ING commodities strategists Warren Patterson and Ewa Manthey report that Gold is trading in a narrow range as the US‑Israeli conflict with Iran extends. A firmer Dollar and higher real yields offset safe‑haven demand from Middle East tensions.
Danske Research Team highlights that USD/CAD remains confined between 1.36 and 1.37 as risk-off sentiment offsets support from Canada’s net energy exporter status.
ING strategist Francesco Pesole argues that a hawkish revision of the Federal Reserve Dot Plot could support the Dollar, with markets already pricing limited cuts.
According to UOB’s Quek Ser Leang, GBP/USD rebounded to 1.3364 and may edge higher toward 1.3410, though a clear break above that level is seen as unlikely given only modest momentum. Intraday, gains are expected to stay below 1.3390, with support at 1.3335 and 1.3320.
Silver prices (XAG/USD) broadly unchanged on Wednesday, according to FXStreet data. Silver trades at $79.37 per troy ounce, broadly unchanged 0.06% from the $79.33 it cost on Tuesday.
The Indian Rupee (INR) posts a fresh all-time low against the US Dollar (USD) at 93.00 during India's afternoon trading hours on Wednesday.
OCBC’s Sim Moh Siong and Christopher Wong note the Australian Dollar recovered after the RBA’s 5–4 split decision to deliver a second consecutive 25bp hike to 4.10%, with Governor Bullock’s remarks seen as hawkish.
Societe Generale economists expect the BoC to keep its policy rate at 2.25%, despite weaker employment and lower CPI. Markets now price about 33 bps of tightening by year-end after the Iran conflict.
USD/JPY remains under pressure for a third straight session, trading near 159.00 during Asian hours on Wednesday.
The Bank of Canada (BoC) is widely expected to keep its policy rate unchanged at 2.25% at its Wednesday meeting, effectively extending the pause it signalled back in January.
MUFG’s Derek Halpenny expects the FOMC to keep policy options open, with limited changes to the Summary of Economic Projections and no alteration to the median dot profile. MUFG anticipates balanced Fed communication and subdued FX and rates volatility.
Gold prices fell in India on Wednesday, according to data compiled by FXStreet.
