Private sector employment in the US rose 22,000 in January, the Automatic Data Processing (ADP) Research Institute reported on Wednesday.

United States ADP Employment Change came in at 22K, below expectations (48K) in January

TD Securities analysts anticipate that the Bank of England's Monetary Policy Committee will maintain the Bank Rate at 3.75% with a 6-3 vote. The report highlights that the trajectory of inflation and the voting dynamics will be crucial for market movements.

BNY's report, authored by Head of Markets Macro Strategy Bob Savage, discusses significant outflows from China's gold ETFs, totaling nearly $1 billion, following a sharp decline in gold prices. This trend reflects fragile investor sentiment after a recent peak in gold prices.

The Euro has pulled back from session highs but remains above 1.1800, trading at 1.1820 against the US Dollar (USD), at the time of writing, practically flat on the day.

The report from Brown Brothers Harriman (BBH) highlights that NZD/USD is trading heavy around 0.6000, with New Zealand's Q4 labor market data showing an improving job market. Employment increased more than expected, although the unemployment rate rose slightly.

The Japanese Yen (JPY) became the worst-performing currency of the G8 on Wednesday.

TD Securities' Global Strategy Team provides insights on upcoming US employment data, predicting below-consensus estimates for both ADP employment and ISM services. The report highlights a potential modest bull steepening on ADP as markets await the delayed NFP report.

The report from OCBC Bank, authored by Sim Moh Siong and Christopher Wong, notes that Gold and Silver have rebounded due to dip-buying interest as liquidation pressures eased. However, sentiment remains cautious, and the report anticipates consolidation rather than a trend reversal.

United States MBA Mortgage Applications fell from previous -8.5% to -8.9% in January 30

EUR/GBP eases toward 0.8610 on Wednesday, with the cross pressured by the Euro’s (EUR) relative weakness against a Pound Sterling (GBP) supported by monetary policy expectations in the United Kingdom (UK).

The Pound has continued to strengthen ahead of the Bank of England's policy meeting. EUR/GBP has broken below support from the 200-day moving average at around 0.8650.

Gold (XAU/USD) is trading higher for the second consecutive day on Wednesday, standing above the $5,000 psychological level, trading at $ 5,050 at the time of writing, with markets calm ahead of the release of the US ADP Employment Change Report, due later on Wednesday.

The United States (US) Institute of Supply Management (ISM) Services Purchasing Managers’ Index (PMI) data for January is scheduled to be published today at 15:00 GMT.

TD Securities reports on Eurozone inflation, which has dropped to 1.7% year-on-year, primarily due to energy prices. The analysis indicates that this disinflationary trend is not expected to influence the ECB's upcoming meeting, as it has been anticipated.

The Pound Sterling (GBP) trades higher against its major currency peers on Wednesday as investors await the Bank of England’s monetary policy announcement on Thursday.

The AUD/USD pair trades marginally lower around 0.7020 during the European trading session on Wednesday. The Aussie pair ticks down as the US Dollar (USD) trades higher ahead of the key United States (US) economic data releases in the North American session.

EUR/JPY trades around 185.10 on Wednesday at the time of writing, up 0.55% on the day and reclaiming the 185 level.

The Indian Rupee (INR) demonstrates strength against the US Dollar (USD) on Wednesday, with the USD/INR pair holding onto losses near 90.55.

The US Dollar (USD) shows marginal gains against its Canadian counterpart on Wednesday, trading near 1.3650 at the moment of writing.

Annual Harmonized Index of Consumer Prices (HICP) in the Eurozone, as measured by changes in the prices of a representative basket of goods and services in the European Monetary Union, rises by 1.7% in January, as expected, slower than 1.9% in December.

Italy Consumer Price Index (MoM) in line with forecasts (0.4%) in January

Italy Consumer Price Index (YoY) meets forecasts (1%) in January

Italy Consumer Price Index (EU Norm) (MoM) in line with forecasts (-1%) in January

Italy Consumer Price Index (EU Norm) (YoY) above expectations (0.9%) in January: Actual (1%)

Eurozone Harmonized Index of Consumer Prices (MoM) climbed from previous 0.2% to 2% in January

Eurozone Core Harmonized Index of Consumer Prices (MoM) unchanged at 0.3% in January

Eurozone Harmonized Index of Consumer Prices (YoY) meets expectations (1.7%) in January

Eurozone Producer Price Index (MoM) in line with expectations (-0.3%) in December

Eurozone Producer Price Index (YoY) came in at -2.1%, above forecasts (-2.3%) in December