EUR/USD
EUR/USD is oscillating in a narrow range above 1.0700 ahead of the European open. Investors digest the latest comments from US President Joe Biden and Fed Chair Powell. The US Dollar remains on the back foot with yields ahead of Fedspeak.
GBP/USD
GBP/USD is trading at around 1.2050, consolidating the renewed uptick heading into Wednesday’s London open. The Cable pair justifies broad-based US Dollar softness amid a mixed market mood and sluggish US Treasury bond yields. A quiet calendar ahead.
USD/JPY
The USD/JPY pair has sensed a buying interest after correcting below 131.00 in the Asian session. The asset has picked demand as the risk profile expresses caution amid commentary from US President Joe Biden while addressing his second State of the Union (SOTU) and first in front of a divided Congress.
AUD/USD
The AUD/USD pair has turned sideways after a gradual upside move above 0.6960 in the early European session. The Aussie asset is struggling to extend gains amid an absence of a potential trigger for a power-pack action in the market.
NZD/USD
The NZD/USD pair displays back-and-forth moves around 0.6320 in the Tokyo session. The Kiwi asset has not reacted much to the announcement by novel New Zealand Prime Minister Chris Hipkins that minimum wages will be increased in line with the Consumer Price Index (CPI).
USD/CAD
USD/CAD makes rounds to 1.3400 as bulls and bears jostle during early Wednesday morning in Europe. In doing so, the Loonie pair fails to justify dovish comments from Bank of Canada (BoC) Governor Tiff Macklem, as well as the mildly offered Oil price. Even so, the US Dollar’s failure to rebound enables the quote to remain mildly offered by the press time.
USD/CHF
USD/CHF holds lower grounds near 0.9215, refreshing the intraday low, as the Swiss currency pair cheers broad US Dollar weakness amid Wednesday’s sluggish Asian session. In doing so, the quote drops for the second consecutive day, despite marking minor losses of late.
CRUDE OIL
Oil prices fell on Wednesday following a stellar rally in the prior session, as traders stepped back to digest mixed signals on U.S. crude inventories and awaited more information on supply disruptions caused by an earthquake in Turkey.
GOLD
Gold price is attempting another run toward the $1,900 this Wednesday, building on its recovery from four-week troughs of $1,860. The latest uptick in the Gold price could be associated with a broadly subdued United States Dollar.
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.
