Gold price remained pressured throughout Wednesday, flirting with the $4,000 mark before finding some room to bounce towards the current $4,050 region. The US Dollar (USD) held on to its modest, yet positive momentum throughout the first half of the day, but lost steam after Wall Street’s opening.
The Australian Dollar (AUD) regained some composure on Wednesday, partially recovering ground lost on Tuesday and lifting AUD/USD above 0.6500 the figure.
NZD/USD hovers around a psychological pivot, with choppy, range-bound action as risk sentiment wavers. With rate-cut bets largely priced in, bulls need fresh catalysts; otherwise, quick intraday trades around the inflection area remain favored.
The Japanese Yen (JPY) stabilizes against the US Dollar (USD), with the USD/JPY pair hovering just below the 152.00 threshold on Wednesday, as markets digest the arrival of a new tandem at the helm of Japan’s economic policy.
The EUR/USD pair extends its weekly slide on Wednesday, currently trading at around 1.1580. In the absence of relevant news, the US Dollar (USD) continues to benefit from increased hopes of de-escalating tensions between the United States (US) and China.
Gold has shattered resistance for seven straight days, surging nearly 6% in a week as dovish Fed expectations and US-China trade war risks fuel the historic rally.