Market analysts generally predict that the Bank of Canada (BoC) will keep its interest rate at 2.75% on Wednesday, adding to the pauses recorded at the March and April monetary policy meetings.

Gold trades are struggling to gain from a dismal US ADP report, which showed that 37,000 jobs were added to the US private sector in May, far below the estimated number of 115,000. 

In a post published on Truth Social on Wednesday, United States President Donald Trump called upon Federal Reserve (Fed) Chairman Jerome Powell to lower the policy rate.

Canada Labor Productivity (QoQ) registered at 0.2%, below expectations (0.4%) in 1Q

Private sector employment in the US rose by 37,000 in May and annual pay was up 4.5% year-over-year, the Automatic Data Processing (ADP) reported on Wednesday.

United States ADP Employment Change came in at 37K, below expectations (115K) in May

The US Dollar Index (DXY) nudges lower on Wednesday, following a sharp rebound on Tuesday.

The Japanese Yen (JPY) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with all other major currency peers showing modest gains (vs. USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

Pound Sterling (GBP) is also trading in a tight range, entering Wednesday’s NA session with a minor gain vs. the US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD), quietly consolidating in a tight range just below 1.14, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD/CAD is essentially flat as markets await the BoC policy decision. The economists’ consensus has swung to no change after anticipating a 25bps cut until late last week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The USD is trading steady to a little softer overall in quiet trade. Global stocks are firmer while bonds are little changed in rather quiet trading, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The British Pound (GBP) edges higher against the US Dollar (USD) on Wednesday, paring Tuesday’s losses as the Greenback softens slightly ahead of key US labor market data.

EUR/USD has been capped at 1.1400 and is trading near 1.1380 at the moment of writing, as the positive impulse from Eurozone services activity faded.

Australia’s GDP posted a 0.2% q/q rise in 1Q25, lower than consensus expectations for a 0.4% q/q print, and growth pace of 0.6% q/q in 4Q24. It was also weaker than the RBA’s May Statement on Monetary Policy forecast of 0.4%.

United States MBA Mortgage Applications: -3.9% (May 30) vs previous -1.2%

Today's decision by the Bank of Canada (BoC) promises to be very exciting. Whether the Bank of Canada will cut interest rates again or wait until its next meeting at the end of July is not a foregone conclusion, Commerzbank's commodity analyst Carsten Fritsch notes.

US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar’s recovery from Monday’s lows has lost steam during Wednesday’s European trading session.

After reaching its highest level since April at the beginning of the week, EUR/USD fell again yesterday. Some market voices attribute the US dollar's recovery to the upcoming US labour market data.

All eyes are on the Bank of Canada today, with markets divided over whether a rate cut is imminent. While a hold is our base case, uncertainty remains high amid weakening data and global trade headwinds.

Silver prices (XAG/USD) correction from year-to-date highs below $35.00 has been limited at the $34.00 area, and the precious metal bounced up again to consolidate at the $34.50 area on Wednesday, with the 34.80 high at a short distance.Bears have been contained well above a previous resistance area

Any further rebound is likely part of a higher range of 143.30/144.30 instead of a sustained advance. In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar (USD) caught a bid across G10 FX yesterday as safe-haven flows took a breather amid improved risk sentiment, with the JPY, CHF, and particularly gold weakening, Danske Bank's FX analysts report.

European Union (EU) Trade Commissioner Maros Sefcovic said on Wednesday that he “had constructive talks with US Trade Representative (USTR) Jamieson Greer.”

Silver prices (XAG/USD) broadly unchanged on Wednesday, according to FXStreet data.

USD/CAD continues its descent after slipping below the 200-DMA, now hovering near a long-term trend line. While momentum indicators show some signs of stabilization, the technical outlook remains fragile without a clear bounce, Société Générale's FX analysts note.

New Zealand Dollar (NZD) is likely to consolidate between 0.5985 and 0.6030. In the longer run, rapid buildup in upward momentum indicates further NZD strength; the level to monitor is 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3710 during the European hours on Wednesday. The daily chart's technical analysis suggested a persistent bearish sentiment, as the pair consolidates within the descending channel pattern.

The US Dollar (USD) showed resilience despite the late-session bounce in Treasury yields, supported by strong April JOLTS job openings. That said, the JOLTS data adds little to the overall jobs picture: the labour market remains tight, while declining quits suggest wage growth is easing.