Author
FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
The GBP/USD pair loses traction to near 1.3355 during the Asian trading hours on Wednesday. The US Dollar edges higher against the British Pound amid renewed geopolitical tensions after the US renewed strikes on Iran. The Federal Reserve’s June meeting minutes will be published later on Wednesday.
The EUR/USD pair defends the 1.1400 mark during the Asian session on Wednesday, though it struggles to attract any meaningful buyers on the back of renewed US-Iran hostilities. Traders also seem hesitant and opt to wait for FOMC Minutes for more cues about the Federal Reserve's policy path before placing fresh directional bets.
Gold steadies around $4,100 following the previous day's downfall as traders opt to wait for the release of FOMC Minutes, due later this Wednesday. The outlook will influence the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion. In the meantime, fresh US strikes on Iran lift Oil prices to a two-week top, reviving inflation fears and supporting the safe-haven buck. This should cap the upside for the precious metal.
Bitcoin has shown strength over the past week, rising above the $63,000 level, but the rally remains fragile until exchange-traded fund inflows expand in the upcoming trading sessions, according to Wintermute.
Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.
