EUR/USD
EUR/USD is trading on the defensive, heading towards 0.9950 in early European trading. The US dollar is holding firmer amid a cautious market mood, despite retreating Treasury yields. All eyes remain on the critical 75 bps Fed rate hike decision.
GBP/USD
GBP/USD is hovering above the 37-year low of 1.1351 ahead of the European open. The pair remains undermined due to the Fed-BOE policy divergence while pre-Fed anxiety continues to boost the safe-haven US dollar.
USD/JPY
The USD/JPY pair has sensed barricades while attempting to cross the 144.00 mark. The attempt was also meant to deliver an upside break of the long-week consolidation formed in a 142.55-143.80 range. A failure in the same breakout has shifted the pair back inside the woods and a subdued performance is expected from the asset ahead.
AUD/USD
AUD/USD extends the previous day’s losses on the Fed day as it pokes the yearly low surrounding 0.6670 during early Wednesday morning in Europe.
NZD/USD
The NZD/USD pair has slipped below Tuesday’s low and has refreshed its two-year low at 0.5883 in the Tokyo session. The kiwi bulls look extremely weak and are expected to decline further as the US dollar index (DXY) is preparing for a fresh rally ahead of the interest rate decision by the Federal Reserve (Fed). The DXY has defended the momentum loss and is looking to resume its upside journey. The mighty DXY has refreshed its two-week high above 110.30.
USD/CAD
The USD/CAD pair is displaying back-and-forth moves in a narrow range of 1.3356-1.3375 in the early Tokyo session. The asset has turned sideways after a vertical upside move from a low of 1.3227, recorded on Tuesday. The major has strengthened ahead of the Federal Reserve (Fed) monetary policy and is marching to recapture a two-year high of around 1.3420.
USD/CHF
The USD/CHF pair displays a balanced profile in a narrow range of 0.9625-0.9650 in the Tokyo session. The asset is expected to show a lackluster performance as the US dollar index (DXY) has turned subdued ahead of the Federal Reserve (Fed) monetary policy. On a broader note, the asset has turned sideways after declining from 0.9680. A failed attempt to tap the two-week high at around 0.9700 pushed the asset lower.
CRUDE OIL
Oil prices ticked up on Wednesday on supply concerns, but expectations of another aggressive U.S. interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand.
GOLD
Gold price remains sidelined as bulls and bears struggle ahead of the key Fed policy announcements. The bullion remains pressured around the yearly low, down for the second consecutive day, as traders flirt with the $1,660 heading into Wednesday’s European session.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here. EUR/USD
EUR/USD is holding steady above 1.0000, unable to sustain the recovery near 1.0050. The pair fails to capitalize on risk flows and retreating Treasury yields amid a tepid bounce in the US dollar. Focus shifts to Lagarde’s speech and the Fed decision.
GBP/USD
GBP/USD is consolidating the renewed upside above 1.1400, helped by an upbeat market mood and a pause in the US dollar recovery. The further upside in cable appears elusive amid the Fed-BOE policy divergence.
USD/JPY
USD/JPY struggles to defend 143.00, despite a recent pick-up during early Tuesday morning in Europe. In doing so, the yen pair portrays the market’s indecision ahead of the key monetary policy meeting decision from the US Federal Reserve (Fed) and the Bank of Japan (BOJ).
AUD/USD
The AUD/USD pair has rebounded sharply after correcting to near 0.6713 in the Tokyo session. The asset is gaining strength amid a firmer establishment above the round-level hurdle of 0.6700. The major has breached the immediate 0.6732 mark and is attempting to sustain above that.
NZD/USD
NZD/USD takes offers to refresh intraday low around 0.5935 heading into Tuesday’s European session. In doing so, the Kiwi pair drops for the second consecutive day while fading the previous day’s bounce off the 28-month low marked on Monday.
USD/CAD
The USD/CAD pair has turned sideways around 1.3250 after a less-confident rebound from 1.3227 in the Tokyo session. On Monday, the asset witnessed a steep fall after failing to sustain above the crucial 1.3300 mark. The major slipped sharply after investors shrugged off the uncertainty over the monetary policy announcement by the Federal Reserve (Fed) on Wednesday.
USD/CHF
The USD/CHF pair is attempting to build a base of around 0.9640 in the early Asian session. Earlier, the asset witnessed a steep fall after failing to strike the round-level mark of 0.9700. The correction in the asset ensures the unavailability of sheer momentum and will conclude sooner. A lackluster performance is expected from the asset ahead as investors will await the announcement of the monetary policies for making informed decisions.
CRUDE OIL
Oil prices steadied on Tuesday after rising in the previous session on concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer.
GOLD
Gold price has resumed its downside journey after sensing selling interest at around $1,680.00 in the Asian session. The pullback move in the precious metal is concluding now as the US dollar index is holding onto its recovery.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
