The AUD/JPY erased some of its earlier gains, dropping 0.20% late during Wednesday’s North American session, as US equities finished mixed due to worse-than-expected US economic data. At the time of writing, the cross-pair trades at 92.73, after hitting a four-day peak of 93.58.
Silver price consolidated during Wednesday’s session, trading almost flat near $34.50, as traders seem reluctant to push the metal’s prices outside of the $34.00-$34.50 range.
USD/CHF drops from around three-day highs near 0.8250 and tumbles as the Greenback prolongs its agony, following a slight recovery on Tuesday. At the time of writing, the pair trades at 0.8174, down 0.78%.
The EUR/USD advances on Wednesday, edging up over 0.42% as the Greenback erases Tuesday’s gains following the release of weaker-than-expected economic data from the United States (US).
West Texas Intermediate (WTI) crude oil prices retreat on Wednesday after two straight days of gains. At the time of writing, WTI is hovering above the 21-day Exponential Moving Average (EMA), down nearly 1.5% from the intraday high of $63.31, and trading around $62.41 during the American session.
The Japanese Yen (JPY) is gaining ground against the US Dollar (USD) on Wednesday, following a series of economic data releases and rising trade tensions, which have contributed to Yen appreciation.
Gold price rallied over 0.80% on Wednesday during the North American session. The release of weaker-than-expected economic data from the United States (US) pushed XAU/USD higher as business activity softened and the jobs market added fewer people to the workforce.
EUR/CAD is trading flat in the early hours of the American session on Wednesday after the Bank of Canada (BoC) announced its decision to leave interest rates unchanged at 2.75%.
The Japanese Yen (JPY) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with all other major currency peers showing modest gains (vs. USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Gold prices are firming above $3,350 against the US Dollar (USD) on Wednesday after a negative ADP employment release and a poor ISM Services PMI print reduced demand for the Greenback.
USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Today's decision by the Bank of Canada (BoC) promises to be very exciting. Whether the Bank of Canada will cut interest rates again or wait until its next meeting at the end of July is not a foregone conclusion, Commerzbank's commodity analyst Carsten Fritsch notes.
US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance. In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CAD continues its descent after slipping below the 200-DMA, now hovering near a long-term trend line. While momentum indicators show some signs of stabilization, the technical outlook remains fragile without a clear bounce, Société Générale's FX analysts note.
New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3710 during the European hours on Wednesday. The daily chart's technical analysis suggested a persistent bearish sentiment, as the pair consolidates within the descending channel pattern.
The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing.
The GBP/JPY cross builds on the previous day's goodish rebound from the 192.75-192.70 area, or over a one-week low, and gains positive traction for the second straight day on Wednesday.
Australian Dollar (AUD) is expected to trade in a range between 0.6445 and 0.6490 against US Dollar (ISD). In the longer run, price action suggests AUD could continue to rise and test the significant resistance level at 0.6540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a 1.3490/1.3555 range trading phase. In the longer run, Pound Sterling (GBP) must first close above 1.3600 before a sustained advance can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Euro (EUR) is likely to trade in a range of 1.1360/1.1430. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
As we had anticipated, EUR/USD was looking a bit too expensive close to 1.145, and the bounce below 1.140 is probably due to some short-squeezing, ING's FX analyst Francesco Pesole notes.
The New Zealand Dollar turned lower on Tuesday, weighed by a stronger US Dollar, but downside attempts have been contained at the 0.5990-0.6000 area, which keeps the broader upward trend intact.The Kiwi retreated from year-to-date highs, at 0.6050, following stronger-than-expected US job openings nu
The AUD/JPY cross trades in positive territory near 93.10 during the early European session on Wednesday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) after Australia’s first quarter (Q1) economic growth missed estimates.
Silver (XAG/USD) struggles to capitalize on the overnight bounce from sub-$34.00 levels and oscillates in a narrow trading band during the Asian session on Wednesday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.
The AUD/JPY opens Wednesday’s Asian session with a positive mood, posting gains of over 0.08% at the time of writing. The cross-pair appears poised to extend the ongoing leg up, testing the May 29 daily high of 93.86.
USD/CHF bounces off six-week lows of 0.8155 and surges past the 0.8200 figure as the Greenback is boosted by solid US jobs data, which is pushing the pair above its opening price by 0.26%.
Silver (XAG/USD) price trimmed some of its Monday’s 5% gains, edging down 0.52% on Tuesday, with the grey metal trading near the $34.50 area, stuck to the highs of the current week.
The Australian Dollar (AUD) is erasing some of its gains against the US Dollar (USD) on Tuesday, after experiencing a positive surge in bullish momentum on Monday.
EUR/USD retreats after hitting a six-week peak of 1.1454 on Tuesday amid increasing concerns of market participants regarding the trade war ignited by the United States (US). The Greenback’s appreciation weighs on the pair, which trades at 1.1379, down 0.52%.
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