Swiss National Bank (SNB) Chairman Martin Schlegel said during the European trading session on Wednesday that the central bank has increased its readiness to intervene in the Forex market.

EUR/GBP trades around 0.8635 on Wednesday at the time of writing, with limited movement on the day as investors assess a fresh batch of revised macroeconomic data from the Eurozone and the United Kingdom (UK).

TD Securities strategists highlight upcoming US data, expecting the ISM Services Index to rise, supported by new orders and supply chain issues linked to the Iran conflict.

The New Zealand Dollar (NZD) depreciates for the third consecutive day against a stronger US Dollar (USD) on Wednesday, hitting lows below 0.5900.

MUFG’s Derek Halpenny argues that strong United Kingdom (UK) credit and mortgage data, alongside elevated UK front-end yields, support the case for further Bank of England (BoE) tightening.

The Japanese Yen (JPY) reflects a sudden jump against its major currency peers in the European trading session on Wednesday. There is a noticeable uptick in the Asia-Pacific currency against its peer, pushing EUR/JPY over 0.3% down to near 185.40.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $74.30 per troy ounce, down 1.10% from the $75.13 it cost on Tuesday.

Iran's Foreign Ministry has stated during the European trading session on Wednesday that it condemns United States (US) strikes on Iranian tanker and Qeshm island.

UOB strategists Quek Ser Leang and Lee Sue Ann note AUD/USD failed to retest 0.7135 and instead held in a tight 0.7153–0.7187 band, but still sees a soft tone with scope for a drift toward 0.7150.

Eurozone’s HCOB Composite Purchasing Managers’ Index (PMI) has been revised higher to 48.5 in May, better than the flash reading and estimates of 47.5. This signifies that the overall business activity continues to contract, but at a moderate pace.

Danske Research Team notes that EUR/DKK hit a new historic high at 7.4739, with the Danish central bank refraining from FX intervention in May. They argue that while the bank shows patience with upward pressure, continued strength would likely prompt action to cap EUR/DKK.

Societe Generale notes the USD/ZAR downtrend has paused after an interim low near 15.63 in January, with the pair struggling to reclaim its 200-day moving average. A recent pivot high around 16.80–16.92 forms key resistance, whose break would confirm a larger bounce.

Eurozone Producer Price Index (YoY) above forecasts (4.8%) in April: Actual (4.9%)

Eurozone Producer Price Index (MoM) came in at 0.6%, above forecasts (0.4%) in April

The Institute for Supply Management (ISM) is scheduled to release the May Services Purchasing Managers Index (PMI) on  Wednesday. Market participants anticipate a modest improvement, with the index forecast at 53.8, up from 53.6 in April.

Dow Jones futures decline 0.55% below 49,350, while S&P 500 futures lose 0.09% to near 7,620. Meanwhile, Nasdaq 100 futures inch lower 0.01%, trading near 30,700 during the European hours on Wednesday, ahead of the US regular opening.

The AUD/USD pair drops to the 0.7150 area during the first half of the European session on Wednesday, reversing the previous day's positive move amid a broadly firmer US Dollar (USD).

Bank of Japan (BoJ) Governor Kazuo Ueda reaffirms that the direction of the monetary policy remains on the upside, while speaking at the Kisaragi-kai Meeting on Wednesday.

Ondo (ONDO) is trading in the green, up 7% at press time on Wednesday, following the announcement of early access to Ondo Perps the previous day. Retail sentiment surrounding Ondo is building momentum as it expands into equity derivatives backed by tokenized Real World Assets (RWAs).

Chris Turner at ING highlights that last year’s US Dollar (USD) debasement trade favoured the Swiss Franc (CHF), Gold and bitcoin, but a more hawkish Fed view could reverse this.

The Japanese Yen (JPY) bounced up from five-week lows against the US Dollar (USD) on Wednesday, turning positive on the daily chart, as Japan’s Prime Minister Sanae Takaichi warned that Tokyo is ready to take action against Yen weakness.

United Kingdom S&P Global Composite PMI came in at 49.7, above expectations (48.5) in May

United Kingdom S&P Global Services PMI registered at 49.3 above expectations (47.9) in May

USD/IDR trades near the record high of 18,037 reached on Wednesday. The US Dollar (USD) remains firmly on the front foot, driving the currency pair higher as a sharp escalation of geopolitical tensions in the Middle East fuels a sweeping wave of safe-haven demand.

MUFG’s Michael Wan highlights that stronger-than-expected US labour data have pushed US yields higher and supported the Dollar.

The USD/CAD pair attracts fresh buyers following the previous day's directionless price moves and sticks to modest intraday gains, around mid-1.3800s, through the first half of the European session on Wednesday.

TD Securities strategists Prashant Newnaha and Alex Loo note that Australian Q1 Gross Domestic Product (GDP) matched the Reserve Bank of Australia’s (RBA) 0.3% q/q implied forecast, but highlight that household and government spending are weak while data centre investment props up activity.