ECB Survey: Eurozone HICP seen at 6% in 2022, 2.4% in 2023

The EUR/USD pair trades flat around 1.1625 during the early European session on Wednesday. Markets turn cautious ahead of the US Federal Reserve interest rate decision later on Wednesday, in which a 25 basis points rate cut is almost fully priced in.

GBP/USD eased back toward the midrange on Tuesday, shedding around one-fifth of one percent after facing an intraday technical rejection from the 1.3350 level. Price action has slumped back into the 1.3300 handle and is holding just north of the long-term 200-day Exponential Moving Average near 1.3250 as markets hunker down for the last Federal Reserve (Fed) interest rate decision of 2025.

Gold is defending the $4,200 mark early Wednesday, having staged a decent comeback on Tuesday from near the $4,170 region. Traders gear up for the all-important US Federal Reserve policy announcements.  

Bitcoin, Ethereum and Ripple are showing renewed strength at the time of writing on Wednesday as bullish momentum returns to the broader crypto market. BTC is edging toward a key resistance level that could trigger a breakout, ETH has surged above its descending trendline, while XRP is holding steady above key support — all signaling potential for further upside in the upcoming days.

The global and European economies have been resilient in recent years even accounting for the modest global slowdown of 2025. But risks for the recovery are rising, underscoring a negative medium-run global macro and credit outlook.

Bitcoin is trading above $90,000 at the time of writing on Tuesday amid sticky risk-off sentiment in the broader crypto market. Altcoins, including Ethereum and Ripple, are paring losses, holding above key support levels.