Trading what you see

NZD/USD is attacking 0.6000, under heavy selling pressure early Wednesday, responding to the Reserve Bank of New Zealand's (RBNZ) dovish interest rate on hold decision. The RBNZ kept the OCR unchanged at 2.25%. Gowernor Anna Breman reinforced the dovish outlook at her debut press conference. 

AUD/USD holds lower ground below 0.7100 in Wednesday's Asian session. Traders await more cues about the US Fed's rate-cut path before placing fresh directional bets. Hence, the focus will be on the FOMC Minutes, due for release later today, which will drive the US Dollar and the currency pair. In the meantime, the RBA's hawkish stance and a generally positive risk tone might continue to cap the Aussie's downside amid hopes for additional stimulus from China.

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months. 

The United States (US) released the four-week average of the ADP Employment Change, which showed the private sector added 10.3 K jobs, beating the previous week 7.8K.