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AUD/USD has come under fresh selling pressure and is testing 0.7100 in the Asian session on Wednesday. Australia's flash PMIs showed manufacturing slipped into contraction and services expanding slowly for a second straight month, renewing the pair's downside. Furthermore, a bullish US Dollar acts as a headwind for the pair as traders keenly await the crucial Trump-Xi summit on Thursday. Meanwhile, markets shrug off US-Iran indirect talks.
USD/JPY hovers around mid-157.00s in the Asian session on Wednesday, near two-week highs touched last Friday as the BoJ's dovish rate hike continues to undermine the Japanese Yen. Meanwhile, the US Dollar remains firm amid the Fed's hawkish stance, adding support to the pair, though JPY intervention fears cap further gains. Markets pay little heed to the completion of the round of US-Iran indirect talks ahead of Trump-Xi meeting.
Gold has come under fresh selling pressure, struggling near $4,350 in Asia on Wednesday, retracing a part of the previous rebound from sub-$4,300 levels. Traders are refraining from placing fresh directional bets on the bullion ahead of the highly anticipated meeting between US President Donald Trump and his Chinese counterpart Xi Jinping due later in the day.
Cardano (ADA) extends gains, trading above $0.262 after rallying more than 14% so far this week. The bullish momentum is supported by rising Open Interest (OI), positive funding rates and signs of whale accumulation. If buying pressure persists, ADA could extend its rally and target higher levels. Cardano’s derivatives metrics show strengthening conditions.
United States President Donald Trump and Chinese President Xi Jinping are set to meet in Washington on Thursday for a summit closely watched by markets. After several months of easing trade tensions between the US and China, the meeting could determine whether the world's two largest economies extend their truce or enter a new period of uncertainty.
The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.
