EUR/USD could gain further towards the psychological barrier at the 1.0800 level. Technical analysis suggests a confirmation of a bearish sentiment for the pair. The pair can find the major support around 1.0750 followed by the weekly low at 1.0722. (FXStreet)

GBP/USD gains traction for the second consecutive day around 1.2608 on Wednesday. The expectation of interest rate cuts from the Federal Reserve (Fed) has waned due to the stronger-than-expected US economic data. The potential technical recession in the UK economy might lead Bank of England (BoE) officials to shift to a dovish interest rate stance. (FXStreet)

AUD/USD trades in positive territory for two straight days on Wednesday. Fed’s Mester said she might open the door to rate cuts if the US economy performs as she expects. The Reserve Bank of Australia (RBA) kept interest rates steady at 4.35% on Tuesday. (FXStreet)

USD/CAD drifts lower for the second straight day and is pressured by a combination of factors. An uptick in Oil prices underpins the Loonie and weighs on the pair amid a modest USD downtick. Hawkish Fed expectations should act as a tailwind for the USD and help limit any further losses. (FXStreet)

US Dollar Index loses ground on downbeat US bond yields. Fed’s Powell tempered expectations of a rate cut in March. Fed Bank of Cleveland President Loretta Mester stated that the US central bank could consider interest rate cuts later in the year. (FXStreet)

USD/CHF moves above towards the psychological level of 0.8700. US Dollar registers losses due to weaker US bond yields. Swiss Unemployment Rate (YoY) increased by 2.5% in January against the 2.3% prior. (FXStreet)

EUR/GBP falls to near 0.8530 as soft Eurozone data deepen ECB rate-cut bets. ECB Cos is confident about inflation declining towards the 2% target. UK companies are becoming optimistic about BoE’s rate-cut prospects. (FXStreet)

AUD/JPY gained ground on RBA’s hawkish stance on monetary policy. RBA Governor Michele Bullock did not rule anything in or out regarding policy decisions. Japan's Foreign Reserves decreased to $1,291.8 billion in January from the previous figure of $1,294.6 billion. (FXStreet)

NZD/USD scales higher for the second straight day in reaction to the upbeat domestic jobs data. A modest downtick in the US bond yields undermines the USD and lends support to the major. The technical setup favours bears and warrants caution before positioning for additional gains. (FXStreet)

WTI price gained ground as EIA projected US oil production to increase by 170K bpd in 2024, lower than the previous estimate of 290K bpd. API Weekly Crude Oil Stock recorded a figure of 0.674 million barrels against the expected 2.133 million barrels. Hamas has responded to a proposed ceasefire plan; US Secretary of State Antony Blinken may discuss it with Israeli officials on Wednesday. (FXStreet)

Gold price fails to build on overnight positive move amid hawkish Fed expectations. A modest downtick in the US bond yields undermines the USD and lends some support. The uncertainty over the Fed's policy outlook holds back bears from placing fresh bets. (FXStreet)

Source: FXStreet

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