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British Pound: Advance stalled with neutral range view against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that GBP/USD’s late-month advance has stalled, with the pair rebounding to 1.3442 before closing at 1.3387. Intraday, the British Pound (GBP) is expected to trade between 1.3360 and 1.3430.
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
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.
Japan Tertiary Industry Index (MoM) came in at 1.1%, above forecasts (0.4%) in May
Japan Tertiary Industry Index (MoM) came in at 1.1%, above forecasts (0.4%) in May
EUR/USD Price Forecast: Bulls remain cautious below 23.6% Fibo. and 1.1470 hurdle
The EUR/USD pair attracts some dip-buyers following the previous day's pullback from the 1.1460-1.1470 horizontal resistance, though it remains confined within a multi-week-old range.