EUR/USD back under pressure as Asia picks up the baton.

EUR/USD is weighted in Asia as the US dollar remains firm. The focus is on US pres Biden#s trip to Brussels and Fed hawkishness.EUR/USD is trading lower by some 0.13% after falling from a high of 1.1013 to a low of 1.0982 so far.  The US dollar climbed on Wednesday as oil prices rallied again with US President Joe Biden poised to announce, alongside European leaders, new sanctions against Russia during his trip to Europe.

Traders are awaiting Biden to arrive in Brussels later on Wednesday to meet with NATO and European leaders in an emergency summit at the Western military alliance’s headquarters. Sources said the US package would include measures targeting Russian members of parliament, Reuters reported. 

US stocks fell on the news while treasuries recovered from record losses ahead of tighter monetary policy to combat inflation. The S&P 500 lost 1.2%, led by losses in financials, while the 10-year Treasury yield dropped to 2.30% after reaching highs not seen since mid-2019. Traders are moving into bonds as Federal Reserve officials are indicating they are willing to raise rates aggressively to tame inflation, and the war in Ukraine has driven commodity prices up 26% this year.

Meanwhile, the Federal Open Market Committee member Loretta Mester favoured some 50bp hikes this year, adding that the economy has excess demand. She doubts rate hikes will cause a recession and that unwinding the balance sheet will help reduce distortions in the yield curve. St. Louis Federal Reserve President James Bullard’s messaging remains as hawkish as ever also:

AUD/USD steadies around 0.7500 on modest Australian PMI performance

AUD/USD is hovering around 0.7500 on modest PMI performance and positive DXY.The aussie has been a performer in the Fx domain on galloping metal prices recently. The DXY may trace bulls on hawkish stance from the FOMC members.

AUD/USD News 

EUR/USD back under pressure as Asia picks up the baton.EUR/USD is weighted in Asia as the US dollar remains firm. The US dollar climbed on Wednesday as oil prices rallied again with US President Joe Biden poised to announce, alongside European leaders, new sanctions against Russia during his trip to Europe.

EUR/USD News 

Gold to remain choppy ahead of critical NATO Summit on Ukraine.Gold bulls were rescued by a pause in the US bond rout and renewed Ukraine concerns. Gold price needs a sustained break above this key hurdle on the 4H chart. Attention turns towards the US top-tier events ahead of the key NATO meeting.

Gold News 

Solana price confirms breakout, 24% gains on the horizon.Solana price confirmed a successful breakout from a bullish pattern, indicating more gains in the near future. This uptrend will face minor blockades but is eventually going to reach its target. Investors can expect SOL to continue its ascent to $112.89.