The NZD/USD pair recovers its recent losses registered in the previous session, trading around 0.6000 during early European trading hours on Wednesday. Technical analysis on the daily chart indicates a bullish bias, with the formation of an ascending channel pattern.
The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day.
GBP/JPY trades modestly higher near 189.00 during Tuesday’s session after bouncing from intraday lows around 187.47. The pair’s upside follows a minor recovery in the Pound Sterling, which briefly reached 1.3423 against the US Dollar before retreating amid political and economic crosswinds.
The EURJPY pair is currently neutral, trading near the 162.00 zone after easing slightly on Tuesday. The pair remains confined within a narrow range between 160.98 and 162.32, showing no clear directional bias as Asian markets approach.
The USD/CHF makes a U-turn and trade with gains of over 1% on Tuesday as market mood improved on trade headlines and a possible de-escalation of US-Sino conflict tensions. At the time of writing, the pair trades at 0.8181 after hitting a daily low of 0.8065.
The AUDJPY pair is flashing an overall bearish signal, currently trading around 90.10 after a modest dip during Tuesday’s session. The cross remains mid-range between the day’s low of 89.64 and high of 90.58, suggesting hesitation in either direction as markets await fresh momentum into Asia.
The USD/JPY pair struggles to regain ground on Tuesday, trading around the 142.00 mark during North American hours after bouncing off earlier lows near 140.65.
The Mexican Peso (MXN) posted substantial gains versus the US Dollar (USD) on Tuesday, sponsored by an improvement in risk appetite due to optimistic news of a ‘de-escalation’ of the trade war between the US and China. At the time of writing, USD/MXN trades at 19.58, down 0.61%.
Gold prices drop as Wednesday’s Asian session begins, which is sponsored by Trump’s comments that he is not looking to fire Fed Chair Jerome Powell. At the time of writing, XAU/USD plunges over 1% and trades at $3,333.
The EURGBP pair is exhibiting a bullish overall signal, currently trading around the 0.8600 area after slipping slightly during Tuesday’s session following the European close.
US stocks rally as Treasury Secretary Bessent predicts de-escalation of US-China standoff, pushing NASDAQ and S&P towards key moving averages for bullish shift.
The EUR/USD pair is flashing a bullish signal, currently trading around the 1.1500 area after posting a slight decline during Tuesday’s session following the European close.
The Euro (EUR) is softer, down 0.2% against the US Dollar (USD) and underperforming most of the G10 currencies along with Swiss Franc (CHF) and Australian Dollar (AUD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
Pound Sterling (GBP) is entering Tuesday’s American session flat against the US Dollar (USD) and showing signs of exhaustion following an astounding 10-session rally that culminated in Monday’s surge through 1.34, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Japanese Yen (JPY) is up 0.4% against the US Dollar (USD) and outperforming most of the G10 currencies, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is little changed on the session so far, reflecting a somewhat mixed trend in the USD overall, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) is consolidating. The major currencies are trading mixed overall as markets steady and take stock of developments after yesterday’s steep US equity declines.
The EURUSD, USDJPY and GBPUSD are correctiing/consolidating and trying to give USD buyers a small victory. However, there would be more work to do to give USD buyers more control
USD/JPY continues to trade with a heavy bias as broad USD softness persists. Pair was last at 140.34 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Dollar Index (DXY) continued to trade near recent lows and was last seen trading at 98.44, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USD/CAD has fallen significantly in recent weeks. However, this was due to pronounced USD weakness rather than CAD strength. If the US dollar recovers, we are likely to see higher levels again.
The Japanese Yen (JPY) is the biggest winner in this latest round of USD selling, as it responds to both the equity slump and the risks of the Fed’s independence.
US Dollar (USD) losses of the past few weeks have been a combination of mounting US growth concerns and a loss of confidence in the dollar as a safe haven. The round of USD weakness seen on Easter Monday belongs to both trends.
The latest round of dollar depreciation has sent EUR/USD through the 1.150 level. Now, there isn’t any other key resistance until 1.20. Picking a top in the pair has proven a frustrating exercise, and Trump’s attack on the Fed is likely extending the confidence crisis on the dollar.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, extends its downside to near 98.15, the lowest since March 2022. The USD weakens across the board as fears over the independence of the Federal Reserve (Fed) intensified.
The USD/CAD pair struggles to capitalize on the overnight bounce from the 1.3780 region, or a six-month low, and attracts fresh sellers during the Asian session on Tuesday.
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