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GBP/USD preserves its bullish momentum midweek and trades above 1.3550 in the American session. The UK annual Consumer Price Index (CPI) inflation picked up to 2.9% in July, meeting estimates, while core CPI rose by 2.6% YoY in July versus 2.5% expected. The Federal Reserve (Fed) will publish the minutes of its July policy meeting later in the day.
EUR/USD gathers bullish momentum and trades slightly above 1.1600 in the second half of the day on Wednesday. The US Dollar resumes its downside as weak US economic data weigh on expectations of tighter Federal Reserve policy. Traders will take further cues from the FOMC Minutes later in the day.
Gold climbs back above $4,350 during the first half of the European session, reversing a part of the previous day's heavy losses. The US Dollar attracts some sellers, and for now seems to have stalled this week's goodish recovery from a two-month low, which is seen as a key factor supporting the commodity. Bulls, however, might opt to wait for more cues about the US Federal Reserve's future policy path before placing fresh directional bets on the non-yielding yellow metal.
Bitcoin’s upside remains capped on Wednesday while the downside appears strongly supported above $64,000. The Crypto King’s early week rebound lost momentum near $65,000 as investors assessed the impact of geopolitical tensions in the Middle East.
