technical

The US dollar has struggled during the trading session on Tuesday against many currencies, and the Canadian dollar will not have been any different.

The British pound has been somewhat noisy against the Japanese yen during trading on Tuesday, but that will have been expected as the Bank of Japan and others have intervened.

The AUD/USD pair retreats slightly after touching a nearly three-year high following the release of strong Australian consumer inflation figures earlier this Wednesday, snapping a seven-day winning streak amid a modest US Dollar (USD) recovery.

The Euro ticks down on Wednesday, pulling back to the 1.2000 area at the time of writing, after hitting 1.2080 highs on Tuesday, its highest level since June 2021.

Gold is continuing its record-printing spree early Wednesday, testing offers above the $5,200 level for the first time. Buyers refuse to pause heading into the US Federal Reserve (Fed) policy announcements, due later in the day.

EUR/USD’s upside momentum remains well and sound, always tracking the increasing selling pressure on the US Dollar (USD), which continues to face concerns surrounding trade, the Fed’s independence and shutdown (yes, again).