US Session Open: Shorted AUD/USD and EUR/CAD, charting Bitcoin, Ethereum, and Litecoin, TerraUSD peg

AUD/USD trades with a negative bias for the fifth straight day early Wednesday, close to weekly lows below 0.6650. A softer risk tone, China's economic woes and a broad US Dollar bounce undermine the Aussie. However, the downside appears cushioned by the hawkish RBA outlook and commodities' uptick. 

USD/JPY is back on the bids, retaking 150.00 in the Asian session on Wednesday. The Japanese Yen sees fresh declines on profit-taking ahead of Friday's BoJ event risk, while the US Dollar recovers following the mixed US jobs data-led sell-off. Fedspeak awaited.

Gold price extends its upside to near seven-week highs above $4,300 during the Asian trading hours on Wednesday. The precious metal gains momentum as the US labor market remains relatively resilient but shows signs of slowing. The mixed US employment report for November reinforces bets of further rate cuts by the US Federal Reserve and weighs on the US Dollar.

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction, as momentum indicators are beginning to tilt bearish.

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

The US Dollar Index (DXY) tumbled below 98.00 on Tuesday, reaching its lowest level since mid-October. The Greenback faced intense selling pressure following a delayed labor report that revealed a significant softening in the US job market, overshadowing weak economic activity data from Europe.