EUR/USD is trading practically flat near 1.1585 ahead of Wednesday's US session opening, after having hit fresh weekly lows at.1.1565 following the release of Eurozone inflation figures.

EUR/JPY trades around 180.90 at the time of writing, up 0.45% on the day, reaching a new multi-year high amid intensifying pressure on Japanese government Bonds.

The risk-sensitive Kiwi Dollar is one of the worst performers on Wednesday amid the sour market sentiment and disappointing New Zealand data. The NZD retreated nearly 0.5% on the day against the US Dollar, reaching session lows at 0.5625, a few pips above the seven-month low of 0.5605. 

Gold (XAU/USD) edges higher on Wednesday as a risk-off tone across global markets revives safe-haven demand. At the time of writing, XAU/USD is trading around $4,115, up nearly 1%, extending its rebound after briefly slipping below the $4,000 threshold on Tuesday.

The Pound Sterling (GBP) declines sharply against its major currency peers on Wednesday, following the release of the United Kingdom (UK) Consumer Price Index (CPI) data for October.

The USD/JPY pair extends its rally to near 156.20 during the European trading session on Wednesday. The pair strengthens as the Japanese Yen (JPY) declines sharply amid surging yields on Japan Government Bonds (JGBs), following hopes that the administration will announce bigger economic stimulus.

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Gold (XAU/USD) is trading higher for the second consecutive day on Wednesday, reaching intra-week highs, right above $4,100, favoured by the risk-averse markets and heightened hopes that the US Federal Reserve might ease monetary policy at its December meeting.US employment data disappointed on Tues

AUD/USD is trading just above its 200-day moving average, weighed by broad US dollar strength. Australia’s Q3 wage growth, in line with expectations, supports the Reserve Bank of Australia’s decision to keep rates on hold, BBH FX analysts report.

USD/JPY is climbing to fresh multi-month highs as long-term Japanese government bond yields rise on fiscal concerns and a worsening Japan-China diplomatic spat, BBH FX analysts report.

US Dollar (USD) is likely to trade in a range between 7.1020 and 7.1170. In the longer run, if USD breaks above 7.1170, it would mean that the weakness in USD has stabilized, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

GBP/USD is edging lower as October UK CPI data leave room for the Bank of England to resume easing at its December 18 meeting, BBH FX analysts report.

New Zealand Dollar (NZD) appears to have entered a sideways-trading phase between 0.5640 and 0.5680. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

US Dollar (USD) is firmer near its 200-day moving average. US equity futures are treading water ahead of today’s Nvidia quarterly report. Nvidia’s earnings are viewed as a key barometer of the AI boom, BBH FX analysts report.

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AUD/USD trades lower around 0.6480 on Wednesday, down 0.40% at the time of writing. The Australian Dollar (AUD) is losing ground against the US Dollar (USD), pressured by a sharp deterioration in global risk sentiment.

The US Dollar is trimming some losses against its Canadian Counterpart on Wednesday and trades right at the 1.4000 level, after bouncing from lows near 1.3970 on Tuesday.

Japan’s Finance Minister (FM) Satsuki Katayama said after a meeting with government ministers and Bank of Japan (BoJ) Governor Kazuo Ueda that the administration and the central bank will work closely towards sustainably achieving price increase.

The Indian Rupee (INR) fails to extend its winning streak against the US Dollar (USD) for the fourth trading day on Wednesday. The USD/INR pair recovers its early losses and ticks up to near 88.75 as the US Dollar extends its rally.

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Eurozone Core Harmonized Index of Consumer Prices (MoM): 0.3% (October)

Eurozone Core Harmonized Index of Consumer Prices (YoY) meets forecasts (2.4%) in October

Eurozone Harmonized Index of Consumer Prices (YoY) meets expectations (2.1%) in October

Eurozone Harmonized Index of Consumer Prices (MoM) in line with forecasts (0.2%) in October

Instead of continuing to weaken, Australian Dollar (AUD) is more likely to trade in a range between 0.6485 and 0.6530. In the longer run, AUD is likely to trade with a downward bias toward 0.6460, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Nasdaq 100 has closed below its 50-DMA for the first time since May and broken a multi-month ascending trend line, signalling renewed downside pressure, Société Générale's FX analysts note, Société Générale's FX analysts note.

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The Euro shows moderate gains at levels near 0.8820 on Wednesday, favoured by broad-based GBP weakness following softer UK inflation data. The pair, however, remains wavering within previous ranges, with the long wicks in the daily chart's candles, highlighting a hesitant market.

NZD/USD depreciates more than 0.5% after registering modest gains in the previous session, trading around 0.5630 during the European hours on Wednesday. The daily chart’s technical analysis signals a persistent bearish bias as the pair price remains within the descending channel pattern.

Pound Sterling (GBP) is expected to trade between 1.3125 and 1.3175. In the longer run, upward momentum is starting to slow; a breach of 1.3105 would indicate that GBP is likely to range-trade, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.