Gold (XAU/USD) is staging a sharp rebound on Wednesday, trading around $3,340 during the early American session after briefly falling to a three-week low of $3,311 in early Asian trade.

In a post published on Truth Social on Wednesday, United States (US) President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, providing a link to a Bloomberg article that is titled "Trump Ally Calls on Bondi to Probe Fed’s Cook Over Mortgages." "The director of the Federal Housing Finance Agency is urging Attorney General Pam Bondi to investigate Federal Reserve Governor Lisa Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal

West Texas Intermediate (WTI) Crude Oil is trading with a slightly firmer tone on Tuesday, trading near $62.40 per barrel, as traders reacted to signs of progress in peace talks between Russia and Ukraine.

Canada New Housing Price Index (YoY) fell from previous -0.8% to -1.4% in July

Canada New Housing Price Index (MoM) came in at -0.1%, below expectations (0.1%) in July

The Pound Sterling (GBP) attracts significant bids against its major peers on Wednesday as the United Kingdom (UK) Consumer Price Index (CPI) data for July has come in hotter than projected.

The EUR/USD is posting marginal losses ahead of the US session opening on Wednesday. The pair is trading at 1.1643 at the time of writing after having hit a fresh weekly low near 1.1620 earlier on the day.

Silver price (XAG/USD) trades 0.6% lower to near $37.00 during the European trading session on Wednesday.

The US Dollar has been trapped within a 70-pip horizontal range against the Swiss Franc during the last week and remains trading without a clear direction on Wednesday after being rejected, again, at the 0.8090 area.

India M3 Money Supply unchanged at 9.6% in August 4

The Japanese Yen (JPY) is up a modest 0.2% vs. the USD and outperforming all of its G10 peers with the exception of NOK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Pound Sterling (GBP) is also entering Wednesday’s NA session unchanged against the US Dollar (USD), recovering from early Asian session losses on the back of a stronger than expected CPI release, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

US Dollar (USD) is likely to trade in a range between 7.1800 and 7.1950. In the longer run, USD is expected to trade in a range of 7.1730/7.2000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD) as it extends its recent consolidation with ongoing congestion around 1.1650, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Canadian Dollar (CAD) started off yesterday’s session underperforming and continued to slide over the rest of the day following the release of softer than expected headline CPI for July, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The current price movements in Japanese Yen (JPY) are likely part of a range-trading phase between 147.35 and 148.20. In the longer run, USD has likely moved back into a range-trading phase between 146.50 and 148.80, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar (USD) is trading mixed versus is major currency peers but gains versus the core majors overnight appear to have peaked, leaving the Dollar Index (DXY) trading down modestly on the session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The USD/JPY pair ticks down to near 147.50 during the European trading session on Wednesday.

The New Zealand Dollar is the worst performer of the G8 currencies so far on Wednesday. The pair has lost more than 1% against the US Dollar, following a “dovish cut” by the Reserve Bank of New Zealand earlier today, which sent the pair to four-month lows at 0.5815.

United States MBA Mortgage Applications dipped from previous 10.9% to -1.4% in August 15

Gold  (XAU/USD) is trimming some losses on Wednesday, drawing support from the sour market sentiment. The precious metal has bounced from two-week lows right above $3,300, but remains capped below previous support at the $3,330 area, which leaves the broader bearish trend intact.

Rapid increase in downward momentum is likely to lead to further losses, but Australian Dollar (AUD) may not reach 0.6420. In the longer run, risk for AUD is tilted to the downside toward 0.6420, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Hardly anyone will be interested in what the minutes of the last FOMC meeting at the end of July reveal this evening. The decisive factor for the market will be what Fed Chairman Jerome Powell says in his speech on Friday at the conference in Jackson Hole, which begins tomorrow.

Downward momentum continues to increase, and there is a chance for Pound Sterling (GBP) to drop to 1.3460. In the longer run, GBP is now neutral; it is likely to trade in a range between 1.3415 and 1.3585, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The AUD/USD pair declines for the third trading day in a row on Wednesday. The Aussie pair slides to near 0.6425 as antipodeans underperform its peers.

The kiwi is under significant pressure this morning, losing around 1% against the US dollar following the Reserve Bank of New Zealand's (RBNZ) meeting.

Euro (EUR) could break below 1.1630, but it is unlikely to reach the next support at 1.1595. In the longer run, tentative increase in downward momentum could lead to EUR edging lower and testing 1.1595, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The Euro is trading lower for the third consecutive day against the Pound Sterling on Wednesday, after the rejection at the 0.8650 area on Tuesday.

Germany 30-y Bond Auction: 3.28% vs 3.22%

The Indian Rupee (INR) bounces back against the US Dollar (USD) during late trading hours on Wednesday after a weak opening. The USD/INR falls back to near 87.10 on optimism that the announcement of Goods and Services Tax (GST) reforms by the Indian government will boost consumption.