Oil: Upside is limited to $120 in the long run – Nordea

EUR/USD has come under mild selling pressure below 1.1700 in European trading hours on Wednesday. The pair faces headwinds from softer Eurozone inflation data, which weigh on the Euro. Meanwhile, the US Dollar struggles ahead of US jobs report. 

GBP/USD loses ground to gyrate around 1.3500 on Wednesday after registering modest gains in the previous session. The pair treads water as the US Dollar struggles ahead of the US ADP Employment Change, JOLTS Job Openings and ISM Services Purchasing Managers’ Index due later in the day.

Gold trims a part of its intraday losses, though it retains its negative bias through the first half of the European session on Wednesday and remains well below the $4,500 psychological mark. As investors digest the recent US attack on Venezuela, the underlying bullish sentiment turns out to be a key factor that prompted some profit-taking around the precious metal. 

The Automatic Data Processing Research Institute will release its monthly Employment Change Report for December on Wednesday. The ADP report is expected to show that the United States economy created 45,000 jobs in the last month of 2025, to offset the 32.000 net employment loss seen in November.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Aave (AAVE) price hovers around $172 on Wednesday, nearing the upper trendline of the falling parallel channel pattern. A break above this technical pattern favors the bulls.