EUR/USD alternates gains with losses in the sub-1.0800 region. The Fed is likely to skip a rate hike at its meeting later on Wednesday. Latest US inflation figures support the largely anticipated Fed pause. (FXStreet)

USD/CAD has shown a vertical fall to near 1.3300 due to a solid recovery in the oil price. Market sentiment has turned extremely positive as a skip in the policy-tightening spell by the Fed will trim fears of US recession. USD/CAD has tested the demand zone placed in a range of 1.3270-1.3300. (FXStreet)

USD/JPY has displayed a mild recovery from 140.00 ahead of the Fed’s policy. Soft US inflation has provided Fed policymakers the luxury of keeping interest rates steady. S&P500 futures are choppy after a positive Tuesday as investors have turned cautious ahead of Fed policy. (FXStreet)

GBP/JPY remains sidelined at the highest levels since January 2016. UK statistics came in mixed, GDP improves for April. Market’s consolidation ahead of Fed, mixed concerns about BoJ vs. BoE prod pair buyers. (FXStreet)

The index trades in a tight range near 103.30 on Wednesday. Tuesday’s drop in US CPI gives green light to a Fed’s pause. Investors still see the Fed hiking rates in the July 26 event. The greenback, when tracked by the USD Index (DXY), navigates a very narrow range around the 103.30 region on Wednesday. (FXStreet)

USD/CHF remains sidelined within the key DMA envelope amid pre-Fed inaction. Clear downside break of previous support line, U-turn from multi-day-old resistance underpin bearish bias. Looming bear cross on MACD adds strength to the downside hopes. Swiss Franc bears need acceptance beyond 0.9130 to keep the reins. (FXStreet)

EUR/JPY is looking for a potential support around 151.00 as an interest rate hike by the ECB to widen ECB-BoJ policy divergence. Eurozone showed a contraction in the final reading of GDP in the first quarter of CY2023. Constant monetary stimulus is required in Japan as current inflationary pressures are inspired by higher import prices. (FXStreet)

GBP/USD seesaws around five-week high after mixed UK data dump. UK GDP improves in April but Manufacturing, Industrial Production fail to impress Cable bulls. Increasing odds of BoE rate hike versus Fed’s pause to 1.5-year-old rate increase cycle keeps Pound Sterling buyers hopeful. Fed policymakers need to dump calls of more rate hikes, revise economic forecasts to propel GBP/USD, Powell’s Speech eyed. (FXStreet)

USD/TRY bulls take a breather at the record high as traders await the Fed’s verdict. Erdogan’s re-election keeps USD/TRY bulls hopeful even as change in CBRT Governor prods Turkish Lira bears. Risk of pullback in prices intensifies at higher levels as Fed’s hawkish halt versus CBRT’s likely rate hike looms. (FXStreet)

NZD/USD retreats from three-week high, stays mildly bid despite the latest fall toward intraday low. Bullish chart formation, sustained trading beyond 100-SMA and downbeat US inflation keeps Kiwi pair buyers hopeful. Sellers need validation from 0.6025 and the Fed to retake control. (FXStreet)

USD/INR oscillates in a narrow trading band through the Asian session on Wednesday. Failure to find acceptance below the 100-day SMA warrants caution for bearish traders. A break below the 82.00 confluence is needed to support prospects for additional losses. (FXStreet)

Tuesday’s strong advance in prices of WTI was amidst shrinking open interest and volume. That said, further recovery appears out of favour in the very near term, allowing the commodity to potentially retest the June low in the sub-$67.00 region per barrel (June 12). (FXStreet)

Natural gas extended the weekly recovery on Tuesday against the backdrop of increasing open interest and volume, exposing the continuation of the move for the time being. That said, there is an initial hurdle at the monthly high near the $2.40 mark per MMBtu, an area reinforced by the 100-day SMA. (FXStreet)

Gold price attracts some buyers near 100-day SMA and recovers a part of the overnight losses. Bets for an imminent pause in the Federal Reserve's rate hiking cycle lend support to the metal. A softer risk tone also benefits the safe-haven XAU/USD, though a modest USD uptick caps gains. Investors also seem reluctant to place aggressive bets ahead of the key central bank event risks. (FXStreet)

Silver attracts fresh buyers on Wednesday and snaps a two-day losing streak. Negative oscillators on daily/hourly charts warrant caution for bullish traders. A break below 23.6% Fibo. is needed to support prospects for further losses. (FXStreet)

Source: FXStreet

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