A preliminary reading of S&P Global’s Composite PMI showed US business activity expanded at a slower pace in April, with the index easing to 51.2 from March's 53.5. The figure—just above the 50 threshold that separates growth from contraction—points to a softening in private sector momentum.
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $64.53 per barrel, up from Tuesday’s close at $63.36.
The HCOB Manufacturing PMI in the Eurozone’s top economy dropped to 48 this month, compared with March’s 48.3, beating the estimate of 47.6. The measure flipped to a two-month low.
Responding to US President Donald Trump’s comment regarding a trade deal with China, the Chinese Foreign Ministry said that “the US can't say it wants to reach an agreement with China and on the other hand, keeps exerting extreme pressure.”
The NZD/USD pair recovers its recent losses registered in the previous session, trading around 0.6000 during early European trading hours on Wednesday. Technical analysis on the daily chart indicates a bullish bias, with the formation of an ascending channel pattern.
The Bank of Japan (BoJ) published its Financial System Report on Wednesday, noting that “Japan's financial system has been maintaining stability on the whole.”
The EUR/GBP cross trades in the negative territory near 0.8550 during the early European session on Wednesday. The dovish stance of the European Central Bank (ECB) weighs on the Euro (EUR) against the Pound Sterling.
GBP/USD extended its losses during Wednesday’s Asian session, trading around 1.3300 after pulling back from a seven-month high of 1.3424 recorded in the previous session.
The USD/CHF pair drifts higher to near 0.8225 during the early European session on Wednesday, bolstered by the renewed US Dollar (USD) demand. Hope for the US-China trade deal provides a boost for investors.
The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day.
Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve's (Fed) independence.
The EUR/JPY cross struggles to capitalize on its modest Asian session gains and attracts some intraday sellers in the vicinity of mid-162.00s on Wednesday.
Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session and momentarily slips below the $3,300 mark in the last hour as the upbeat market mood conditions undermine demand for safe-haven assets.
West Texas Intermediate (WTI) Oil price extends its rally for a second straight session, trading around $63.90 per barrel during Asian hours on Wednesday. The continued rise in Oil prices comes amid fresh United States (US) sanctions on Iran and signs of tightening supply.
The Indian Rupee (INR) edges lower on Wednesday as rising crude oil prices and a renewed US Dollar (USD) demand weigh on sentiment and drag the Indian currency lower. The terrorist attack in Kashmir, India, contributes to the INR's downside.
The Japanese Yen (JPY) recovers early lost ground to a one-week trough touched against its American counterpart earlier this Wednesday and climbs to the top end of the daily range heading into the European session.
The NZD/USD pair gathers strength to around 0.5980 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) has risen to its highest level since early November 2024 against the US Dollar (USD) after the optimistic comments from the US Treasury Secretary Scott Bessent.
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2116 as compared to the previous day's fix of 7.2074.
European Central Bank member Francois Villeroy de Galhau said on Tuesday that US President Donald Trump’s trade tirades dampen economic growth, including for the US, and threaten to undermine financial stability, per Bloomberg.
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