The New Zealand Dollar (NZD) is failing to find a bottom as rising hopes of monetary tightening by the US Federal Reserve (Fed) and dismal market mood are boosting the safe-haven US Dollar (USD) on Wednesday.
Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $61.15 per troy ounce, down 0.72% from the $61.60 it cost on Tuesday.
OCBC’s Sim Moh Siong and Christopher Wong highlight that recent AI-related equity weakness has boosted safe-haven demand and supported the Dollar.
The AUD/USD pair is down 0.28% to near 0.6900 during the European trading session on Wednesday, the lowest level seen in over two months.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, continues its winning streak for the third successive day and is reaching a fresh 13-month high of 101.60 during the European hours on Wednesday.
ING analysts Warren Patterson and Ewa Manthey note that Oil prices are grinding lower as flows from the Persian Gulf gradually recover, with ICE Brent down over 1%. They argue the sell-off looks overdone given a still-tightening market and limited recovery in Strait of Hormuz volumes.
MUFG’s Lee Hardman highlights that USD/JPY is trading near recent highs but remains capped below the July 2024 peak of 161.95 as intervention risks rise.
Societe Generale’s technical analysts observe EUR/GBP has formed a lower peak around 0.8690 below its 200‑day moving average and is pulling back towards the neckline of a Head and Shoulders pattern.
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight an abrupt 1.22% plunge in AUD/USD to 0.6908, leaving the pair deeply oversold but still biased lower. Intraday, they see potential for a brief break below 0.6900 while expecting it not to hold.
Gold (XAU/USD) maintains its offered tone below the $4,100 mark through the first half of the European session, within striking distance of a nearly two-week low touched earlier this Wednesday.
The Euro (EUR) extends its losing streak against the US Dollar (USD) for the third trading day on Wednesday, trading 0.25% lower at around 1.1350 during the European session.
Dow Jones futures fall by 0.13%, trading near 52,000 during the European hours on Wednesday. However, S&P 500 futures are up by 0.13% near 7,450, while Nasdaq 100 futures advance 0.36%, trading near 29,770 at the time of writing.
