Gasoline Exchange rate

AUD/USD struggles to capitalize on the previous day's late rebound and remains below the 0.6300 mark on Wednesday amid US-China trade war fears under Trump 2.0. That said, a positive risk tone supports the Aussie amid a bearish USD, weighed down by bets that the Fed will cut rates twice this year.

USD/JPY looks to build on the overnight bounce from a one-month low amid a positive risk tone, which tends to undermine the safe-haven JPY. However, the growing acceptance that the BoJ will hike rates this week limits the JPY losses. A bearish sentiment surrounding the USD contributes to capping the pair.

Gold price enters a bullish consolidation phase following Tuesday's strong move up to the highest since early November. That said, US President Donald Trump's tariff threats, Fed rate cut bets and weaker USD support prospects for an extension of the XAU/USD's over-one-month-old uptrend.

Bitcoin and the crypto market saw a slight uptick following Securities & Exchange Commission acting chairman Mark Uyeda’s announcement of the creation of a crypto task force on Tuesday.

You can be sure that big changes are coming as far as US trade is concerned, even if we didn't get any new tariffs on President Trump's first day in office. A comprehensive investigation into US trade relationships was initiated via a memorandum. China, Canada, and Mexico are clearly in the immediate firing line.