Trading news

The United Kingdom (UK) Office for National Statistics (ONS) will publish the high-impact Consumer Price Index (CPI) data for March at 06:00 GMT. 

The NZD/USD pair declines to around 0.5820 during the Asian trading hours on Wednesday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) on rising tensions in the Middle East and a higher-for-longer Federal Reserve (Fed) interest rate stance. 

Silver (XAG/USD) attracts fresh sellers following a modest Asian session uptick to the $75.00 neighborhood and retreats to the lower end of the daily range in the last hour.

GBP/USD extends its losses for the second successive day, trading around 1.3390 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) receives support from increased risk aversion stemming from the Middle East conflict.

European People’s Party lead trade negotiator Željana Zovko said that a deal between the United States (US) and the European Union (EU) was reached, Reuters reported on Wednesday. Zovko added that deal on US tariffs provides certainty for European firms

China PBoC Interest Rate Decision meets expectations (3%)

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8397 compared to the previous day's fix of 6.8375 and 6.8072 Reuters estimate.

The AUD/USD pair loses momentum to near 0.7095 during the early Asian trading hours on Wednesday. Geopolitical uncertainties and elevated crude oil prices weigh on the Australian Dollar (AUD) against the US Dollar (USD).

The USD/CAD pair attracts some dip-buyers during the Asian session on Wednesday, stalling the previous day's late pullback from the 1.3775 region or the highest since mid-April. Spot prices currently trade just above mid-1.3700s and continue to draw support from a bullish US Dollar (USD).

EUR/USD moves little after posting modest losses in the previous day, hovering around 1.1600 during the Asian hours on Wednesday. The currency pair may experience further depreciation as the US Dollar (USD) gains ground due to increased risk aversion stemming from the Middle East conflict.

The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Wednesday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively. 

The USD/JPY pair trades on a flat note around 159.05 during the early Asian session on Wednesday. The potential upside for the pair might be limited amid intervention fears from Japanese authorities. Traders continue to digest the latest headlines on US talks with Iran to end the war.

US President Donald Trump threatened to resume attacks on Iran in “two or three days” as part of the push for a deal to end the war, after he said he had just called off a US attack, Bloomberg reported on Tuesday.

Federal Reserve (Fed) Bank of Philadelphia President Anna Paulson said that she favored leaving interest rates unchanged and conditioned lower borrowing costs on making sustained progress on inflation, Bloomberg reported on Tuesday.

Gold price (XAU/USD) faces some selling pressure near $4,480 during the early Asian session on Wednesday. The precious metal drops to its lowest since March 30 as persistent inflation fears keep interest rate hike expectations and Treasury yields high.

The Crude Oil market spent Tuesday teaching the headline writers a lesson.

Tuesday handed the Pound a labour market reading that was mixed enough to satisfy nobody.

The Aussie's Tuesday slide had little to do with anything domestic.

The NZD/USD pair falls toward the 0.5830 region on Wednesday as the United States (US) Dollar (USD) strengthens following upbeat labor-market data and renewed tensions linked to Iran.

EUR/USD drops near 1.1600 on Tuesday as the Greenback recovers some ground, supported by soaring US Treasury yields, even though ECB officials opened the door to rate hikes at the June meeting. The pair trades with losses of 0.48% at the time of writing.