The New Zealand Dollar (NZD) clings to Tuesday’s gains around 0.5820 during the European trading session on Wednesday. The Kiwi pair reflects strength in a risk-on market environment, driven by easing fears of Federal Reserve (Fed) interest rate hikes this year.

Gold (XAU/USD) edges lower on “inside trading” on Wednesday, with price action contained within Tuesday’s range, as the pair keeps looking for direction above the $4,000 level.

Silver price (XAG/USD) is down 0.6% to near $58.00 during the European trading session on Wednesday.

The British Pound (GBP) is up 0.1% at around 1.3403 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair gains as the US Dollar comes under selling pressure, with market participants dialing down expectations for Federal Reserve (Fed) interest rate hikes.

Here is what you need to know on Wednesday, July 15:

The USD/JPY pair trades slightly lower at around 162.20 during the European trading session on Wednesday. The pair edges down as the US Dollar (USD) underperforms due to easing fears of interest rate hikes by the Federal Reserve (Fed) this year.

The EUR/USD pair attracts some dip-buyers following the previous day's pullback from the 1.1460-1.1470 horizontal resistance, though it remains confined within a multi-week-old range.

Silver price (XAG/USD) inches lower after registering gains in the previous day, trading around $58.50 per troy ounce during the Asian hours on Wednesday.

The USD/CHF tumbles by 0.70% on Tuesday, trading at 0.8091, as the latest US inflation report prompted market participants to pare hawkish bets that the Federal Reserve might cut the Fed funds rate this year. 

The AUD/USD pair trades 0.35% higher to near 0.6945 during the European trading session on Tuesday. The Aussie pair gains as the US Dollar (USD) underperforms its peers ahead of the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.