Trading news

Australia will release its July monthly employment report on Thursday at 1:30 GMT, following the Reserve Bank of Australia (RBA) decision to trim the Official Cash Rate (OCR) by 25 basis points (bps) to 3.6%.

The Canadian Dollar (CAD) spun in a tight circle for the second day in a row on Wednesday as Loonie traders look for signs to move in either direction. The US Dollar (USD) weakened slightly, but a lack of CAD momentum kept the USD/CAD pair trapped near 1.3770.

EUR/USD surges on Wednesday, hitting a two-week high at around 1.1730 as the US Dollar (USD) gets battered, sponsored by traders speculating that the Federal Reserve (Fed) might turn dovish following remarks by US Treasury Secretary Scott Bessent.

South Korea Import Price Growth (YoY): -5.9% (July) vs -6.2%

South Korea Export Price Growth (YoY) climbed from previous -4.5% to -4.3% in July

Argentina Consumer Price Index (MoM) increased to 1.9% in July from previous 1.6%

The US Dollar (USD) intensified its weakness on Wednesday, receding to two-week lows as investors continued to price in further rate cuts by the Fed, while steady jitters surrounding the Fed’s independence also weighed on sentiment.

The Australian Dollar (AUD) is paring back part of its intraday advance against the US Dollar (USD) on Wednesday, with the AUD/USD pair retreating from session highs near 0.6562 to trade around 0.6540 during the American session.

The Dow Jones Industrial Average (DJIA) rose on Wednesday as investors pushed equities into a second straight day of decisive gains.

Gold price climbs during the North American session on Wednesday, up by 0.30% as investors continue to increase their bets that the Federal Reserve (Fed) will reduce interest rates at the September meeting. At the time of writing, XAU/USD trades at $3,357, above a key technical support level.

Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic took a general measure of the US economy's health, noting a general weakening in the latest round of labor data, and also noted that certain segments are struggling under the weight of tariffs more than others.

Chicago Fed President Austan Goolsbee crossed the wires and said that economists are unanimous that the Federal Reserve (Fed) must be independent from political interference.

United States (US) President Donald Trump delivered his latest thoughts on his efforts to be the primary peace deal broker between Russia and Ukraine on Wednesday, and dipped back into the Federal Reserve (Fed) pool of usual statements to reiterate his own estimations of where interest rates should

West Texas Intermediate (WTI) Crude Oil slumped further on Wednesday, falling below the psychological $62 mark and hitting its lowest level since early June.

Russia Consumer Price Index (MoM): 0.6% (July) vs 0.2%

The GBP/USD advances during the North American session, up by 0.56% as the Greenback gets battered amid increasing bets that the Federal Reserve might resume its easing cycle as soon as September. The pair trades at 1.3572 after bouncing off lows of 1.3487.

The Euro (EUR) extends gains for the second consecutive session on Wednesday, climbing above $1.1700 to its highest level in nearly three weeks, supported by broad US Dollar (USD) weakness after the latest US Consumer Price Index (CPI) report.

The EUR/CHF cross is trading flat but remains resilient above the 0.9400 level on Wednesday, consolidating its recent gains after a strong rebound from the lower end of its multi-month trading range.

United States EIA Crude Oil Stocks Change came in at 3.036M, above expectations (-0.8M) in August 8

United States EIA Crude Oil Stocks Change above expectations (-0.8M) in August 8: Actual (3.037M)