Trading news

USD/CAD continues to trade laterally on Wednesday, during the North American session, flattish at around 1.3658, as the pair seems capped by April’s 20 price action, in which the Loonie appreciated 0.34% against the US Dollar.

Gold (XAU/USD) price holds steady on Wednesday, staging a slight recovery following Tuesday’s over 2% drop, as the resolution of the conflict in the Middle East remains uncertain, while falling US Treasury yields boosted the precious metal’s appeal.

West Texas Intermediary (WTI) Crude Oil advanced more than 3% on Wednesday, trading back above $92 after testing $93 earlier in the session. The move extends a sharp two-day recovery from Monday's low around $85, reclaiming territory last seen in early April.

Silver (XAG/USD) advances on Wednesday and trades around $77.70 at the time of writing, up 1.33% on the day. Silver is recovering after recent weakness as investors remain cautious amid persistent geopolitical tensions in the Middle East.

United States 20-Year Bond Auction rose from previous 4.817% to 4.883%

The Euro (EUR) weakens against the US Dollar (USD) on Wednesday, as ongoing tensions in the Strait of Hormuz offset the impact of the US-Iran ceasefire extension, keeping the Greenback supported.

DJIA futures turned higher during the Wednesday US session, with the contract recovering from an overnight low below 49,100 to trade back near 49,500 as risk appetite rebuilt.

Russia Producer Price Index (MoM) increased to 2% in March from previous 0.5%

Russia Producer Price Index (YoY) declined to -7.8% in March from previous -5.2%

Russia Industrial Output above expectations (0.9%) in March: Actual (2.3%)

AUD/USD trades in positive territory on Wednesday, around 0.7160 at the time of writing, up 0.12% on the day.

The USD/JPY climbed near the 159.30 price region on Wednesday, consolidating around recent highs as markets digest fresh developments in the Middle East and shift monetary policy expectations.

GBP/USD holds steady on Wednesday as geopolitical tensions remain high amid the lack of progress toward resuming negotiations between the US and Iran. An absent economic schedule in the US, keeps traders leaning on the latest UK inflation figures, which showed the effects of the energy shock.

Societe Generale’s Anatoli Annenkov expects the European Central Bank (ECB) to keep rates unchanged next week as focus shifts toward Euro Area growth and medium-term core inflation.

EUR/GBP trades on the back foot on Wednesday as UK inflation data lifts the British Pound (GBP), pressuring the Euro (EUR), with the cross extending losses for the second consecutive day. At the time of writing, EUR/GBP is trading around 0.8680, its lowest level since March 31.

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the US Dollar (USD) was largely unmoved by Kevin Warsh’s Senate hearing, as he defended Federal Reserve independence and avoided clear policy guidance.

United States EIA Crude Oil Stocks Change registered at 1.925M above expectations (-1.2M) in April 17

Scotiabank strategists Shaun Osborne and Eric Theoret highlight that the Japanese Yen (JPY) is flat against the US Dollar (USD), underperforming G10 peers in subdued trading. USD/JPY price action suggests consolidation in a 157.50–160.50 band, with a flat RSI signaling limited momentum.

Rabobank strategists argue that the Iran war delivers a stagflationary shock to the Eurozone, lifting inflation and depressing Gross Domestic Product (GDP).

TD Securities notes UK headline CPI matched expectations at 3.3% year-on-year in March, reflecting early post-conflict price effects, especially from motor fuels.