US Dollar (USD) traded subdued overnight, in absence of fresh catalyst while most major central bank decisions are largely priced. The Dollar Index (DXY) last seen at 99.19 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USD/CNH continues to edge lower, a trend that began even before broader US Dollar (USD) weakness, as exporter flows and possible portfolio inflows support the renminbi, ING's FX analyst Chris Turner notes.
European natural Gas prices extended their decline, with TTF falling to its lowest level since April as unseasonably mild weather curbs demand, ING's commodity experts Ewa Manthey and Warren Patterson note.
The Australian Dollar (AUD) briefly fell after a softer-than-expected GDP print, but strong private demand and resilient consumption helped the currency reverse losses.
Australia’s economy remains robust, despite a moderation in Q3 growth (0.4% q/q SA). Standard Chartered's economists' baseline remains for the RBA to maintain the cash rate at 3.60% at its 9 December meeting.
Oil prices traded lower yesterday, with ICE Brent hitting its lowest level since late October, ING's commodity experts Ewa Manthey and Warren Patterson note.
Official manufacturing PMI improved modestly to 49.2 in November, indicating still-soft momentum. Production activity likely stayed steady, while investment may have contracted further. Base effect likely boosted retail sales growth; trade growth may have improved on easing trade uncertainty.
EUR/USD advanced in Asia as sharply lower USD hedging costs for eurozone investors—now down to 1.85% from 2.40%—boosted demand for the single currency alongside improved terms of trade.
The GBP/JPY cross trades with a positive bias for the second straight day on Wednesday and climbs back above the 206.00 mark during the early part of the European session.
The NZD/USD pair attracts some buyers to around 0.5750 during the early European session on Wednesday. The upbeat Chinese economic data provides some support to the China-proxy Kiwi against the US Dollar (USD).
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $58.67 per barrel, up from Tuesday’s close at $58.51.
The EUR/GBP cross posts modest losses near 0.8795 during the early European trading hours on Wednesday. Nonetheless, the potential downside for the cross might be limited amid dovish expectations from the Bank of England (BoE), which might weigh on the Pound Sterling (GBP).
The Indian Rupee (INR) extends its losing streak against the US Dollar (USD) for the third trading day on Wednesday, sliding to a fresh all-time low around 90.50.
The USD/JPY pair struggles to capitalize on the previous day's move higher to levels beyond the 156.00 mark and edges lower during the Asian session on Wednesday. Spot prices currently trade around the 155.75 region, though the downtick lacks follow-through or a bearish conviction.
The EUR/USD pair extends its upside to around 1.1635 during the Asian trading hours on Wednesday. Signals that the European Central Bank (ECB) is done cutting interest rates provide some support to the Euro (EUR) against the US Dollar (USD).
Gold (XAU/USD) hangs near the lower end of the daily range during the first half of the European session on Wednesday, though it manages to hold above the $4,200 mark amid mixed cues.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% lower to near 99.20 during the Asian trading session on Wednesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $58.40 during the Asian trading hours on Wednesday. The WTI declines as the efforts by the US to end the Russia-Ukraine conflict send optimism of a ceasefire sooner than expected.
Silver (XAG/USD) enters a bullish consolidation phase during the Asian session on Wednesday and holds steady near the all-time peak touched earlier this week. The white metal currently trades below mid-$58.00s, down 0.20% for the day, through it lacks follow-through selling.
The NZD/USD pair gathers strength near 0.5745 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) edges higher against the US Dollar (USD) after the Chinese economic data.
The Australian Dollar (AUD) builds on its intraday ascent against a broadly weaker US Dollar (USD), pushing the AUD/USD pair to a fresh high since late October and closer to the 0.6600 mark heading into the European session on Wednesday.
China's Services Purchasing Managers' Index (PMI) dropped to 52.1 in November from 52.6 in October, the latest data published by RatingDog showed on Wednesday.
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