Senior EU official: EU has "extremely low" expectations for the G7 summit - Reuters

Eren Sengezer FXStreet

Citing a senior European Union official, Reuters has recently reported that the European Union, during the G7 summit, would try to change the position of the United States with regards to tariffs imposed on steel and aluminum products and their withdrawal from the agreement that lifts sanctions on Iran.

However, the official also added that they had extremely low expectations of achieving a positive outcome and the only way the EU could deal with the current U.S. administration would be by showing unity.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD trims losses, approaches 1.3500

GBP/USD adds to the multi-day negative streak, although it has managed to bounce off earlier four-week lows near 1.3470 on Wednesday. Meanwhile, Cable’s deep correction comes despite the tepid performance in the Greenback and the persistent geopolitical concerns.

EUR/USD treads water just below 1.1600

EUR/USD now alternates gains with losses near the 1.1600 region following the closing bell in European markets on Wednesday. The pair has managed to rebound from earlier two-week lows around 1.1560 in tandem with the loss of momentum in the US Dollar.

Gold: Near-term bounce, sellers still in charge

Gold continues to regain ground lost and sets its target on the $4,400 mark per troy ounce on Wednesday. The yellow metal’s rebound comes amid modest losses in the US Dollar, steady geopolitical uncertainty and mixed US Treasury yields.

WTI advances to mid-$90.00s, fresh high since July 24 amid escalating US-Iran tensions

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday.

Crypto Today: Bitcoin, Ethereum, XRP edge lower as renewed US-Iran tensions weigh

The cryptocurrency market is pulling back broadly on Wednesday as investors adopt a cautious stance, with Bitcoin consolidating near its short-term support at $77,000. Ethereum remains under pressure, slipping toward $2,400. Ripple is also trending lower.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.