GBP/USD halts a three-day winning streak as the Greenback rises. Fed will tighten policy even more If the inflation target is not met. BoE Governor Bailey brushed down rumors that the BoE may start loosening its policies by June 2024. (FXStreet)

EUR/USD strengthened as ECB President Lagarde stated that it is premature to declare victory over inflation. The pair could re-attempt to reach the 1.1000 psychological level as technical indicators support the upward trend. The psychological level at 1.0900 acts as the immediate support backed by the seven-day EMA at 1.0874. (FXStreet)

USD/CAD attracts fresh buyers on Wednesday and draws support from a combination of factors. Softer Canadian CPI undermines the Loonie and acts as a tailwind amid a modest USD strength. The mixed technical setup warrants caution before positioning for a firm near-term direction. (FXStreet)

NZD/USD retreats from the three-month high at 0.6086. US Dollar gains ground on improved US bond yields. Fed is open to tightening policy further if the inflation target fails to be met. The positive China’s outlook supports the rise in the New Zealand Dollar. (FXStreet)

AUD/USD loses traction around the mid-0.6500s in early Wednesday. The FOMC showed members agreed policy to remain at a restrictive stance for some time until inflation moves down toward the objective. The November RBA Board meeting showed a hawkish tone with a focus on risk management along with a data-dependent approach. Market players will focus on the Australian Westpac Leading Index for October ahead of the RBA’s Bullock speech. (FXStreet)

USD/CHF halts a losing streak on the likelihood of further policy tightening by the Fed. Nine-day EMA appears as the key barrier followed by the 0.8900 psychological level. A break below the 0.8850 level could push the pair toward three-month lows. (FXStreet)

USD/MXN gained ground on hawkish FOMC minutes. FOMC committee could raise interest rates further if data fails to show progress toward the inflation target. Markets expect that Mexican Retail Sales will show a rise on Wednesday's release. (FXStreet)

EUR/JPY gains traction around 162.35, gaining 0.26% on the day. The bullish outlook remains intact, as the cross still holds above the key 100-hour EMA. The key resistance level is located at 163.00; 161.62 acts as an initial support level for EUR/JPY. (FXStreet)

GBP/JPY oscillates in a range on Wednesday and is influenced by a combination of diverging forces. Speculations that the BoJ will soon end its negative rates policy lend support to the JPY and cap gains. The overnight hawkish remarks by BoE’s Bailey continue to underpin the GBP and limit the downside. (FXStreet)

AUD/JPY halts a three-day losing streak, forming a 'gravestone doji' pattern, indicating potential trend reversal. Despite global risk aversion, RBA's hawkish minutes provide support; the AUD/JPY may resume uptrend after dropping to five-day low. Technical analysis suggests a neutral to slightly upward trajectory, with key resistance and support levels in focus for short-term direction. (FXStreet)

NZD/JPY showcases 0.25% gains, marking a strong start to the week.  Bulls are command on broader timeframe with the pair above the 20,100,200-day SMAs. On the shorter time frames, bulls are gathering traction. (FXStreet)

Indian Rupee loses traction amid the renewed USD demand. The Ministry of Finance stated that they remain on high alert over inflationary risks. Market players await the US Jobless Claims Durable Goods Orders and UoM Consumer Sentiment survey. (FXStreet)

Rand remains buoyant on weaker USD and positive leading business cycle figures. FOMC minutes to come later today. Bullish divergence progressing off long-term support. (DailyFX)

Crude oil prices face pressure due to a large buildup of US Crude oil stockpiles. API Weekly Crude Oil Stock increased by 9.047M barrels from 1.335M barrels prior. OPEC+ is expected to increase its oil production restrictions into 2024. (FXStreet)

Gold price gains some positive traction for the second straight day on Wednesday. Bets that the Fed is done raising rates continue to benefit the non-yielding metal. Some follow-through USD buying keeps a lid on further gains for the XAU/USD. (FXStreet)

Silver gains positive traction for the second straight day and trades closer to the weekly top. The technical setup favours bulls and supports prospects for a further appreciating move. Move beyond a multi-month-old descending trend line is needed to confirm the positive bias. (FXStreet)

Bitcoin Faces a Key Test at the $38k Mark with Another Rejection Likely Leading to a Deeper Retracement. ETF Approval Delay Has Not Had a Negative Impact on Bitcoin Prices Yet as January Eyed for a Decision. Ethereum is Throwing Mixed Signals as the 2124 Handle Holds the Key. (DailyFX)

Source: FXStreet, DailyFX

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