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The Dow Jones Industrial Average (DJIA) was little changed through the early Wednesday session, trading in a tight circle around 44,600 ahead of the Federal Reserve’s (Fed) latest interest rate decision.
Russia Unemployment Rate registered at 2.2%, below expectations (2.3%) in June
Silver (XAG/USD) drifts lower on Wednesday, hovering around $37.50 after two days of muted, range-bound trading, pressured by renewed strength in the US Dollar (USD). The Greenback extended its rally after a string of stronger-than-expected US economic data, putting pressure on precious metals.
The EUR/GBP extended its losses in the early North American session, down over 0.15% as traders digested trading news between the United States (US) and the European Union (EU).
WTI and Brent crude rose on sanctions fears and heavy CTA buying, but positioning limits in WTI and rising global supply suggest limited upside. Prices may ease after summer as OPEC+ and US output continue to grow, TDS' Senior Commodity Strategist Daniel Ghali notes.
United States EIA Crude Oil Stocks Change above expectations (-2.5M) in July 25: Actual (7.698M)
The Canadian Dollar (CAD) extends losses for the fifth consecutive session against the US Dollar (USD) on Wednesday, as the Greenback continues its broad-based rally following stronger-than-expected US economic data.
The Australian Dollar (AUD) trades at fresh July lows against its American rival, hovering around 0.6450. The US Dollar (USD) attracted strong buying interest following the release of upbeat macroeconomic figures, ahead of the Federal Reserve (Fed) monetary policy announcement.
EUR/USD is struggling to regain its composure after Monday’s plunge. EUR/USD has been ripe for some correction, though our 3-month forecast of 1.15 has already been tested today.
President Donald Trump renewed his call on Wednesday for the Federal Reserve to cut interest rates, citing stronger‑than‑expected US economic growth in the April-June period (+3.0%).
United States Pending Home Sales (YoY): -2.8% (June) vs previous 1.1%
United States Pending Home Sales (MoM) came in at -0.8%, below expectations (0%) in June
Canada BoC Interest Rate Decision meets expectations (2.75%)
Following the bearish action seen earlier in the day, USD/JPY regains its traction and trades at a fresh two-week high at around 149.00 in the American session on Wednesday.
The GBP/USD pair shed over 60 pips early in the American session on Wednesday and defies the 1.3300 figure, as investors weigh better-than-expected United States (US) data. The Sterling Pound (GBP) held ground throughout the first half of the day, but capitulated to broad US Dollar (USD) demand.
The Euro (EUR) is on the back foot for a fifth straight day against the US Dollar on Wednesday, weighed down by a stronger Greenback and ongoing concerns over the recently announced US-EU trade deal, which many investors see as skewed in Washington’s favor.
Gold appears to have entered a consolidation phase following a period of heavy selling. With CTAs now skewed toward buying, ETF outflows reversing, and macro funds still short, the market setup favors a renewed uptrend in the near term, TDS' Senior Commodity Strategist Daniel Ghali notes.
United States Gross Domestic Product Price Index came in at 2%, below expectations (2.4%) in 2Q
United States Gross Domestic Product Annualized came in at 3%, above expectations (2.4%) in 2Q
United States Core Personal Consumption Expenditures (QoQ) above forecasts (2.4%) in 2Q: Actual (2.5%)
United States Personal Consumption Expenditures Prices (QoQ) fell from previous 3.7% to 2.1% in 2Q
Private sector employment in the US rose by 104,000 in July, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 23,000 decrease (revised from -33,000) recorded in June and came in better than the market expectation for an increase of 78,000.
Gold (XAU/USD) is treading water on Wednesday, hovering near $3,327 during the European trading session. The precious metal is attempting to stabilize after falling to a three-week low of $3,301.90 on Monday.
United States ADP Employment Change above forecasts (78K) in July: Actual (104K)
Mexico Gross Domestic Product (YoY) came in at 0.7%, above expectations (-0.1%) in 2Q
Mexico Gross Domestic Product (QoQ) registered at 0.7% above expectations (0.4%) in 2Q
Gold (XAU/USD) is moving higher on Wednesday, favoured by a somewhat softer US Dollar, as investors trim their recent USD long positions ahead of the US Preliminary GDP release and the Fed monetary policy decision, due later today.
The Euro (EUR) is trading somewhat defensively into Wednesday’s NA session, ignoring the release of stronger than expected data with a modest surprise to euro area confidence figures and the Q2 GDP print, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Dow Jones futures tick up during the European trading session on Wednesday. The 30-stocks basket edges higher after a two-day decline, with investors awaiting the outcome of the Federal Reserve’s (Fed) monetary policy meeting at 18:00 GMT.
The Canadian Dollar (CAD) is soft, entering Wednesday’s NA session with a marginal decline as market participants look to the 9:45am ET Bank of Canada rate decision, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
FX markets are relatively quiet with limited movement across all of the G10 currencies as we head into Wednesday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The US Dollar's reversal from one-month highs at 0.8075 against the Swiss Franc has been contained above 0.8040, with the pair consolidating gains after a 1.75% rally over the last three days.
The USD/JPY pair edges down to near 148.00 during the European trading session on Wednesday. The pair faces a slight selling pressure ahead of the Federal Reserve’s (Fed) monetary policy decision at 18:00 GMT.
United States MBA Mortgage Applications declined to -3.8% in July 25 from previous 0.8%
Upward momentum is building, but for a continued advance, US Dollar (USD) must first close above 7.1910, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The US Dollar (USD) has advanced further in the FX markets and after the biggest gain on Monday (1.0%) since mid-May, the dollar has advanced by a further modest 0.25%.
The US Dollar consolidates gains on Wednesday, following a four-day rally, as a series of trade deals between the US and key partners and relatively upbeat data have provided support ahead of a slew of key macroeconomic releases in the second half of the week.The USD Index, which measures the Greenb
The current price movements are likely part of a 147.85/148.75 consolidation phase. In the longer run, price action indicates that USD could rise toward 149.20, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The AUD/USD pair falls to near 0.6500 during the European trading session on Wednesday. The Aussie pair faces selling pressure as the Australian Dollar (AUD) weakens, following the release of the Australia Consumer Price Index (CPI) data for the second quarter of the year and June.
The European Commission yesterday published an EU-US trade deal outline explaining some of the key elements. The piece interestingly refers to the 'political agreement' reached and not an economic one or even a trade agreement.
Ireland Retail Sales (YoY) up to 3% in June from previous 1.6%
Ireland Retail Sales (MoM): 0.6% (June) vs -0.6%
The United States (US) Federal Reserve (Fed) will announce its interest rate decision and publish the policy statement following the July policy meeting on Wednesday.
New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.5940/0.5975 against US Dollar (USD). In the longer run, upward momentum has faded; tentative increase in downward momentum may lead to NZD declining to 0.5940, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Australian Dollar (AUD) is likely to trade in a range between 0.6500 and 0.6540 against US Dollar (USD).
Italy 5-y Bond Auction rose from previous 2.68% to 2.8%
Italy 10-y Bond Auction rose from previous 3.48% to 3.52%
Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.
Belgium Consumer Price Index (YoY) declined to 1.92% in July from previous 2.15%
Belgium Consumer Price Index (MoM) rose from previous 0.35% to 0.49% in July
In the minutes of the last meeting of the Reserve Bank of Australia, the monetary policy committee highlighted two economic factors in particular that will influence the interest rate decision at the next meeting in August: the labour market and inflation.
The Greenback steadies near recent highs against the Canadian Dollar following a four-day rally, with investors watching from the sidelines ahead of the monetary policy decisions by the Federal Reserve and the Bank of Canada due later on the day.The pair is trading right above 1.3770 during Wednesda
Pound Sterling (GBP) is likely to consolidate between 1.3315 and 1.3385. In the longer run, price action continues to suggest GBP weakness; the next technical target is 1.3300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
At its meeting today, the Bank of Canada (BoC) is likely to leave interest rates unchanged, Commerzbank's FX analyst Michael Pfister notes.
USD/CAD is approaching key resistance at 1.3800 after consolidating gains from its June low near 1.3535. With momentum turning more constructive, a breakout could open the door to 1.3910 and the 200-DMA near 1.4000, Société Générale's FX analysts note.
Silver price (XAG/USD) loses ground after registering losses in the previous two sessions, trading around $38.10 per troy ounce during the European hours on Wednesday.
Italy Industrial Sales s.a. (MoM): -2.2% (May) vs previous 1.5%
Eurozone Services Sentiment came in at 4.1, above expectations (3.3) in July
Eurozone Business Climate increased to -0.72 in July from previous -0.78
Italy Industrial Sales n.s.a. (YoY) down to -1.8% in May from previous 1.1%
Greece Producer Price Index (YoY) dipped from previous 2% to 1.6% in June
Eurozone Industrial Confidence above expectations (-11.2) in July: Actual (-10.4)
The Eurozone economy expanded by 0.1% in the three months to June of 2025 after rising by 0.6% in the previous quarter, the preliminary estimate released by Eurostat showed Wednesday.
Eurozone Consumer Confidence meets forecasts (-14.7) in July
Eurozone Economic Sentiment Indicator came in at 95.8, above forecasts (94.5) in July
Eurozone Gross Domestic Product s.a. (QoQ) above forecasts (0%) in 2Q: Actual (0.1%)
Eurozone Gross Domestic Product s.a. (YoY) above forecasts (1.2%) in 2Q: Actual (1.4%)
As the Bank of Canada (BoC) gets set to issue a new interest rate decision on Wednesday, July 30, there is a growing sense that the cutting cycle might have already ended.
Euro (EUR) is unlikely to weaken much further against US Dollar (USD); it is more likely to consolidate in a range of 1.1520/1.1600. In the longer run, the level to watch now is 1.1500, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
This week’s strong USD performance has been driven by a combination of the US-EU deal, positioning adjustments, and month-end flows. These factors should start to fade now, shifting all the attention to data and the Fed.
Chinese Commerce Ministry said in a statement on Wednesday that it “hopes the US can meet China halfway.”
Before the Federal Reserve meeting this evening (European time), which will include a highly anticipated press conference, we will receive a series of exciting data releases. The ADP employment survey is likely to receive less attention.
Oil prices surged higher yesterday, with ICE Brent up more than 3.5% and settling at the highest level in over a month. This was after President Trump confirmed that he’s giving Russia 10 days to come to a truce with Ukraine.
The Canadian Dollar (CAD) has dropped less than other G10 currencies during this round of US Dollar (USD) appreciation.
US Dollar (USD) strength moderated overnight, following the pullback in UST yields. DXY was last at 98.82 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Portugal Business Confidence climbed from previous 2.6 to 2.8 in July
Portugal Consumer Confidence climbed from previous -17.6 to -15.7 in July
Portugal Gross Domestic Product (QoQ) climbed from previous -0.5% to 0.6% in 2Q
Portugal Gross Domestic Product (YoY): 1.9% (2Q) vs 1.6%
EUR/JPY extends its losses for the third successive session, trading around 171.10 during the European hours on Wednesday. The currency cross holds losses following key economic data from Germany, the largest economy in the Eurozone. Traders shift their focus toward Eurozone GDP data.
The New Zealand Dollar is showing a mild recovery attempt against its US counterpart, trimming losses after a four-day losing st¡treak, as investors brace for the US Federal Reserve’s monetary policy decision due later today.The Kiwi picked up from 0.5945 lows but remains trapped within Tuesday’s ra
Here is what you need to know on Wednesday, July 30:
The German economy contracted by 0.1% over the quarter in the second quarter of 2025, following a 0.4% increase in the first quarter, according to the preliminary data published by Destatis on Wednesday. Markets expected a 0.1% contraction in the reported period.
Italy Gross Domestic Product (YoY) registered at 0.4%, below expectations (0.6%) in 2Q
Italy Gross Domestic Product (QoQ) came in at -0.1% below forecasts (0.2%) in 2Q
Germany Gross Domestic Product w.d.a (YoY) rose from previous -0.2% to 0% in 2Q
Switzerland ZEW Survey – Expectations increased to 2.4 in July from previous -2.1
Germany Gross Domestic Product (QoQ) in line with expectations (-0.1%) in 2Q
Germany Gross Domestic Product (YoY) above expectations (0.2%) in 2Q: Actual (0.4%)
The Pound Sterling (GBP) trades cautiously near 1.3350 against the US Dollar (USD) during the European trading session on Wednesday as investors await the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Netherlands, The Gross Domestic Product n.s.a (YoY) fell from previous 2.2% to 1.5% in 2Q
West Texas Intermediate (WTI) Oil price steadies after registering gains in the previous two successive sessions, trading around $68.90 per barrel during the early European hours on Wednesday.
Spain Consumer Price Index (MoM) dipped from previous 0.7% to -0.1% in July
Spain Harmonized Index of Consumer Prices (MoM) down to -0.4% in July from previous 0.7%
Austria Producer Price Index (MoM) dipped from previous 0.1% to -0.2% in June
Austria Gross Domestic Product (QoQ) remains at 0.1% in 2Q
Spain Consumer Price Index (YoY) rose from previous 2.3% to 2.7% in July
Austria Producer Price Index (YoY) rose from previous -3.5% to -0.9% in June
Turkey Economic Confidence Index fell from previous 96.71 to 96.3 in June
Spain Harmonized Index of Consumer Prices (YoY) meets forecasts (2.7%) in July
The EUR/GBP cross trades on a negative note near 0.8650 during the early European session on Wednesday. The Euro (EUR) weakens against the Pound Sterling (GBP) despite the upbeat German economic data.
China’s Politburo held its latest meeting, with the key takeaways noted below.
West Texas Intermediate (WTI) Oil price falls on Wednesday, early in the European session. WTI trades at $68.72 per barrel, down from Tuesday’s close at $68.91.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $71.56 after its previous daily close at $71.75.
Retail Sales in Germany rose 1.0% month-over-month (MoM) in June, following the revised 1.6% decline reported in May, according to official data released by Destatis on Wednesday.
Germany Retail Sales (MoM) above expectations (0.5%) in June: Actual (1%)
FX option expiries for Jul 30 NY cut at 10:00 Eastern Time via DTCC can be found below.
Germany Retail Sales (YoY) increased to 4.9% in June from previous 1.6%
The United States (US) Bureau of Economic Analysis (BEA) is set to publish its preliminary estimate of second-quarter Gross Domestic Product (GDP) on Wednesday at 12:30 GMT.
France Consumer Spending (MoM) registered at 0.6% above expectations (-0.1%) in June
France Gross Domestic Product (QoQ) came in at 0.3%, above forecasts (0.1%) in 2Q
The USD/CHF pair trades in negative territory around 0.8055 during the early European session on Wednesday. Markets turn cautious ahead of the US Federal Reserve (Fed) interest rate decision and the US tariff deadline.
The EUR/JPY pair slumps to near 171.00 during the Asian trading session on Wednesday. The pair falls sharply as the Euro (EUR) continues to underperform its peers, following the announcement of a trade agreement between the United States (US) and the European Union (EU) on Sunday.
USD/CAD halts its four-day winning streak, trading around 1.3770 during the Asian hours on Wednesday.
Silver (XAG/USD) extends its sideways consolidative price move for the third straight day, though it manages to hold above the $38.00 mark through the Asian session on Wednesday.
The Indian Rupee (INR) extends its downside against the US Dollar (USD) at open on Wednesday, sliding to near 87.30.
Gold prices remained broadly unchanged in India on Wednesday, according to data compiled by FXStreet.
The EUR/USD pair gains ground to near 1.1560, snapping the four-day losing streak during the Asian trading hours on Wednesday. However, the potential upside for the major pair might be limited ahead of the crucial US events.
GBP/USD edges higher after four days of losses, trading around 1.3360 during the Asian hours on Wednesday.
Gold price (XAU/USD) seesaws between tepid gains/minor losses during the Asian session on Wednesday, warranting some caution before positioning for an extension of this week's bounce from the $3,300 neighborhood.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is halting its four-day winning streak and trading around 98.80 during the Asian hours on Wednesday.
The Japanese Yen (JPY) edges higher against the retreating US Dollar (USD) during the Asian session on Wednesday and moves away from a one-week low touched the previous day.
The AUD/JPY cross edges lower to near 96.50 during the Asian trading hours on Wednesday. The Australian Dollar (AUD) weakens against the Japanese Yen (JPY) after the softer-than-expected Australian inflation data.
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday, halting its four-day losing streak.
Australia Consumer Price Index (QoQ) below expectations (0.8%) in 2Q: Actual (0.7%)
Australia RBA Trimmed Mean CPI (YoY) meets forecasts (2.7%) in 2Q
Australia RBA Trimmed Mean CPI (QoQ) came in at 0.6% below forecasts (0.7%) in 2Q
Australia Consumer Price Index (YoY) came in at 2.1%, below expectations (2.2%) in 2Q
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1441 as compared to the previous day's fix of 7.1511.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.75 during the Asian trading hours on Wednesday. The WTI climbs to the highest levels in over a month amid growing concerns over global supply risks.
New Zealand ANZ Business Confidence increased to 47.8 in July from previous 46.3
China’s Finance Minister Lan Fo’an said on Tuesday that the country will ramp up fiscal support to bolster domestic consumption and mitigate mounting economic headwinds.
The NZD/USD pair extends its downside to around 0.5955 during the early Asian session on Wednesday. Uncertainty surrounding the United States (US) and China tariff truce continues to undermine the China-proxy Kiwi.
The EUR/USD resumed its downtrend for the second straight day as market participants digest softer-than-expected economic data from the United States (US).
Silver price post back-to-back doji candles, near the $38.00 figure, as the grey metal market consolidates ahead of the Federal Reserve monetary policy decision.
GBP/USD found some balance on Tuesday, pumping the brakes on an extended backslide but falling just short of snapping its losing streak.
The USD/CAD pair trades on a flat note near 1.3770 during the early Asian session on Wednesday. Markets might turn cautious later in the day as traders brace for the imminent interest rate decision by the Bank of Canada (BoC) and the US Federal Reserve (Fed).
Gold price recovered some ground on Tuesday after falling for the fourth straight day as the Greenback trimmed some of its earlier gains, which boosted appetite for the yellow metal.
Ireland Consumer Confidence dipped from previous 62.5 to 59.1 in July
Australia will release inflation updates on Wednesday, two weeks ahead of the Reserve Bank of Australia (RBA) monetary policy meeting, scheduled for August 11-12.