United Kingdom Core Consumer Price Index (YoY) meets expectations (3.2%) in December

EUR/USD consolidates its weekly gains and edges lower toward 1.1700 in the European session on Wednesday. US President Donald Trump will deliver a speech at the World Economic Forum later in the day that could provide key insights into the EU-US relations moving forward.

GBP/USD struggles to build on its weekly gains and declines to the 1.3400 region on Wednesday. The data from the UK showed on Wednesday that the annual CPI inflation rose to 3.4% in December from 3.2% in November. In this period, the core CPI increased by 3.2% as expected.

Gold extended its impressive upsurge to a fresh all-time high near $4,900 earlier in the day before edging slightly lower. Markets remain risk-averse as investors eagerly await US President Donald Trump's speech at Davos while the EU-US tensions remain high over the Greenland issue.

United States (US) President Donald Trump is scheduled to deliver his speech at the World Economic Forum (WEF) in Davos after 13:00 GMT. Trump’s trip to Davos was delayed as Air Force One was forced to turn around due to a "minor electrical issue".

Over the weekend, President Trump threatened a new round of tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, with reporting flagging 10% from February 1 and a possible step-up later.

BNB (formerly Binance Coin) loses ground as the broader cryptocurrency market falls, recording a 1% drop at the time of writing on Wednesday. Retail interest in the exchange token is declining, as evidenced by the massive wipeout of long positions and a decline in futures Open Interest.