The GBP/USD pair strengthens near 1.3460 during the early European trading hours on Wednesday. The Pound Sterling (GBP) remains firm against the Greenback after the UK Consumer Price Index (CPI) inflation report.
West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $73.01 per barrel, down from Tuesday’s close at $73.66.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $75.15 after its previous daily close at $75.70.
The United Kingdom (UK) annual headline Consumer Price Index (CPI) increased by 3.4% in May after rising 3.5% in April, the data released by the Office for National Statistics (ONS) showed on Wednesday.
The USD/CHF pair weakens to near 0.8160, snapping the three-day winning streak during the early European trading hours on Wednesday. The persistent geopolitical tensions in the Middle East lift the safe-haven currency like the Swiss Franc (CHF).
West Texas Intermediate (WTI) Oil price retraces its recent gains registered in the previous session, trading around $73.00 during the Asian hours on Wednesday.
The NZD/USD pair attracts some dip-buying near the 0.6000 psychological mark during the Asian session on Wednesday and reverses a part of the previous day's retracement slide from the vicinity of the year-to-date peak.
The EUR/JPY cross posts modest gains near 166.80 during the early European session on Wednesday. Reduced bets for a Bank of Japan (BoJ) rate hike undermine the Japanese Yen (JPY) and act as a tailwind for the cross.
USD/CAD edges lower after losing over 0.5% in the previous session, trading around 1.3660 during the Asian hours on Wednesday. The pair holds losses as the US Dollar (USD) loses ground ahead of the US Federal Reserve’s (Fed) interest rate decision due later in the day.
Gold price (XAU/USD) remains on the defensive below the $3,400 mark through the first half of the European session as traders opt to wait for the outcome of the highly-anticipated FOMC meeting.
The EUR/USD pair attracts some buyers to around 1.1500 during the Asian trading hours on Wednesday. A slew of downbeat US economic data weigh on the Greenback. However, escalating Israel-Iran tensions might cap the upside for the major pair.
GBP/USD edges higher after registering over 1% losses in the previous day, trading around 1.3440 during the Asian hours on Wednesday. Traders will focus on the UK Consumer Price Index (CPI) data for May, scheduled to be released later in the day.
Silver (XAG/USD) is seen consolidating the previous day's strong gains to its highest level since February 2012 and oscillating in a narrow range 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 retracing its recent gains and trading around 98.70 during the Asian hours on Wednesday.
The Japanese Yen (JPY) remains on the front foot against a broadly weaker US Dollar (USD) heading into the European session on Wednesday, with the USD/JPY pair languishing below the 145.00 mark or the daily low.
The Indian Rupee (INR) edges lower to near the weakest level in more than two months on Wednesday. The Indian currency remains under selling pressure, falling alongside most Asian peers as crude oil prices surged on rising geopolitical tensions in the Middle East.
The Australian Dollar (AUD) edges higher against the US Dollar (USD) on Wednesday after registering more than 0.50% losses in the previous session. However, the AUD/USD pair struggled due to dampened risk appetite amid escalating Middle East tensions.
Japanese Prime Minister Shigeru Ishiba said on Wednesday that the cash handout is the quickest and most effective way to help low-income households cope with high prices.
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1761 as compared to the previous day's fix of 7.1746 and 7.2027 Reuters estimate.
The NZD/USD pair gathers strength to around 0.6025 during the early Asian session on Wednesday. The New Zealand Dollar (NZD) edges higher against the Greenback amid reduced rate cut expectations from the Reserve Bank of New Zealand (RBNZ).
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.55 during the Asian trading hours on Wednesday. The WTI price extends the rally as the Middle East tensions escalate and the likelihood of the United States (US) involving the conflict increases.
GBP/USD plummeted over 1.2% on Tuesday, backsliding through near-term congestion and popping out the other side near the 1.3400 handle after global investors were knocked off their pre-seeded hopes that the Israel-Iran altercation would find a quick and peaceful resolution.
The USD/CAD pair trades in positive territory near 1.3690 during the early Asian session on Wednesday. The US Dollar (USD) attracts some buyers amid escalating geopolitical tensions between Israel and Iran.
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