Trend Forecast May 8 - 12: Swing and rise moves may be seen

AUD/USD resumes its decline, leaving behind two daily gains in a row and approaching the area of multi-day lows in the 0.7040-0.7030 band ahead of the opening bell in Asia. Moving forward, the Aussie is expected to remain under scrutiny in light of the publication of the jobs report in Australia.
 

The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.
 

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Bitcoin (BTC) is nearing or has already established a bottom, which could be followed by a sustained period of slow price movement, according to K33.

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Investors assess the Reserve Bank of New Zealand's policy decisions and January inflation data from the UK in the European morning on Wednesday. In the second half of the day, Durable Goods Orders, Housing Starts and Building Permits data for December will be featured in the US economic calendar, alongside January Industrial Production figures. Later in the American session, the Federal Reserve will publish the minutes of the January policy meeting.