EUR/JPY regains the upside following Tuesday’s marked decline.The surpass of 150.00 could trigger further gains near term.EUR/JPY trades with decent gains above the 149.00 region on Wednesday.
While the cross seems to have embarked on a consolidative phase, a convincing breakout of the key round level at 150.00 could encourage the cross to dispute the 2023 top at 151.61 (May 2) in the short-term horizon.
So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 143.49.
EUR/USD drops to fresh two-month low near 1.0750
EUR/USD has lost its traction and dropped to its lowest level since late March near 1.0750. The US Dollar continues to benefit from the risk-averse market atmosphere as markets await FOMC Minutes and headline surrounding the US debt-limit negotiations.
GBP/USD falls below 1.2400 as safe-haven flows dominate
GBP/USD has reversed its direction and declined to a fresh five-week low below 1.2400 after having climbed toward 1.2500 with the initial reaction to hot UK inflation data. The US Dollar preserves its strength amid risk aversion and forces the pair to stay on the back foot ahead of FOMC Minutes.
Gold extends recovery toward $1,980 as US yields edge lower
Gold price has gathered recovery momentum and advanced toward $1,980 on Wednesday. The benchmark 10-year US Treasury bond yield stays in negative territory below 3.7% following Tuesday’s decline, helping XAU/USD stretch higher.
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