Trading news

India WPI Inflation below forecasts (1.76%) in April: Actual (0.85%)

Platinum Group Metals (PGMs) trade mixed at the beginning of Wednesday, according to FXStreet data. Palladium (XPD) changes hands at $953.80 a troy ounce, with the XPD/USD pair easing from its previous close at $957.25.

“The UK labor market has been more resilient than expected,” Bank of England (BoE) policymaker Catherine Mann said on Wednesday.

West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $62.94 per barrel, down from Tuesday’s close at $63.23.

Germany Consumer Price Index (YoY) meets expectations (2.1%) in April

Germany Harmonized Index of Consumer Prices (YoY) in line with forecasts (2.2%) in April

Germany Consumer Price Index (MoM) meets forecasts (0.4%) in April

Germany Harmonized Index of Consumer Prices (MoM) meets forecasts (0.5%) in April

The EUR/JPY cross attracts some sellers to around 164.40 during the early European session on Wednesday. The Japanese Yen (JPY) strengthens against the Euro (EUR) amid the prospects for further policy normalization by the Bank of Japan (BoJ).

The AUD/JPY cross attracts some sellers during the Asian session on Wednesday, and for now, it seems to have snapped a two-day winning streak to the 95.65 area, or a nearly two-month high touched the previous day.

The USD/CHF pair continues to lose ground for the second consecutive day, trading near 0.8390 during Wednesday’s Asian session. Downside risks appear limited, as growing expectations of further monetary easing by the Swiss National Bank (SNB) weaken the Swiss Franc (CHF).

Citing industry sources familiar with the matter, Reuters reported on Wednesday that China has granted first rare earth export permits since adding restrictions last month.

The EUR/USD pair gains ground to around 1.1195 during the Asian trading hours on Wednesday. The US Dollar (USD) weakens against the Euro (EUR) after the cooler-than-expected US April inflation data.

Gold prices fell in India on Wednesday, according to data compiled by FXStreet.

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Silver (XAG/USD) extends the previous day's retracement slide from the $33.20-$33.25 resistance zone and attracts some follow-through selling during the Asian session on Wednesday.

GBP/USD is trading around 1.3300 during Wednesday’s Asian session, stabilizing after posting over 1% gains in the previous session.

Gold price (XAU/USD) struggles to capitalize on the previous day's modest uptick and attracts fresh sellers during the Asian session on Wednesday.

The NZD/USD pair advanced for the second consecutive session, hovering around 0.5940 during Wednesday’s Asian trading hours. The pair strengthened as the US Dollar (USD) came under pressure following softer-than-expected US inflation figures.

The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, remains subdued for a second consecutive day, hovering around 100.90 during Wednesday’s Asian session. The Greenback weakened following softer-than-expected US inflation data.