The British Pound (GBP) trades slightly lower against the Japanese Yen (JPY) on Wednesday, though thin holiday trading conditions are keeping price action contained within a tight range.

EUR/GBP trades in negative territory around 0.8725 on Wednesday at the time of writing, extending a sequence of declines that began earlier in the week. The pair remains under pressure as the Pound Sterling (GBP) benefits from the Bank of England’s (BoE) relatively hawkish communication.

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The Pound Sterling (GBP) revisits the three-month high around 1.3535 against the US Dollar (USD) during the European trading session on Wednesday.

The USD/CHF pair extends its losing streak for the third trading day on Wednesday.

Gold (XAU/USD) treads water on Wednesday, with prices consolidating after surging to a fresh all-time high near $4,526 earlier today. Volatility picked up during the Asian session amid thin holiday liquidity ahead of Christmas, encouraging mild profit-taking at elevated levels.

The USD/JPY pair trades 0.23% lower to near 155.80 during the European trading session on Wednesday. The pair extends its losing streak for the third trading day on Wednesday, which started after failing to gain further above an almost 11-month high near 158.00.

EUR/USD trades around 1.1800 on Wednesday at the time of writing, up 0.10% on the day, after reaching its highest level since late September earlier in the day.

The Indian Rupee (INR) faces selling pressure against the US Dollar (USD) on Wednesday. The USD/INR pair recovers to near 90.20, but is broadly in the corrective phase, following the Reserve Bank of India’s (RBI) intervention last week.

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $71.66 per troy ounce, up 0.19% from the $71.53 it cost on Tuesday.

EUR/JPY extends its losses for the third successive session, trading around 183.70 during the European hours on Wednesday. The currency cross remains within the ascending channel pattern, suggesting a persistent bullish bias.

The AUD/JPY cross attracts some sellers on Wednesday and sticks to modest intraday losses, around mid-104.00s during the first half of the European session. Spot prices, however, lack follow-through and remain close to the highest level since July 2024, touched the previous day.

The AUD/USD pair jumps to near 0.6717 during the European trading session on Wednesday, the highest level seen in over a year.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining flat after recovering daily losses and trading around 97.90 during the European hours on Wednesday.

Gold (XAU/USD) retreats slightly from a fresh all-time peak, around the $4,526 area touched earlier this Wednesday, and trades with a negative bias during the first half of the European session.

Dow Jones futures decline 0.11% to trade near 48,700 during the European session on Wednesday, while S&P 500 and Nasdaq 100 futures also decline, edging lower 0.10% and 0.09% to below 7,000 and 25,800, respectively.

West Texas Intermediate (WTI) US Crude Oil prices touch a nearly two-week high, around the $58.55 region on Wednesday, and look to build on the recent recovery from the lowest level since May, touched last week.

USD/CAD loses ground for the third consecutive day, trading around 1.3680 during the early European hours on Wednesday. The daily chart suggests a potential upside breakout, with falling, converging trendlines forming a bullish descending wedge pattern.

The Japanese Yen (JPY) prolongs its uptrend against a broadly weaker US Dollar (USD) for the third successive day and sticks to gains near the weekly top through the early European session on Wednesday.

The NZD/USD pair extends its upside to near 0.5845 during the early European session on Wednesday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) on the prospect of a further interest rate cut by the US Federal Reserve (Fed).

Here is what you need to know on Wednesday, December 24:

Gold price (XAU/USD) eases from a record high of $4,526 during the early European trading hours on Wednesday as traders book some profits. Additionally, the upbeat US Gross Domestic Product (GDP) data might also weigh on the Gold price.

The EUR/GBP cross trades in negative territory for the fifth consecutive day around 0.8725 during the early European session on Wednesday.

Silver price (XAG/USD) rallies further to near $72.70 during the early European trading session on Wednesday.

The GBP/JPY cross attracts some sellers for the second straight day on Wednesday and trades around mid-210.00s, closer to the weekly trough during the Asian session. Spot prices, however, remain within striking distance of the highest level since August 2008, touched on Monday.

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The Australian Dollar (AUD) advances against the US Dollar (USD) on Wednesday, continuing its winning streak for the third successive session.

AUD/JPY halts its five-day winning streak. The currency cross is trading around 104.50 after pulling back from 104.72, the highest level since July 2024, reached during the early Asian hours on Wednesday.