Trading news

USD/JPY trades higher on Wednesday around 160.25, up 0.40% on the day and reaching a one-month high, close to the March 30 peak at 160.46.

Russia Unemployment Rate unchanged at 2.2% in March

Dow Jones Industrial Average futures drifted lower through Wednesday's session, trading close to 48.8K at the time of writing after rejecting levels above 49.3K during the prior day.

USD/CAD traded essentially flat on Wednesday, last seen near 1.3680 after a brief whipsaw spike to about 1.3710 was quickly retraced.

NZD/USD trades lower around 0.5840 on Wednesday at the time of writing, down 0.76% on the day, as markets adopt a wait-and-see stance ahead of the Federal Reserve (Fed) monetary policy decision later in the day.

As widely expected, the Bank of Canada (BoC) delivered an expected hold at 2.25%, but the details suggested a more nuanced backdrop.

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Wednesday, weighed by softer-than-expected Australian inflation data, while fading hopes that the US-Iran war will end anytime soon support the Greenback.

Scotiabank strategists Shaun Osborne and Eric Theoret observe that the US Dollar (USD) is firm but rangebound as higher Oil and mixed US-Iran headlines drive risk sentiment.

EUR/USD drops by some 0.17% during the North American session as a possible resolution of the US-Iran conflict seems far from ending, while Durable Goods Orders data in the US suggest that the economy remains solid.

ING’s Deepali Bhargava and Francesco Pesole argue that rising energy-driven inflation and firm underlying price pressures strengthen the case for a 25bp Reserve Bank of Australia (RBA) hike on 5 May.

West Texas Intermediate (WTI) Oil is currently trading near $102 per barrel, its highest level in roughly three weeks.

Deutsche Bank’s Mallika Sachdeva argues that shifting geopolitics are reshaping central bank reserve allocation towards Gold and away from the US Dollar (USD).

United States EIA Crude Oil Stocks Change: -6.233M (April 24) vs previous 1.925M

MUFG’s Derek Halpenny notes the US Dollar is broadly steady as resilient US equities and strong earnings temper risk aversion despite escalating Middle East tensions and a prolonged closure of the Strait of Hormuz.

Donald Trump's nominee to become the Chair of the Federal Reserve, Kevin Warsh has been confirmed by the US Senate Banking Committee.

ING analysts Warren Patterson and Ewa Manthey say the United Arab Emirates' (UAE) departure from OPEC (Organization of Petroleum Exporting Countries) from 1 May is a significant blow to the group but has limited short-term impact on the Oil market due to existing Persian Gulf disruptions.

The GBP/USD pair fell toward the 1.3480 price region on Wednesday as the US Dollar (USD) continued to gain strength ahead of the last Federal Reserve (Fed) interest rate decision led by Chair Jerome Powell.

Deutsche Bank’s Shreyas Gopal and Sanjay Raja note that EUR/GBP continues to trade above levels implied by Bank of England (BoE)-European Central Bank (ECB) rate differentials, leaving a measurable risk premium in the Pound (GBP).

Canada BoC Interest Rate Decision meets expectations (2.25%)

Citing a White House official, Reuters reported on Wednesday that United States (US) President Donald Trump met with top officials from Chevron and other major energy companies to discuss global oil markets amid the Middle East conflict.