West Texas Intermediate (WTI) crude Oil fluctuates with minor losses on Wednesday, though prices remain supported by fears that disruptions through the Strait of Hormuz may persist longer than expected as US-Iran negotiations remain at an impasse.
The House Financial Services Committee (HFSC), chaired by Representative French Hill (R-AR), is the lower chamber's primary oversight body for banking, capital markets, housing finance, and monetary policy.
Dow Jones Industrial Average (DJIA) futures slipped onto the back foot through European and early US hours on Wednesday, struggling to hold above 49,500 after fading from overnight highs near 49,800.
The British Pound (GBP) posts a 0.19% loss against the US Dollar (USD) on Wednesday in back-to-back bearish days after a red-hot US inflation report, amid mounting pressure on UK Prime Minister Keir Starmer to resign.
BNY’s Geoff Yu notes that APAC (Asia-Pacific) currencies remains underowned outside the Korean Won (KRW) and Japanese Yen (JPY), as investors revisit the region for diversification but remain wary of inflation spillovers from China.
Silver (XAG/USD) advances on Wednesday and trades around $88.65 at the time of writing, up 2.40% on the day. The white metal remains supported by strong Asian demand, despite the rebound in the US Dollar (USD) and higher US Treasury yields, which generally limit the appeal of non-yielding assets.
Susan Collins, President of the Federal Reserve (Fed) Bank of Boston, spoke at a fireside chat at an event hosted by the Boston Economic Club on Wednesday.
Gold (XAU/USD) consolidates minor losses on Wednesday as the US Dollar (USD) extends its recovery amid persistent uncertainty over US-Iran talks and growing expectations that the Federal Reserve (Fed) could keep interest rates higher for longer.
Scotiabank strategists Shaun Osborne and Eric Theoret report EUR/USD trading softer near 1.1711, extending its recent downward drift as markets weigh US–Iran tensions and UK political risks alongside German reform uncertainty.
USD/JPY trades around 157.80 on Wednesday at the time of writing, up 0.13% on the day, as the US Dollar (USD) continues to benefit from renewed hawkish expectations surrounding the Federal Reserve’s (Fed) monetary policy outlook.
BNY’s Bob Savage notes Japanese 20-year yields have climbed to 1997 highs as JGBs track U.S. moves, with markets watching USD/JPY holding below 158. A record current account surplus and supportive comments from U.S. officials reinforce expectations for a BoJ rate hike in June.
Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann said on Wednesday that the trade off between inflation and activity is becoming "increasingly stark," per Reuters.
The Euro (EUR) trades under pressure against the US Dollar (USD) on Wednesday, with EUR/USD extending losses for a second consecutive day as uncertainty surrounding the US-Iran negotiations and hotter-than-expected US inflation data continue to support the Greenback.
The Bank of England (BoE) is expected to maintain a cautious stance as inflation remains above its target, according to a Reuters poll published on Wednesday.
The AUD/USD pair is trading at a neutral basis near the 0.7250 level after the US Producer Price Index (PPI) for April came in unexpectedly hot.
ING’s Chris Turner reports that Sterling weakened independently as UK politics took centre stage, with Prime Minister Keir Starmer facing potential leadership challenges from figures like Wes Streeting, Andy Burnham and Angela Rayner.
The United States (US) Producer Price Index jumped to 6% on a yearly basis in April, following the 4.3% posted in March and largely surpassing the expected 4.9%. On a monthly basis, the PPI rose 1.4%, doubling the March reading of 0.7%, and much higher than the anticipated 0.5%.
Scotiabank strategists Shaun Osborne and Eric Theoret note USD/CAD is steady around 1.3695, with the Canadian Dollar (CAD) seen as cheap versus a fair value estimate near 1.3510.
TD Securities strategists note Silver is maintaining its upside, trading resiliently despite higher energy prices. While recent CTA (Commodity Trading Advisors) buying has slowed, they see renewed interest from Chinese traders on SHFE (Shanghai Futures Exchange) and strong Chinese premiums.
GBP/JPY extends losses for the second consecutive day on Wednesday as the British Pound (GBP) comes under broad pressure, weighed down by rising political uncertainty in the United Kingdom.
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), rose to 6% on a yearly basis in April from 4.3% in March, the US Bureau of Labor Statistics (BLS) reported on Wednesday.
TD Securities’ Global Strategy Team says Australia’s 2026/27 Budget is slightly stimulatory, with looser fiscal policy and more upbeat Treasury forecasts than the RBA.
The Euro (EUR) has bounced up to levels above 1.1700 against the Dollar (USD) but remains nearly 0.6% below Tuesday's high at 1.1787, as the US Dollar is supported by hot inflation figures on Wednesday.
Commerzbank’s Antje Praefcke notes that rising US inflation and elevated energy prices complicate incoming Fed Chair Kevin Warsh’s efforts to secure early rate cuts.
The GBP/USD pair is down 0.25% to near 1.3500 during the European trading session on Wednesday. The Cable faces selling pressure as the US Dollar (USD) trades firmly due to growing expectations that the Federal Reserve (Fed) will deliver at least one interest rate hike this year.
BNY’s Bob Savage highlights that India has reversed earlier duty cuts by raising import tariffs on Gold and Silver to 15% from May 2026. The move aims to curb bullion imports, narrow the trade deficit and support the Rupee amid external pressures.
Gold (XAU/USD) ticks lower for the second consecutive day on Wednesday, but remains steady, halfway through the weekly trading range, trading a few pips below $4,700 at the time of writing.
ING economists Gerben Hieminga and Rico Luman argue that the Middle East conflict and closure of the Strait of Hormuz have sharply lifted oil-based bunker costs, improving LNG’s relative appeal.
TD Securities’ Global Strategy Team highlights that markets will scrutinize the Bank of Canada’s Summary of Deliberations for more detail on April’s decision and two‑sided guidance.
European Central Bank (ECB) official and Finnish Central Bank Governor Olli Rehn said during European trading hours on Wednesday that higher oil prices should not be the only factor to direct monetary policy decisions. Rehn added that the central bank needs to assess the scope of energy shocks.
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