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Summary
After temporarily testing above the daily Ichimoku cloud, the USD/JPY pair dropped on FOMC minutes release and opened today’s Sydney session inside the cloud and below the pivot level of 111.60. With this, our support levels remain at 109.41 and 107.32. The OPEC Meeting is going to be the center of attention for oil, USD and CAD traders. Meanwhile, the UK will released their Q1 GDP at 8:30 AM GMT and it is expected to remain the same. The US Advance Goods Trade Balance (APR) will be out next at 12:30 PM GMT the same time as their weekly jobs report. During the next day’s Asian session, Japan’s National Consumer Price Index (YoY) (APR) will be out at 11:30 PM GMT which could shake the USD/JPY pair furthermore. Thanks for watching and I wish you the best of luck making pips by trading forex.
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EUR/USD looks to stabilize near 1.1600 as focus shifts to US data
EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.
GBP/USD stays weak near 1.3350 as USD preserves gains
GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.
Gold retains positive bias amid sustained safe-haven flows and modest USD pullback
Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.
Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists
Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.
Asian stocks fall as South Korea’s KOSPI slumps over 10%
Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.
Here is what you need to know on Wednesday, March 4:
The US Dollar (USD) is drawing safe-haven support amid sharply escalating tensions in the Middle East, prompting renewed investor concern.