EUR/USD
EUR/USD is trading around 1.1340 during the Asian hours on Wednesday, rebounding after two consecutive sessions of losses. The pair is drawing support from a more positive global risk sentiment, buoyed by US President Donald Trump’s decision to exempt key technology products from his newly announced “reciprocal” tariffs.
GBP/USD
GBP/USD builds on its six-day winning streak and trades at its highest level since October above 1.3250 in the European session on Wednesday. The data from the UK showed that the annual CPI inflation softened to 2.6% in March from 2.8% in February but had little impact on Pound Sterling.
USD/JPY
The Japanese Yen (JPY) sticks to its positive bias against a broadly weaker US Dollar (USD) and drags the USD/JPY pair back closer to the mid-142.00s during the Asian session on Wednesday. The uncertainty over US President Donald Trump’s trade tariffs and their impact on global economic growth continue to drive flows towards traditional safe-haven assets, including the JPY. Adding to this hopes that Japan might strike a trade deal with the US and data showing that Japan’s core machinery orders rebounded sharply in February turn out to be other factors underpinning the JPY.
AUD/USD
The Australian Dollar (AUD) extends its winning streak against the US Dollar (USD) for a sixth consecutive session on Wednesday, with the AUD/USD pair holding firm after the release of Australia’s Westpac Leading Index. The index’s six-month annualised growth rate, which forecasts economic momentum relative to the trend over the next three to nine months, eased to 0.6% in March from 0.9% in February.
NZD/USD
The NZD/USD pair holds positive ground around 0.5905 during the Asian trading hours on Wednesday. The Kiwi strengthens against the US Dollar (USD) after the upbeat Chinese economic data. Traders will shift their attention to the US March Retail Sales and the speech of Federal Reserve (Fed) Chair Jerome Powell on Wednesday.
USD/CAD
The USD/CAD pair slips slightly after posting gains in the previous session, trading near 1.3940 during Wednesday’s Asian session.
USD/CHF
The USD/CHF pair attracts fresh sellers during the Asian session on Wednesday and erodes a major part of the previous day’s modest recovery gains. Spot prices drop back closer to mid-0.8100s in the last hour and remain well within striking distance of a ten-year low touched last Friday amid a broadly weaker US Dollar (USD).
CRUDE OIL
Oil prices edged lower on Wednesday, as shifting U.S. tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand.
Gold price continues scaling new record highs through the Asian session on Wednesday and has now moved well within striking distance of the $3,300 round-figure mark. Persistent worries about the escalating US-China trade war and US recession fears amid the ongoing US tariff chaos continue to boost demand for gold.
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