EUR/JPY advances to new 2023 high past 143.00 on Wednesday.Extra strength could revisit the December 2022 high near 146.70.EUR/JPY adds to the weekly recovery and surpasses the 143.00 hurdle to clinch new YTD peaks on Wednesday.
While the cross looks broadly side-lined for the time being, a convincing break above the 143.00 region could trigger a move higher to, initially, the December 2022 top at 146.72 (December 15).In the meantime, while above the 200-day SMA, today at 141.11, the outlook for the cross is expected to remain positive.
EUR/USD holds above 1.0700, focus on ECB’s Lagarde, US data
EUR/USD has managed to stage a modest rebound after having dropped toward 1.0700 earlier in the day. The pair’s weakness could be linked to the US Dollar’s broad gains, backed by the risk-off mood despite the sluggish Treasury yields. Eyes on US Retail Sales and Lagarde’s speech.
GBP/USD stays deep in red below 1.2100 after UK CPI, US data eyed
GBP/USD stays on the back foot and trades deep in negative territory below 1.2100 on Wednesday with the Pound Sterling struggling to find demand following the soft UK inflation data. January Retail Sales data from the US will be watched closely by market participants.
Gold trades at multi-week lows below $1,840
Gold price extended its slide and touched its lowest level since early January below $1,840 on Wednesday. Ahead of the US data releases, the benchmark 10-year US Treasury bond yield holds comfortably above 3.7%, not allowing XAU/USD to stage a rebound.
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