The USD/JPY pair trades in a limited range around 161.60 during the European trading session on Wednesday. The pair consolidates as hawkish Bank of Japan (BoJ) bets are supporting the Japanese Yen (JPY) against the US Dollar’s (USD) continued outperformance.
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/JPY remains in a range-trading phase intraday, projected between 161.20 and 161.80 after a narrow 161.25–161.73 session.
The NZD/USD pair trades in negative territory for the sixth consecutive day near 0.5655 during the early European trading hours on Wednesday.
The AUD/JPY cross trades in negative territory around 111.70 during the early European trading hours on Wednesday. The Japanese Yen (JPY) strengthens against the Australian Dollar (AUD) as traders are on high alert for currency intervention from Japanese authorities.
Silver price (XAG/USD) posts a fresh over six-month low at $60.74 during the Asian trading session on Wednesday. The white metal faces selling pressure as traders seem confident that the Federal Reserve (Fed) will deliver at least two interest rate cuts this year.
Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said that the country would resume normal liquefied natural gas production “within a few weeks”, the Financial Times reported on Wednesday.
The EUR/USD pair drifts lower for the third straight day – also marking the fifth day of a negative move in the previous six – and drops to over a one-year low during the Asian session on Wednesday.
EUR/JPY extends its losses for the third successive day, trading around 183.60 during the Asian hours on Wednesday.
Gold prices fell in India on Wednesday, according to data compiled by FXStreet.
The AUD/USD pair turns lower for the third straight day following a modest Asian session uptick to the 0.6920-0.6925 area and drops to a fresh low since April 7 on Wednesday.
The GBP/USD pair loses traction to around 1.3195 during the early European trading hours on Wednesday. The British Pound (GBP) softens against the US Dollar (USD) amid political instability following Keir Starmer’s resignation as Prime Minister.
West Texas Intermediate (WTI) oil price continues its losing streak for the third successive day, trading around $72.50 per barrel during the Asian hours on Wednesday. WTI oil price recovers after hitting a three-month low of $71.94, but stays in negative territory.
