old surged towards $2,500, setting a fresh record early Wednesday, while trading in major currency pairs remained subdued. Eurostat is set to release revised June inflation data, and the US economic calendar includes key indicators such as Housing Starts, Building Permits, and Industrial Production for the same month. Market focus remains on central bank officials’ statements.
The Office for National Statistics of the UK reported that annual inflation, as measured by the Consumer Price Index (CPI), held steady at 2% in June. Core CPI rose by 3.5% over the same period, with the Retail Price Index increasing by 2.9%, all in line with analysts’ expectations. GBP/USD edged slightly higher but remained below 1.3000 initially.
After a modest rebound on Monday, the US Dollar Index closed flat on Tuesday, encountering resistance near 104.50. Early Wednesday, the index edged lower but stayed above 104.00. The yield on the 10-year US Treasury bond, meanwhile, remained below 4.2% following a sharp decline on Tuesday, while US stock index futures traded in negative territory.
Gold benefited from declining US Treasury bond yields on Tuesday, closing near $2,470. XAU/USD maintained its upward momentum in the Asian session on Wednesday, reaching an all-time high above $2,480 before retracting to below $2,470 by the European morning.
USD/CAD rose to a two-week high above 1.3700 in the early American session on Tuesday after Canadian CPI data showed a softening to 2.7% year-on-year in June from 2.9% in May. However, the pair failed to sustain bullish momentum and closed the day modestly lower below 1.3700. By Wednesday morning in Europe, USD/CAD fluctuated around 1.3680.
In New Zealand, CPI rose by 3.3% year-on-year in the second quarter, following a 4% increase in the first quarter and slightly below market expectations of 3.5%. Despite softer inflation figures, NZD/USD traded in positive territory above 0.6050.
EUR/USD traded within a narrow range on Tuesday and closed the day unchanged, holding steady around 1.0900 in the European morning on Wednesday.
Gold surged towards $2,500, setting a fresh record early Wednesday, while trading in major currency pairs remained subdued. Eurostat is set to release revised June inflation data, and the US economic calendar includes key indicators such as Housing Starts, Building Permits, and Industrial Production for the same month. Market focus remains on central bank officials’ statements.
The Office for National Statistics of the UK reported that annual inflation, as measured by the Consumer Price Index (CPI), held steady at 2% in June. Core CPI rose by 3.5% over the same period, with the Retail Price Index increasing by 2.9%, all in line with analysts’ expectations. GBP/USD edged slightly higher but remained below 1.3000 initially.
After a modest rebound on Monday, the US Dollar Index closed flat on Tuesday, encountering resistance near 104.50. Early Wednesday, the index edged lower but stayed above 104.00. The yield on the 10-year US Treasury bond, meanwhile, remained below 4.2% following a sharp decline on Tuesday, while US stock index futures traded in negative territory.
Gold benefited from declining US Treasury bond yields on Tuesday, closing near $2,470. XAU/USD maintained its upward momentum in the Asian session on Wednesday, reaching an all-time high above $2,480 before retracting to below $2,470 by the European morning.
USD/CAD rose to a two-week high above 1.3700 in the early American session on Tuesday after Canadian CPI data showed a softening to 2.7% year-on-year in June from 2.9% in May. However, the pair failed to sustain bullish momentum and closed the day modestly lower below 1.3700. By Wednesday morning in Europe, USD/CAD fluctuated around 1.3680.
In New Zealand, CPI rose by 3.3% year-on-year in the second quarter, following a 4% increase in the first quarter and slightly below market expectations of 3.5%. Despite softer inflation figures, NZD/USD traded in positive territory above 0.6050.
EUR/USD traded within a narrow range on Tuesday and closed the day unchanged, holding steady around 1.0900 in the European morning on Wednesday.
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