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NZD/USD stays heavy toward 0.6000 amid RBNZ's dovish policy pivot
NZD/USD remains under heavy selling pressure, closing in on 0.6000 after Reserve Bank of New Zealand (RBNZ) Governor Orr explained the dovish policy pivot at the press conference. The RBNZ surprised markets with a 25 bps rate cut to 5.25% while lowering the 2024 OCR projections.
AUD/USD retreats from multi-week top toward 0.6600, US CPI eyed
AUD/USD is retreating from a three-week high near 0.6650 in the Asian session on Wednesday. The Aussie is dragged down by the dovish RBNZ-led sell-off in the NZD/USD pair. The focus now shifts to the US CPI after Tuesday's soft PPI data.
Gold price remains on the defensive amid repositioning ahead of the US CPI data release
Gold price turns lower for the second straight day, though the downside seems limited. A positive risk tone is seen undermining the safe-haven metal ahead of the US CPI report. Geopolitical risks, bets for bigger Fed rate cuts and subdued USD demand to lend support.
Bitcoin retests its key resistance level around $62,000
Bitcoin and Ethereum prices are likely to decline as they near their key resistance levels, whereas Ripple is showing stability around the daily support level of $0.544, indicating the potential for a recovery.
UK CPI set to tick up in July, warranting BoE cautious approach to interest-rate cuts
The United Kingdom will release the Consumer Price Index for July on Wednesday, a high-impact macroeconomic event. The data, published by the Office for National Statistics, directly influences the Bank of England monetary policy decision and, hence, the Sterling Pound.