Trading news

Commerzbank’s Michael Pfister argues that the extended ceasefire with Iran and ongoing closure of the Strait of Hormuz keep global inflation risks elevated, even if EUR/USD does not currently reflect this.

The Pound Sterling (GBP) faces slight selling pressure against its major currency peers after the release of the United Kingdom (UK) Consumer Price Index (CPI) data for March. The British currency drops to near 1.3518 against the US Dollar (USD), but still holds little gains.

United Kingdom Producer Price Index - Output (YoY) n.s.a up to 2.6% in March from previous 1.7%

United Kingdom Retail Price Index (MoM) came in at 0.8%, above expectations (0.7%) in March

United Kingdom Core Consumer Price Index (YoY) came in at 3.1%, below expectations (3.2%) in March

United Kingdom Producer Price Index - Input (YoY) n.s.a up to 5.4% in March from previous 0.5%

United Kingdom Producer Price Index - Input (MoM) n.s.a above expectations (2.8%) in March: Actual (4.4%)

United Kingdom Producer Price Index - Output (MoM) n.s.a below expectations (1%) in March: Actual (0.9%)

United Kingdom Retail Price Index (YoY) above expectations (3.9%) in March: Actual (4.1%)

United Kingdom Consumer Price Index (YoY) in line with expectations (3.3%) in March

United Kingdom Consumer Price Index (MoM) came in at 0.7%, above forecasts (0.6%) in March

United Kingdom PPI Core Output (YoY) n.s.a up to 2% in March from previous 1.9%

United Kingdom PPI Core Output (MoM) n.s.a rose from previous -0.8% to 0.2% in March

The Indian Rupee (INR) weakens further against the US Dollar (USD) on Wednesday, extending its losing streak for the third trading day.

EUR/GBP extends its losses for the second successive day, trading around 0.8690 during the Asian hours on Wednesday. The currency cross remains subdued ahead of the United Kingdom’s (UK) March Consumer Price Index (CPI) data release.

The European Central Bank (ECB) Governing Council member Martins Kazaks said on Wednesday that the central bank has ‘luxury’ to wait on interest rate rises.

The United Kingdom Maritime Trade Operations (UKMTO) said on Wednesday that it has received a report of an incident 15 nautical miles northeast of Oman, where the master of a container ship reported being approached by an IRGC gunboat.

The AUD/JPY cross gains momentum to around 114.05 during the early European session on Wednesday. The Australian Dollar (AUD) edges higher against the Japanese Yen (JPY) on a hawkish tone from the Reserve Bank of Australia (RBA). 

EUR/USD remains subdued for the second consecutive day, trading around 1.1740 during the Asian hours on Wednesday. The pair holds little losses as the US Dollar (USD) gains ground on increased market caution amid ongoing uncertainty surrounding the Middle East conflict.

The USD/CAD pair fails to capitalize on the previous day's modest recovery from the 1.3630 region, or its lowest level since March 13, and remains on the back foot during the Asian session on Wednesday.