Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are catching a breath during early Asian trading hours on Wednesday after losing over 6% the previous day.

The US Dollar (USD) trades quietly in the Asian trading session on Wednesday, even as uncertainty surrounding the United States (US)-Iran deal has escalated, following the exchange of attacks between the two.

GBP/USD moves little following a four-day winning streak, trading around 1.3470 during the Asian hours on Wednesday. The pair steadies as the US Dollar (USD) remains firm, driven by stalled US-Iran peace negotiations and renewed tensions in the Middle East, continued to underpin safe-haven demand.

The NZD/USD pair gains some positive traction following the better-than-expected release of China's Services PMI and climbs to the 0.5935 region during the Asian session on Wednesday.

The AUD/USD pair declines to around 0.7180 during the early Asian session on Wednesday. The Australian Dollar (AUD) weakens against the US Dollar (USD) following a downbeat domestic Gross Domestic Product (GDP) report.

Silver price (XAG/USD) depreciates after registering modest gains in the previous day, trading around $74.70 per troy ounce during the Asian hours on Wednesday. The non-yielding white metal loses ground following a fresh escalation of hostilities in the Middle East.

China's Services Purchasing Managers' Index (PMI) rose to 54.4 in May from 52.6 in April, the latest data published by RatingDog showed on Wednesday. This figure came in stronger than the market expectations of 52.3.

The AUD/JPY cross remains on the defensive following the release of Australia's GDP report, though it manages to hold above the 114.50 area through the Asian session on Wednesday.

China RatingDog Services PMI above forecasts (52.3) in May: Actual (54.4)

Australia’s Gross Domestic Product (GDP) rose 0.3% QoQ in the first quarter (Q1) of 2026 compared with the 0.8% growth in the fourth quarter of 2025, the Australian Bureau of Statistics (ABS) showed on Wednesday. This reading came in weaker than the expectations of 0.5% expansion.

Australia Gross Domestic Product (QoQ) below forecasts (0.5%) in 1Q: Actual (0.3%)

Australia Gross Domestic Product (YoY) came in at 2.5%, below expectations (2.7%) in 1Q

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8184 compared to the previous day's fix of 6.8187 and 6.7673 Reuters estimate.

West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.

The USD/JPY pair touches a fresh one-month high during the Asian session on Wednesday, though it struggles to build on the momentum beyond the 160.00 psychological mark. The fundamental backdrop, however, favors bulls and suggests that the path of least resistance for spot prices is to the upside.

The crypto market has come under renewed pressure, with Binance Research citing capital rotation into US equities as a key driver of the heightened risk-off sentiment in Bitcoin.

Japan Jibun Bank Services PMI in line with expectations (50) in May

The United States Central Command (CENTCOM) said on Tuesday that it had intercepted and defeated a series of Iranian missile and drone attacks targeting regional neighbors, including Kuwait and Bahrain, while also carrying out self-defence strikes on Iran’s Qeshm Island, ABC News reported.

Japan’s Finance Minister Satsuki Katayama said on Wednesday that the authorities are ready to act on the foreign exchange if required.

Gold price (XAU/USD) tumbles to around $4,465 during the early Asian session on Wednesday. The precious metal extends the decline amid uncertainty surrounding the peace deal between the United States (US) and Iran. 

The Pound Sterling advances versus the Japanese Yen on Tuesday, up by 0.24%, driven by traders’ optimism about a US-Iran deal, even though there are rumours that Iran has halted negotiations amid the Israel-Hezbollah conflict over the weekend.

The final reading of Australia's S&P Global Services PMI came in at 48.7 in May, compared to 50.7 in the previous reading, the latest data published by S&P Global showed on Wednesday. This figure came in better than the estimates of 47.7.

Australia S&P Global Services PMI came in at 48.7, above forecasts (47.7) in May

Australia S&P Global Composite PMI came in at 48.7, above expectations (47.8) in May

New Zealand Terms of Trade Index below forecasts (-1.2%) in 1Q: Actual (-2%)

UOB’s Ho Woei Chen notes that China’s May PMIs point to softer 2Q26 GDP growth, with manufacturing hovering at the expansion threshold and services rebounding only modestly.

BNY's Bob Savage notes that most MENA (Middle East and North Africa) currencies saw net selling in May after a brief April respite, with fixed income also underperforming.