Italy Industrial Output w.d.a (YoY) fell from previous 1.5% to 1.3% in April

Italy Industrial Output s.a. (MoM) came in at 0.5%, above forecasts (-0.1%) in April

ING’s Warren Patterson and Ewa Manthey say China’s latest trade data for Copper are mixed, with higher unwrought Copper imports in May but lower year-to-date volumes due to stronger domestic refined output.

The Euro (EUR) ticks up for the third consecutive day against the US Dollar (USD) on Wednesday, but remains capped below a previous support zone at 1.1575, with the two-month lows, in the 1.1500 area, at hand.

Deutsche Bank’s Jim Reid describes a volatile session for US equities, with a sharp intraday tech sell-off largely reversing by the close. The S&P 500 and NASDAQ finished modestly lower, while semiconductors underperformed.

Cardano (ADA) edges lower to $0.1600 at press time on Wednesday, signaling a potential extension of the 30% loss from last week. The altcoin remains under intense selling pressure, weighing on its retail support.

Rabobank’s Global Strategist Michael Every highlights that Oil prices fell as the United States (US) energy secretary reported rising Hormuz transits, with evidence the US Navy may be moving more crude through the Strait than official data show.

MUFG’s Lloyd Chan highlights that a potentially hotter US CPI print could reinforce expectations of higher-for-longer US interest rates, underpinning broad US Dollar strength.

Austria Industrial Production (YoY) fell from previous 1.7% to 0.6% in April

The EUR/GBP cross trades on a flat note near 0.8625 during the early European trading hours on Wednesday. Traders prefer to wait on the sidelines ahead of the European Central Bank (ECB) interest rate decision on Thursday.

Here is what you need to know on Wednesday, June 10:

EUR/JPY extends its gains for the third successive day, trading around 185.30 during the early European hours on Wednesday.

UOB’s Quek Ser Leang and Lee Sue Ann describe USD/JPY as range-bound intraday between 159.90 and 160.40 after a brief spike and reversal, but maintain a slightly positive multi-day stance.

BNB (BNB), formerly known as Binance Coin, continues to extend its losses, trading below $585 at the time of writing on Wednesday, having corrected over 3% so far this week.

Silver price (XAG/USD) rebounds to near $65.00 in the European trading session on Wednesday after attracting bids at around over the two-month low of $63.45 earlier in the day.

Commerzbank’s Charlie Lay reports that Bank Indonesia delivered a surprise off-cycle 25 bp hike to 5.50%, reinforcing its focus on Rupiah stability through higher rates and FX intervention.

The Canadian Dollar (CAD) edges up against the US Dollar (USD) on Wednesday,  with the USD/CAD pair trading near1.3940 after hitting year-to-date highs at 1.3969 on Tuesday.

Danske Research Team notes that major equity indices fell, led by weakness in the tech sector, which has dropped about 7% since Friday despite a modest rebound on Monday.

ING analysts Warren Patterson and Ewa Manthey note that WTI and Brent fell sharply but see upside for Oil prices as US–Iran tensions persist and no peace deal is in sight.

UOB’s Quek Ser Leang and Lee Sue Ann describe EUR/USD price action as short-term consolidation between 1.1505 and 1.1555 after last week’s sharp drop.

Sweden New Orders Manufacturing (YoY) up to 6.3% in April from previous -7.3%

Sweden Industrial Production Value (YoY): 7.1% (April) vs 3%

Sweden Industrial Production Value (MoM) rose from previous -2% to 4.2% in April

The GBP/USD pair trades in positive territory around 1.3390 during the early European trading hours on Wednesday. Markets might turn cautious later in the day ahead of the US May Consumer Price Index (CPI) inflation report.

The USD/CNH pair trades slightly lower to near 6.7750 during the early European trading session on Wednesday. The pair faces selling pressure due to continued outperformance by the Chinese Yuan (CNY), being a trade surplus economy.

Iran's Foreign Minister Abbas Araghchi warned that its neighbours in the Gulf have a “legal and moral responsibility” to prevent American and Israeli strikes, the Guardian reported on Wednesday.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on a modest Asian session uptick and currently trades just below mid-$87.00s, nearly unchanged for the day.