Scotiabank strategists Shaun Osborne and Eric Theoret note GBP/USD is steady after reaching a one-week high, with the British Pound (GBP) supported by rising Bank of England (BoE) tightening expectations and sensitivity to higher Oil prices.
ING’s Chris Turner describes EUR/USD near 1.1600 as mid-range since April, noting Euro terms-of-trade deterioration should weigh more on the pair. ING expects a dovish ECB hike that fails to validate additional tightening priced by markets.
USD/CAD remains subdued for the third successive day, trading around 1.3780 during the Asian hours on Wednesday. The currency pair loses ground as the commodity-linked Canadian Dollar (CAD) draws support from elevated oil prices, given Canada's position as one of the world's leading crude exporters.