADP Employment Change data for fresh directives.
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