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USD/CAD Price Forecast: Reaches nearly monthly lows below 1.4050
USD/CAD remains subdued after registering modest losses in the previous day, trading around 1.4050 during the European hours on Wednesday. The technical analysis of the daily chart indicates the pair is testing the lower boundary of the symmetrical triangle.
ECB’s Panetta: Inflation to hover around 3% and remain above that level until early 2027
European Central Bank (ECB) policymaker and Governor of the Bank of Italy, Fabio Panetta, warned in the European trading session on Wednesday that inflationary pressures in the Eurozone economy could hover around 3% and will likely remain above that level beyond this year.
Eurozone Industrial Production s.a. (MoM) came in at -0.2%, below expectations (0.2%) in May
Eurozone Industrial Production s.a. (MoM) came in at -0.2%, below expectations (0.2%) in May
Eurozone Industrial Production w.d.a. (YoY) came in at -1.2%, below expectations (-0.5%) in May
Eurozone Industrial Production w.d.a. (YoY) came in at -1.2%, below expectations (-0.5%) in May
Canadian Dollar: Loonie benefits from technical break – Societe Generale
Societe Generale analysts describe USD/CAD pulling back after failing above 1.4130, with interim resistance near 1.4250 capping gains.
USD/CHF Price Forecast: Retakes 0.8100; eyes YTD high set on Tuesday amid bullish setup
The USD/CHF pair attracts some dip-buyers on Wednesday and moves further away from the weekly trough, around the 0.8060 region set the previous day.
Japanese Yen: Mixed outlook within 160.60–163.00 band against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann report USD/JPY fluctuated between 161.62 and 162.47, closing slightly lower at 162.23 after failing to test 162.70. Intraday, the pair is seen trading between 161.75 and 162.50.
GBP/USD Price Forecast: Soft US CPI data backs upside towards 1.3500
The British Pound (GBP) is up 0.1% at around 1.3403 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair gains as the US Dollar comes under selling pressure, with market participants dialing down expectations for Federal Reserve (Fed) interest rate hikes.
ECB's Nagel: It is advisable to act decisively if needed
European Central Bank (ECB) Governing Council Member and President of the Deutsche Bundesbank, Joachim Nagel, said during European trading hours on Wednesday that the central bank should be prepared for monetary policy adjustments if needed.
Euro trims gains against the Japanese Yen but maintains a near-term bullish trend
The Euro (EUR) pulls back from intra-week highs just above 185.60 against the Japanese Yen (JPY) on Wednesday but maintains its immediate bullish bias, trading 0.5% higher on the week so far.
Canadian Dollar: BoC seen steady as Oil supports CAD – ING
ING’s Francesco Pesole expects the Bank of Canada to keep rates at 2.25%, with limited incentive to push back against modest December tightening pricing. He sees June CPI potentially falling below 3.0% as petrol prices drop, while core remains near 2.0%.
PBoC’s Deputy Governor: To continue to implement appropriately loose monetary policy
People’s Bank of China (PBoC) Deputy Governor said during the European trading session on Wednesday that the central bank remains committed to loose monetary policy conditions to support overall demand.
Australian Dollar: Upside momentum building toward 0.7015 against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note AUD/USD surged to 0.6992 after an earlier dip, with strong short-term momentum pointing to further gains. They see scope for a test of 0.6995, while the major resistance at 0.7015 is key.