Author
FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD edges lower after registering modest gains in the previous day, trading around 1.3450 during the Asian hours. The currency pair came under selling pressure as the US Dollar gained momentum, bolstered by a rebound in the benchmark 10-year US Treasury yield, which had dipped toward 4.61% on Tuesday. That initial slide in yields was driven by falling energy prices, which helped cool inflation fears and tempered expectations of a hawkish response from the Federal Reserve.
EUR/USD holds ground near 1.1550 in the early European hours on Wednesday. The pair stays supported amid hopes for a US-Iran deal on the reopening of the Strait of Hormuz, which lifts risk sentiment and keeps the safe-haven US Dollar on the back foot. The US ADP Employment data and ISM Services PMI report are in the spotlight alongside Mideast headlines.
Indian Rupee is hanging close to its highest level in a month just above the 95.00 level against the US Dollar on Wednesday, holding gains after the Reserve Bank of India (RBI) held the Repo Rate at 5.25%, as expected, maintaining a neutral stance amid still-modest inflation.
Bitcoin, Ethereum and Ripple move toward the key technical levels on Wednesday, which could determine the next directional bias. BTC is near the 50-day Exponential Moving Average, ETH trades sideways while XRP is showing signs of stabilization.
