Trading news

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

The USD/INR pair inches higher after registering 0.25% losses in the previous session. The pair rebounds toward its all-time high of 91.96, reached on January 23, as the US Dollar (USD) gains amid caution ahead of the Federal Reserve (Fed) policy decision.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.65 during the Asian trading hours on Wednesday. The WTI price edges higher amid concerns over US production losses brought on by the winter storm.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers during the Asian session on Wednesday and reverses a part of the overnight slump to the lowest level since February 2022.

The Japanese Yen (JPY) drifts lower during the Asian session on Wednesday amid concerns about Japan's fiscal health on the back of Prime Minister Sanae Takaichi's aggressive spending and tax cut plans.

NZD/USD halts its winning streak that began on January 16, trading around 0.6010 during the Asian hours on Wednesday. The pair edges lower as the US Dollar (USD) rebounds after registering over 1% losses in the previous session, as traders position ahead of the Federal Reserve (Fed) policy decision.

European Central Bank (ECB) executive board member Piero Cipollone said early Wednesday, “the European economy has been proven resilient and we expect data that could top our forecasts.”

Silver price (XAG/USD) surges to near $113.50 during the Asian session on Wednesday. The rally of the white metal is bolstered by economic and geopolitical risks, and interest rate cut expectations. The US Federal Reserve (Fed) interest rate decision will be in the spotlight later on Wednesday.

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Wednesday after registering over 1% gains in the previous session.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9755 compared to the previous day's fix of 6.9858 and 6.9231 Reuters estimate.

The AUD/JPY cross builds on the overnight bounce from the vicinity of the 106.00 mark, or a nearly one-week low, and attracts buyers for the second day on Wednesday.

Australia Quarterly RBA Trimmed Mean CPI (YoY) above forecasts (3.2%) in 4Q: Actual (3.4%)

Australia Quarterly RBA Trimmed Mean CPI (QoQ) registered at 0.9% above expectations (0.8%) in 4Q

Australia Quarterly Consumer Price Index (QoQ) above forecasts (0.7%) in 4Q: Actual (1%)

Australia Quarterly Consumer Price Index (YoY) above forecasts (3.6%) in 4Q: Actual (3.8%)

Gold price (XAU/USD) rises to near a fresh record high around $5,160 during the early Asian session on Wednesday. The precious metal extends its upside amid a weaker US Dollar (USD), ongoing geopolitical tensions and economic uncertainty.

GBP/USD is well on its way to a second straight week of strong gains as the US Dollar (USD) gives up the ghost on the back of ongoing trade war rhetoric undercutting the Greenback’s strength.

The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Wednesday, per the BoJ Minutes of the December meeting.    

US President Donald Trump said that the value of the ‌US Dollar (USD) is great when asked whether he thought it had declined too much, Reuters reported on Tuesday.

The USD/JPY pair slumps to over three-month lows near 152.30 during the early Asian session on Wednesday. The Japanese Yen (JPY) strengthens against the US Dollar (USD) on speculation about a possible coordinated intervention by Japanese and US authorities.