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Silver Price Forecasts: XAG/USD holds below $59.00 despite US Dollar’s weakness
Silver (XAG/USD) ticks lower on Wednesday, trading at $58.50 at the time of writing, after rejection at the $59.00 area on Tuesday. The sour market sentiment amid rising hostilities in Iran continues to weigh on the precious metal, offsetting the positive impact of a weaker US Dollar Index (DXY).
Equities: CPI-driven gains and tech dispersion – Deutsche Bank
Deutsche Bank strategists note that softer United States (US) Consumer Price Index (CPI), gains in chipmakers and strong bank earnings supported US equities despite sharp weakness in software stocks.
Japan's Takaichi: Food inflation has decelerated slightly, but still remains high
Japan’s Prime Minister Sanae Takaichi said on Wednesday that food inflation has decelerated slightly but still remains high.Â
Chinese Yuan: Appreciation scope seen limited against US Dollar – Commerzbank
Volkmar Baur at Commerzbank highlights that China’s weak domestic economy and reliance on exports constrain upside for the Chinese Yuan. Despite solid export growth and sizeable trade surpluses, investment and real retail sales remain soft.
USD/JPY Price Forecast: Reflects volatility contraction amid triangle formation
The USD/JPY pair trades slightly lower at around 162.20 during the European trading session on Wednesday. The pair edges down as the US Dollar (USD) underperforms due to easing fears of interest rate hikes by the Federal Reserve (Fed) this year.
Canadian Dollar edges higher ahead of BoC rate decision
The USD/CAD pair loses traction to near 1.4050 during the early European trading hours on Wednesday. Traders expect the US Federal Reserve (Fed) to skip the July rate hike as inflation cools, weighing on the US Dollar (USD) against the Canadian Dollar (CAD).
Euro: Range-trading bias around recent highs against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann report EUR/USD briefly spiked to 1.1462 after weaker United States (US) Consumer Price Index (CPI) before retreating to 1.1419.
Indian Rupee holds early ground as traders dial down hawkish Fed bets
The Indian Rupee (INR) gains ground against the US Dollar (USD) on Wednesday after rising significantly in the last three trading days.
Euro edges higher against British Pound as oil surge lifts ECB rate expectations
The EUR/GBP cross gains momentum to near 0.8535 during the early European trading hours on Wednesday. Traders ramp up bets on the Bank of England (BoE) and European Central Bank (ECB) rate hikes as oil price surge reignites inflation fears.
ECB's Kocher: Ready to take monetary policy action at any time if needed
European Central Bank (ECB) Governing Council member Martin Kocher said on Wednesday that the central bank prepared to implement monetary policy measures whenever necessary.Â
WTI Price Forecast: Consolidates around $79.00, above 200-day EMA and 23.6% Fibo.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – oscillates in a narrow band during the Asian session on Wednesday, consolidating its weekly gains to a nearly one-month peak set the previous day.
British Pound advances as US Dollar remains subdued following inflation data
GBP/USD rises for the second consecutive day, trading around 1.3400 during the Asian hours on Wednesday.
India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Wednesday, according to data compiled by FXStreet.