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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.
GBP/USD keeps its range around 1.3500 in Wednesday's European trading. The pair continues to trade with caution as the US Dollar (USD) holds ground ahead of a crucial US consumer inflation report. Investors are watching this upcoming reading closely, as it is expected to play a major role in shaping the Federal Reserve’s next interest rate decision and the USD valuation.
EUR/USD struggles to gain any meaningful traction and holds steady around 1.1550 in the European trading hours on Wednesday, maintaining a familiar range held over the past week or so. Traders keenly await the release of the key US inflation data and further developments surrounding the Middle East crisis before placing fresh directional bets.
Gold attracts fresh buyers during the Asian session on Wednesday and climbs back above the $4,400 mark, closer to its highest level since June 5, which was touched the previous day. Traders now look to the US Consumer Price Index report for more cues about the US Federal Reserve's future policy path amid inflation risks stemming from volatile oil prices.
Zcash price trades below $500 at press time on Wednesday, holding steady after two consecutive days of losses. Retail demand for the privacy coin is mixed as the broader market awaits the release of US Consumer Price Index data for July later in the day.
The US Bureau of Labor Statistics will publish the July Consumer Price Index data on Wednesday. The report is expected to show a small decline in consumer inflation and core inflation. The monthly CPI is forecast to rise by 0.1%, following the 0.4% decrease recorded in June, while the annual reading is seen retreating to 3.4% from 3.5% reported in the previous month.
