FX option expiries for March 28 NY cut

EUR/USD consolidates its weekly gains and edges lower toward 1.1700 in the European session on Wednesday. US President Donald Trump will deliver a speech at the World Economic Forum later in the day and the US economic calendar will feature mid-tier data releases.

GBP/USD struggles to build on its weekly gains and trades marginally lower on the day below 1.3450. The data from the UK showed on Wednesday that the annual CPI inflation rose to 3.4% in December from 3.2% in November. In this period, the core CPI increased by 3.2% as expected.

Gold extended its impressive upsurge to a fresh all-time high near $4,900 earlier in the day before correcting lower. Investors eagerly await US President Donald Trump's speech in Davos as the EU-US tensions remain high over the Greenland issue.

Bitcoin, Ethereum and Ripple steadied on Wednesday, after correcting by nearly 5%, 10% and 5%, respectively, so far this week. BTC slips below $90,000, while ETH and XRP close below their key daily supports. The momentum indicators of these top three cryptocurrencies by market capitalization suggest a strengthening bearish trend, hinting at a deeper correction.

Over the weekend, President Trump threatened a new round of tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, with reporting flagging 10% from February 1 and a possible step-up later.

BNB (formerly Binance Coin) loses ground as the broader cryptocurrency market falls, recording a 1% drop at the time of writing on Wednesday. Retail interest in the exchange token is declining, as evidenced by the massive wipeout of long positions and a decline in futures Open Interest.