Trading news

The Euro seems to have bottomed below 1.1600 and has edged higher during the day amid growing speculation of a US-Iran deal and a hawkish Federal Reserve at April’s monetary policy meeting. The EUR/USD exchange rate is trading at 1.1622, up 0.19%.

South Korea Producer Price Index Growth (MoM) rose from previous 1.6% to 2.5% in April

South Korea Producer Price Index Growth (YoY): 6.9% (April) vs 4.1%

The US Dollar Index (DXY) trades with a softer tone near the 99.10 region as improving market sentiment reduces safe-haven demand for the Greenback.

Gold (XAU/USD) finds bids and edges higher during the North American session on Wednesday after the Federal Reserve’s (Fed) last meeting minutes showed that most officials favored laying the groundwork for a rate hike. At the time of writing, the XAU/USD pair trades at $4,530, up by 1%.

Argentina Trade Balance (MoM) below expectations ($1760M) in April: Actual ($2M)

The USD/CHF drops toward the 0.7875 region on Wednesday as the US Dollar (USD) loses footing amid improving market sentiment.

West Texas Intermediate (WTI) crude Oil plunges more than 5% on Wednesday, snapping a four-day winning streak as traders react to fresh geopolitical headlines that raised hopes for a potential agreement to end the US-Iran war and reopen the Strait of Hormuz.

The Dow spent Wednesday hostage to two things it cannot control, the bond market and an Iran headline, and by the time of writing, the headline had won.

United States 20-Year Bond Auction rose from previous 4.883% to 5.122%

A Bloomberg article revealed that US crude stockpiles plunged, as Oil exports began to empty domestic supply inventories.

Russia Producer Price Index (YoY) climbed from previous -7.8% to 5.5% in April

Russia Producer Price Index (MoM): 6.1% (April) vs 2%

Silver (XAG/USD) rises on Wednesday and trades around $76.00 at the time of writing, up 3.11% on the day, as investors return to precious metals following a pullback in US Treasury yields.

The GBP/USD posts gains of over 0.30% during the North American session as the Greenback turns negative for the day amid optimism about US-Iran talks that could end the conflict, which has lasted nearly 11 weeks.

EUR/USD stages a modest rebound on Wednesday as a pullback in US Treasury yields limits further upside in the US Dollar (USD), while the Euro (EUR) draws support from the latest Eurozone inflation data, which strengthened expectations that the European Central Bank (ECB) could raise interest rates s

The AUD/USD pair rose near the 0.7150 region on Wednesday as the United States (US) Dollar (USD) continued to strengthen following upbeat US labor market data from Tuesday. Traders now turn their attention to the upcoming Australian employment report.

The European Central Bank (ECB) could raise interest rates in June as the inflation outlook shifts toward a more adverse scenario, according to Reuters citing sources familiar with the discussions.

Tensions between Iran and the United States (US) remain in focus after statements from Iranian and Saudi officials reported by Reuters highlighted both the risk of renewed confrontation and ongoing efforts to maintain diplomatic channels.

Bank of England (BoE) Governor Andrew Bailey said that financial market tightening gives the central bank some time to assess whether to raise rates or leave them where they are. Bailey made the comments while speaking to the Treasury Committee on Wednesday.