EUR/USD
The EUR/USD pair rises to near 1.1065 during the early European session on Wednesday. The US Dollar weakens against the Euro after US President Donald Trump’s tariff policy takes effect. Later on Wednesday, traders will take more cues from the release of the FOMC Minutes.
GBP/USD
The GBP/USD pair advances for a second straight session, trading near 1.2820 during Asian hours on Wednesday. The pair’s uptick is supported by easing trade tensions after Trump signaled openness to negotiations with global partners, fueling hopes of a potential de-escalation in trade conflicts.
USD/JPY
The Japanese Yen (JPY) builds on strong intraday gains and retests the highest level since October 2024 against its American counterpart during the Asian session on Wednesday. Persistent worries about the potential economic fallout from US President Donald Trump’s sweeping trade tariffs continue to weigh on investors’ sentiment and benefit traditional safe-haven assets, including the JPY. Apart from this, reports that Trump has agreed to meet Japanese officials to initiate trade discussions fuel optimism about a possible US-Japan trade deal, which further underpins the JPY.
AUD/USD
The Australian Dollar (AUD) halted its three-day losing streak against the US Dollar (USD) on Wednesday, supported by comments from US President Donald Trump suggesting a willingness to negotiate with trade partners. Trump’s remarks boosted optimism for a potential easing of global trade tensions.
NZD/USD
The NZD/USD pair stages a modest recovery from levels below the 0.5500 psychological mark, or the lowest since March 2020 touched earlier this Thursday after the Reserve Bank of New Zealand (RBNZ) announced its policy decision. The intraday move up, however, lacks follow-through, with spot prices currently trading around the 0.5535-0.5540 region or nearly unchanged for the day.
USD/CAD
The USD/CAD pair continues with its struggle to move back above the 100-day Simple Moving Average (SMA) and attracts fresh sellers during the Asian session on Wednesday. Spot prices, however, rebound a few pips from the 1.4200 neighborhood and remain confined in a broader trading range held since the beginning of this week amid mixed cues.
USD/CHF
The USD/CHF pair attracts some sellers to near 0.8550 during the early European trading hours on Wednesday. The US Dollar (USD) weakens against the Swiss Franc (CHF) as the fears of a global recession heighten following US President Donald Trump’s sweeping tariffs on trading partners.
CRUDE OIL
Oil prices dropped to their lowest in more than four years on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world’s two biggest economies, and a rising supply outlook.
Gold price is looking to finally end its corrective downside early Wednesday, finding demand once again near the $2,970 region. A sustained upside in Gold price hinges on the market reaction to the reciprocal tariffs and the Minutes of the US Federal Reserve March policy meeting.
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