Bailey speech: Gradual approach to removing policy restraint will help observe risks to inflation outlook

EUR/USD flat lines after three days of losses, trading below 1.1600 in the European trading hours on Wednesday. The pair tracks the subdued price action in the US Dollar. Traders turn cautious and opt to stay on the sidelines ahead of the Minutes of the Fed's October monetary policy meeting.  

GBP/USD keeps its downbeat tone intact below 1.3150 in European trading on Wednesday. The UK annual Consumer Price Index (CPI) inflation declined to 3.6% in October, as expected, fanning expectations of a BoE rate cut in December. The focus now shifts to the mid-tier US data and Fed Minutes.

Gold builds on the previous day's recovery from levels just below the $4,000 psychological mark, or a one-and-a-half-week low, and gains positive traction for the second straight day. The momentum lifts the bullion to the top end of its weekly range, with bulls now awaiting a sustained move beyond the $4,100 round figure before positioning for further gains as the focus remains on FOMC minutes.

Cronos (CRO) ticks lower by 3% at press time on Wednesday, retreating after a 10% surge from the previous day. The short-term fluctuations approach the apex of a falling wedge pattern, which typically results in an upside breakout. 

UK inflation cooled as expected last month, headline inflation moderated to 3.6% from 3.8%, the core rate also dropped a notch to 3.4% from 3.5% in September, and service price inflation also moderated to 4.5%, down from 4.7%. 

Cronos (CRO) ticks lower by 3% at press time on Wednesday, retreating after a 10% surge from the previous day. The short-term fluctuations approach the apex of a falling wedge pattern, which typically results in an upside breakout.