Trading news

UOB strategists Quek Ser Leang and Lee Sue Ann see AUD/USD consolidating after a brief dip to 0.7209, with intraday trade expected between 0.7215 and 0.7255. The firm underlying tone suggests the pair could edge higher in the coming 1–3 weeks, though gains are seen limited below 0.7280.

The US Dollar (USD) is practically flat against the Canadian Dollar (CAD) on Wednesday, hovering at a short distance from the four-week high, at 1.3724.

France Consumer Price Index (EU norm) (YoY) meets forecasts (2.5%) in April

France Inflation ex-tobacco (MoM) unchanged at 1% in April

France Consumer Price Index (EU norm) (MoM) meets forecasts (1.2%) in April

The Japanese Yen (JPY) trades lower against the US Dollar (USD) during the European trading session on Wednesday, with the USD/JPY pair edging higher to near 157.70.

MUFG’s Michael Wan describes how a stronger US Dollar environment emerged as United States (US) April Consumer Price Index (CPI) surprised to the upside and US yields climbed.

The GBP/USD pair trades on a positive note around 1.3550 during the early European trading hours on Wednesday.

Danske Research Team notes global equities slipped modestly, with the S&P500, Nasdaq and Russell2000 all lower. Semi-conductors in the S&P500 underperformed after a strong prior run, while defensive sectors such as healthcare and staples led gains.

Commerzbank strategists note that USD/INR climbed to a new record high as elevated global Oil prices and firm domestic Dollar demand from importers weigh on the Indian currency.

European Central Bank (ECB) Governing Council member and Governor of the Bank of France, François Villeroy de Galhau, said on Wednesday that the central bank must be ready to intervene in the second round effects.

The AUD/USD pair struggles to capitalize on the overnight bounce from the 0.7200 neighborhood and trades with a negative bias for the second straight day on Wednesday.

Silver price (XAG/USD) trades firmly near $87.00 in the early European trade on Wednesday. Earlier in the day, the white metal posted a fresh two-month high of $87.82.

France ILO Unemployment above expectations (7.8%) in 1Q: Actual (8.1%)

The USD/CHF pair trades on a flat note around 0.7805 during the early European trading hours on Wednesday. Traders await the key US inflation data and continue to assess the developments surrounding US-China talks later this week. 

The Indian Rupee (INR) exhibits mild strength against the US Dollar (USD) in the opening session on Wednesday. The USD/INR pair trades mildly lower to near 95.60 as the Indian Rupee gains, following the increase in import duty on Gold and Silver to 15% from 6% by the Indian government.

The EUR/USD pair is seen consolidating the previous day's heavy losses and oscillating in a narrow band, below mid-1.1700s, during the Asian session on Wednesday.

EUR/JPY remains flat after registering modest losses in the previous day, trading around 185.00 during the Asian hours on Wednesday.

Gold (XAU/USD) trades with a negative bias for the second straight day on Wednesday, although it manages to hold above a multi-day low, around the $4,638 region, touched the previous day.

Gold prices fell in India on Wednesday, according to data compiled by FXStreet.