Trading news

The USD/CAD pair continues with its struggle to register any meaningful recovery from a nearly one-month low, around the 1.3525 zone, set earlier this week, and remains on the back foot through the Asian session on Wednesday.

The USD/JPY pair gathers strength to around 158.30 during the early Asian session on Wednesday. The Bank of Japan (BoJ) policy uncertainty weighs on the Japanese Yen (JPY) against the US Dollar.

The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history in an effort to lower crude prices that have soared during the US-Israel conflict with Iran, the Wall Street Journal reported on Wednesday.

The Islamic Revolutionary Guard Corps (IRGC) on Wednesday escalated its operations against the United States (US) and Israel. IRGC announced the start of targeting the enemy's technological infrastructure in the region.

Silver (XAG/USD) trades with a positive bias for the fourth straight day on Wednesday, though it lacks bullish conviction and remains below a one-week high set the previous day. The white metal currently trades just below the $89.00 mark, up nearly 2% for the day, and seems poised to climb further.

AUD/USD extends its winning streak for the fourth successive session, trading around 0.7130 during the Asian hours on Wednesday. The pair advances as the Australian Dollar (AUD) gains support from growing expectations of a Reserve Bank of Australia (RBA) rate hike next week.

The GBP/USD pair attracts fresh buyers during the Asian session on Wednesday and stalls the previous day's retracement slide from the 1.3485 region, or over a one-week high. Spot prices currently trade around the 1.3430 region, up 0.10% for the day.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8917 compared to the previous day's fix of 6.8982 and 6.8824 Reuters estimate.

The EUR/USD pair holds positive ground around 1.1620 during the early Asian session on Wednesday. The Euro (EUR) rebounds from a four-month low of 1.1507 against the Greenback as safe-haven demand softens.

West Texas Intermediate (WTI) crude oil price gave up gains from the previous session, trading around $81.70 per barrel during the Asian hours on Wednesday.

The Israel Defense Forces said that it had unleashed a new wave of strikes on Iran, shortly after a round of explosions was heard in Tehran.

Japan Producer Price Index (YoY) below expectations (2.1%) in February: Actual (2%)

Japan Producer Price Index (MoM) below forecasts (0.1%) in February: Actual (-0.1%)

The European Central Bank (ECB) President Christine Lagarde said late Tuesday that the degree of uncertainty and volatility is very surprising. Lagarde added that the central bank will take the necessary measures to control inflation.

The US Central Command said in a statement that US forces eliminated multiple Iranian naval vessels, including 16 minelayers operating near the Strait of Hormuz, Reuters reported on Wednesday. 

Gold price (XAU/USD) holds steady near $5,190 during the early Asian session on Wednesday. The precious metal steadies after a period of volatility following signals of potential de-escalation in Middle East tensions. 

The USD/JPY edges higher on Tuesday, rising nearly 0.25% as risk appetite deteriorated late in the New York session, even though the US President Donald Trump hinted a de-escalation of the conflict. At the time of writing the pair trades at 158.07 some 80 pips above its opening price.

MUFG’s Senior Currency Analyst Lee Hardman highlights that strong Chinese trade data and a firmer PBoC daily fix are supporting the Chinese Yuan.

United States API Weekly Crude Oil Stock registered at -1.7M, below expectations (1.4M) in March 6

The NZD/USD pair is trading near the 0.5930 price region, reversing its intraday gains late in the American session.