Trading news

EUR/JPY continues its winning streak for the fourth successive session, trading around 179.10 during the European hours on Wednesday. The currency cross is testing resistance within a bearish pattern, trading near the upper boundary of an ascending wedge pattern.

The Pound Sterling (GBP) underperforms its major currency peers, except the Japanese Yen (JPY), on Wednesday. The British currency faces selling pressure amid growing expectations that the Bank of England (BoE) will resume its monetary expansion cycle at the December meeting.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining flat after five days of losses and trading around 99.50 during the European hours on Wednesday.

Here is what you need to know on Wednesday, November 12:

EUR/GBP extended its gains for the second successive session, trading around 0.8810 during the early European hours on Wednesday.

West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $60.75 per barrel, down from Tuesday’s close at $60.88.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $64.75 after its previous daily close at $64.89.

Turkey Current Account Balance registered at $1.112B above expectations ($1B) in September

Germany Consumer Price Index (YoY) meets forecasts (2.3%) in October

Germany Consumer Price Index (MoM) in line with forecasts (0.3%) in October

Germany Harmonized Index of Consumer Prices (YoY) meets expectations (2.3%) in October

Germany Harmonized Index of Consumer Prices (MoM) in line with forecasts (0.3%) in October

European Central Bank (ECB) policymaker Francois Villeroy de Galhau said on Wednesday that French economy is resilient despite political uncertainty.

The USD/CAD pair trades on a flat note near 1.4010 during the early European session on Wednesday. Private-sector US jobs data stoked worries about labour market weakness, which could weigh on the US Dollar (USD) against the Canadian Dollar (CAD) in the near term.

Japan's Finance Minister Satsuki Katayama said on Wednesday that she recently sees one-sided and rapid moves in the currency, adding that she will be closely watching FX moves with a high sense of urgency.

AUD/NZD remains flat after registering more than 0.25% losses in the previous session, trading around 1.1550 during the Asian hours on Wednesday. The currency cross remains near 1.1590, the highest since September 2013, reached on November 10.

Japan Prime Minister Sanae Takaichi said on Wednesday that we cannot say that Japan has emerged from deflation. Takaichi further stated that she hopes for Bank of Japan (BOJ) to conduct policy so that Japan sees sustainable achievement of price target.

The AUD/JPY cross gains ground to around 100.90 during the early European session on Wednesday. The Bank of Japan (BoJ) has been reluctant to commit to further interest rate hikes on the back of Japan's Prime Minister Sanae Takaichi's pro-stimulus stance.

The USD/CHF pair trades with caution around 0.8000 during the late Asian trading session on Wednesday. The Swiss Franc pair faces selling pressure as the US Dollar (USD) falls on the back foot amid growing expectations that the Federal Reserve (Fed) could cut interest rates again this year.

The NZD/USD pair meets with a fresh supply during the Asian session on Wednesday and now seems to have snapped a two-day winning streak, to the 0.5670 region, or a nearly one-week top touched the previous day.

The Indian Rupee (INR) opens on a weak note against the US Dollar (USD) on Wednesday. The USD/INR pair rises to near 88.80 as the Indian Rupee underperforms ahead of the release of India’s Consumer Price Index (CPI) data for October at 10:30 GMT.