On Thursday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1879, as compared to the previous day's fix of 7.1934 and 7.2664 Reuters estimates.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
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EUR/USD manages to regain the smile on Wednesday, trading with decent gains around 1.1650, or daily peaks. The pair's daily advance comes in response to further losses in the US Dollar as market participants get ready for the upcoming FOMC gathering, where the Fed is widely expected to lower its interest rates by a quarter point.
GBP/USD sets aside two daily declines in a row and manages to regain some balance beyond the 1.3300 hurdle on Wednesday. The better tone around Cable follows the renewed downside bias in the Greenback ahead of the much awaited interest rate decision by the Federal Reserve.
Gold is a touch softer on Wednesday, even with the US Dollar easing and US Treasury yields reversing part of their recent robust multi-day recovery. The yellow metal remains cautious ahead of the widely expected 25 bps rate cut from the Fed and the release of an updated "dots plot".
The United States (US) Federal Reserve (Fed) will announce its interest rate decision on Wednesday, with markets widely expecting the US central bank to deliver a final 25 bps cut for 2025.
This morning's Employment Cost Index (ECI) reading offered additional evidence that the gradual softening in the labor market is translating to slower compensation growth.
Hyperliquid is trading above $28.00 at the time of writing on Wednesday, after rebounding from support at $27.50. The broader cryptocurrency market is characterised by widespread intraday losses ahead of the Fed monetary policy decision.
