EUR/USD has started to edge higher toward 1.0250 during the European trading hours on Wednesday. Ahead of the highly-anticipated US July inflation report, the dollar is struggling to find demand, helping the pair gain traction.
GBP/USD trades modestly higher on the day near 1.2100 as market participants prepare for the US Bureau of Labor Statistics to release the July inflation report. The annual CPI in the US is expected to edge lower to 8.7% from 9.1% in June.
Gold lost its bullish momentum and declined to the $1,790 area heading into the American session on Wednesday. Ahead of the US CPI data for July, the benchmark 10-year US T-bond yield stays in positive territory near 2.8%, weighing on XAU/USD.
Bitcoin price is trying to undo the gains it witnessed over the last week and is currently at the midway point. This sell-off has caused Ethereum and Ripple prices to follow suit, pausing the rallies that altcoins were experiencing.