Commodities
Silver (XAG/USD) remains under pressure on Wednesday and trades around $64.70 at the time of writing, down 1.02% on the day.
The West Texas Intermediate (WTI), futures on NYMEX, turns flat slightly above $88.00 in the European trade on Wednesday after clawing back its early losses.
Crude prices are trading lower for the fifth consecutive day on Wednesday, with the US benchmark West Texas Intermediate (WTI) barrel trading at $86.60 at the time of writing, more than $4 down so far this week.
USD/JPY remains on a bullish footing as widening US-Japan yield spreads reinforce demand for the US dollar ahead of key US inflation data and the Bank of Japan’s policy meeting. Markets are increasingly pricing a Federal Reserve rate hike later this year, while the BOJ is expected to raise rates but potentially slow its bond tapering programme. Technically, USD/JPY continues to trend higher toward the critical intervention zone near 160.65, where Japanese authorities may step in again.
Forex
USD/CAD loses ground for the second consecutive day, trading around 1.3930 during the European hours on Wednesday. However, the technical analysis of the daily chart indicates the pair is moving upwards within the ascending channel pattern, signaling an ongoing bullish bias.
Indices
Deutsche Bank’s Jim Reid describes a volatile session for US equities, with a sharp intraday tech sell-off largely reversing by the close. The S&P 500 and NASDAQ finished modestly lower, while semiconductors underperformed.
Commodities
Silver price (XAG/USD) rebounds to near $65.00 in the European trading session on Wednesday after attracting bids at around over the two-month low of $63.45 earlier in the day.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on a modest Asian session uptick and currently trades just below mid-$87.00s, nearly unchanged for the day.
Forex
The AUD/USD pair oscillates in a narrow range during the Asian session on Wednesday and moves little following the release of mixed inflation figures from China.
Commodities
Global markets turned risk-off as technology stocks extended their recent correction, geopolitical tensions between the US and Iran resurfaced, and investors prepared for key US inflation data. Semiconductor shares remained volatile amid concerns over AI valuations and liquidity pressures from upcoming mega-IPOs such as SpaceX and OpenAI. Meanwhile, Bank Indonesia surprised markets with an emergency rate hike, while the Bank of Japan signalled flexibility on bond market support.
