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AUD/USD extends the range play; looks to Fed rate decision for fresh impetus
AUD/USD edges higher during the Asian session on Wednesday, though it lacks bullish conviction as traders opt to wait for the outcome of a two-day FOMC meeting before placing directional bets. Trade uncertainties and rising geopolitical tensions continue to weigh on investors' sentiment, which underpins the safe-haven USD.
USD/JPY retests monthly top as Fed decision looms large
USD/JPY is extending its uptrend for the fourth straight day and testing the monthly peak, just below mid-145.00s during the Asian session on Wednesday. Reduced bets for another rate hike by the BoJ in 2025 and diminishing odds for an early US-Japan trade deal undermine the JPY.
Gold price bulls remain on the defensive with Fed rate decision in focus
Gold price extends its sideways consolidative price move below the $3,400 mark as traders keenly await the Fed policy decision later this Wednesday. The recent USD recovery from a multi-year low acts as a headwind for the bullion. However, a further escalation of geopolitical tensions in the Middle East supports the XAU/USD.
GENIUS bill gains Senate approval, advances to House for deliberation
The United States Senate has passed the Guidance and Establishing Innovation for US Stablecoins bill in a 68-30 vote on Tuesday, bringing it closer to President Donald Trump's desk. The bill now heads to the House for deliberation before a final vote.
Chinese data suggests economy on track to hit 2025 growth target
China's May data was mixed with strong retail sales, but soft readings on fixed-asset investment and property price. Overall, though, data suggests that China remains on track to achieve its growth target in the first half of 2025.
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