According to Reuters, quoting sources familiar with the developments, OPEC is set to discuss a production cap of 1.8 million bpd for Nigeria and 1 million bpd for Libya as a part of the planned 9-month production cut extension.
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Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
GBP/USD rises for the second consecutive day, trading around 1.3400 during the Asian hours. The pair appreciates as the US Dollar holds losses following softer-than-expected US inflation data, fueling hopes that the US Federal Reserve might adopt a less hawkish monetary stance.
The EUR/USD pair attracts some dip-buyers following the previous day's pullback from the 1.1460-1.1470 horizontal resistance, though it remains confined within a multi-week-old range. Spot prices trade around the 1.1435-1.1440 region during the Asian session on Wednesday, up for the second straight day amid modest US Dollar weakness.
Gold attracts some sellers after failing to find acceptance above the $4,100 mark the previous day, though it holds above the $4,000 psychological mark during the Asian session on Wednesday. Despite soft US Consumer Price Index data, investors remain worried about energy-driven inflation as escalating US-Iran tensions and the closure of the Strait of Hormuz remain supportive of elevated crude oil prices.
Bitcoin, Ethereum and Ripple trade with a mild positive bias on Wednesday as sentiment improves across the cryptocurrency market. BTC is testing its 50-day Exponential Moving Average, ETH has broken above a key resistance level at $1,800, while XRP has found support around a key level.
The Federal Reserve Chair who wants the institution to say less spent Tuesday legally required to say more, on the one morning the data handed him something pleasant to say. June's Consumer Price Index fell 0.4% on the month, the steepest single-month decline since April 2020.
The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.
