Market Update - 14 February 2024

EUR/USD hovers around 1.0710 during the Asian session on Wednesday, maintaining its position after dropping to three-month lows. The US Dollar (USD) garnered support following the release of robust US inflation data for January, which dampened expectations of an imminent rate cut by the Federal Reserve (Fed) in March. (FXStreet)

The GBP/USD pair attracts some dip-buying during the Asian session on Wednesday and for now, seems to have stalled the previous day's sharp pullback from the vicinity of the 1.2700 mark, or over a one-week top. The uptick, however, lacks bullish conviction, with spot prices struggling to capitalize on the move beyond the 1.2600 round figure ahead of the UK CPI report. (FXStreet)

The USD/CHF pair delivers a moderate corrective move from an 11-week high of 0.8880 in the late Asian session on Wednesday. The corrective move seems profit-booking after a strong rally inspired by January's sticky United States inflation data. Therefore, more upside in the Swiss Franc asset is anticipated. (FXStreet)

USD/CAD retreats after Tuesday’s surge, edging lower to near 1.3550 during the early European session on Wednesday. The decline in the US Dollar (USD) is attributed to the decrease in US Treasury yields, thereby weakening the USD/CAD pair. (FXStreet)

Indian Rupee (INR) loses traction on Wednesday amid the firmer US Dollar (USD). The uptick of the pair is supported by stronger-than-expected US inflation data, which prompts investors to further push back expectations on when the Federal Reserve (Fed) will cut its interest rate. (FXStreet)

The EUR/GBP cross gains traction above the 0.8500 psychological mark during the early European trading hours on Wednesday. The weaker-than-expected UK economic data exerts some selling pressure on the Pound Sterling (GBP) and acts as a tailwind for EUR/GBP. The cross currently trades near 0.8523, adding 0.21% on the day. (FXStreet)

The EUR/JPY cross loses momentum during the early European session on Wednesday. Some verbal intervention from the Japanese authorities boosts the Japanese Yen (JPY) and weighs on the EUR/JPY cross. Investors await the Eurozone Gross Domestic Product (GDP) for the fourth quarter. This event might trigger volatility in the market. At press time, the cross is trading at 161.23, down 0.14% on the day. (FXStreet)

The GBP/JPY cross meets with some supply during the Asian session on Wednesday and erodes a part of the previous day's strong gains to the 190.00 psychological mark, or its highest level since August 2015. Spot prices currently trade just above the mid-189.00s, down over 0.10% for the day, though any meaningful corrective decline still seems elusive. (FXStreet)

West Texas Intermediate (WTI) oil price is on a path to resume its winning streak, trading around $77.50 per barrel during the Asian trading hours on Wednesday. Despite facing challenges, the price of Crude oil has recovered its intraday losses. (FXStreet)

Gold price (XAU/USD) drops below the $2,000 psychological mark during the early Asian session on Wednesday. The stronger US inflation data exerts some selling pressure on the yellow metal as it diminishes hopes of an early rate cut. The gold price currently trades around $1,992, unchanged for the day. (FXStreet)

Silver (XAG/USD) remains under some selling pressure for the second successive day and slides back closer to the YTD trough during the first half of the European session on Wednesday. The white metal currently trades below the $22.00 round figure and seems to extend the depreciating move. (FXStreet)

Source: FXStreet

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