The US Dollar (USD) is trading moderately lower on Wednesday, with the Canadian Dollar a tad firmer amid a cautious appetite for risk, following comments by US President Donald Trump, suggesting a quick end to the Iran war.
West Texas Intermediate (WTI), futures on NYMEX, is down 0.8% to near $96.60 in the early European trade on Wednesday. The oil price extends its correction from the three-week high of 103.33 posted on Tuesday on hopes of a ceasefire in the Middle East war.
Commerzbank’s Volkmar Baur argues that fears over an end to the petrodollar do not automatically imply a loss of the US Dollar’s reserve status.
Russia S&P Global Manufacturing PMI: 48.3 (March) vs previous 49.5
The AUD/USD pair gives back some of its early gains, but still trades 0.12% higher to near 0.6910 during the late Asian trading session on Wednesday.
Asian equities rise as improved global sentiment boosted regional markets following a strong rally on Wall Street overnight. Risk appetite improves on rising hopes for Middle East peace resolution.
Australia RBA Commodity Index SDR (YoY) rose from previous 3.4% to 12.8% in March
Netherlands, The Nevi Manufacturing PMI climbed from previous 50.8 to 52 in March
The EUR/USD pair touches a one-week top on Wednesday, though it lacks follow-through buying and remains below the 1.1600 mark through the Asian session. Moreover, the mixed fundamental backdrop warrants some caution before positioning for any further appreciating move.
Indonesia Core Inflation (YoY) below forecasts (2.63%) in March: Actual (2.52%)
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
EUR/JPY extends its gains for the second consecutive day, trading around 183.60 during the Asian hours on Wednesday. The technical analysis of the daily chart suggests the currency cross moves sideways within the ascending triangle pattern, reflecting buying pressure.
