EUR/USD
EUR/USD has displayed a short-lived pullback around 0.9960, more weakness is imminent. Soaring core CPI indicates a sheer rise in durable goods prices. Eurozone bulls have weakened amid rising pessimism in the trading bloc.
GBP/USD
GBP/USD manages to hold steady at around 1.1500 in the early European session on Wednesday. The data from the UK showed that the Core CPI edged higher to 6.3% on a yearly basis in August from 6.2% as expected, failing to trigger a significant reaction.
USD/JPY
USD/JPY is extending losses below 144.00, reversing sharply from daily highs of 144.96 on reports that the BOJ reportedly conducted a rate check in apparent preparation for currency intervention.
AUD/USD
The AUD/USD pair is attempting to recover after a bloodbath. The asset slipped vertically to near 0.6725 after the release of an elevated US inflation rate. An attempt of a rebound could be a dead cat bounce as strength is not visible. In the late Tokyo session, the major is juggling in a narrow range of 0.6723-0.6747.
NZD/USD
NZD/USD holds lower ground at the recently flashed two-year bottom of 0.5987 after New Zealand’s (NZ) second quarter (Q2) Current Account data was published during Wednesday’s initial Asian session. The Kiwi pair slumped the most in 30 months the previous day after the US Inflation data renewed recession fears.
USD/CAD
USD/CAD remains mildly bid around 1.3175, after rising the most in 13 months, as softer oil prices join sluggish market sentiment during early Wednesday. The Loonie pair’s latest gains could be linked to the US inflation data, as well as downbeat prices of Canada’s main export item WTI crude oil.
USD/CHF
USD/CHF bulls take a breather around 0.9610, after rising the most in three months the previous day.
CRUDE OIL
Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast.
GOLD
Gold price seesaws around $1,700 as bears take a breather after a volatile day, thanks to the US inflation data. Mixed concerns over inflation and China join a light calendar to portray the metal’s inaction during early Wednesday morning in Europe.
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.
