United States EIA Crude Oil Stocks Change below forecasts (-2.9M) in May 15: Actual (-7.864M)

USD/CAD trades with a mild upside bias on Wednesday, supported by a firmer US Dollar (USD), while a modest pullback in Crude Oil prices weighs slightly on the commodity-linked Canadian Dollar (CAD). At the time of writing, the pair is trading around 1.3760, hovering near one-month highs.

ING strategist Frantisek Taborsky highlights that risk-off global sentiment is pressuring Central and Eastern European (CEE) currencies, pushing EUR/PLN and EUR/CZK towards the upper ends of recent ranges.

Geoff Yu at BNY highlights that Latin American (LatAm) equities have attracted strong inflows thanks to improved terms of trade and resilient currencies.

OCBC's FX Strategist Christopher Wong observes the Dollar Index (DXY) remains supported as higher UST yields and a softer risk tone underpin demand for the greenback. Christopher Wong emphasises the move is driven more by rates and risk-off dynamics than strong US fundamentals.

Scotiabank’s strategists Shaun Osborne and Eric Theoret report that USD/CAD is trading around 1.3773 as the Canadian Dollar (CAD) underperforms following a downside Consumer Price Index (CPI) surprise.

The Euro (EUR) weakens against the British Pound (GBP) on Wednesday, with EUR/GBP extending losses for a third consecutive day as traders digest the latest inflation data from both the United Kingdom and the Eurozone.

The Minutes of the United States (US) Federal Reserve’s (Fed) April 28-29 monetary policy meeting will be published on Wednesday at 18:00 GMT.

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner highlight that higher real US yields and a bond market sell-off are reinforcing Dollar strength. They argue the move is driven by inflation concerns, making it supportive for USD.

NZD/USD trades around 0.5850 on Wednesday at the time of writing, up 0.22% on the day. Despite the moderate gains, the New Zealand Dollar (NZD) upside remains limited as the US Dollar (USD) continues to benefit from defensive demand driven by geopolitical risks.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann keep a mildly constructive stance on USD/JPY, expecting consolidation between 158.75 and 159.25 in the near term.

Rabobank's Senior FX Strategist Jane Foley note that reduced expectations for aggressive Bank of England (BoE) tightening are weighing on the British Pound (GBP), even as recent United Kingdom (UK) labour and Consumer Price Index (CPI) data have eased market nerves.

Ripple (XRP) rises above $1.37 at the time of writing on Wednesday, after testing a short-term support at $1.35.

Dash (DASH) is up 12% on Wednesday, extending Monday’s 5% gain toward the $50 milestone.

BNY’s Bob Savage highlights that Bank Indonesia (BI) surprised markets with a 50bp rate hike to 5.25% to stabilize the Rupiah (IDR). Governor Perry Warjiyo underscored intensified FX interventions and improved monetary tools to keep inflation within the 1.5–3.5% target for 2026–2027.

OCBC’s Christopher Wong notes USD/JPY has pushed back toward 159, driven largely by US rates dynamics rather than domestic Japanese factors. He highlights rising intervention risk as the pair approaches the 160–161 zone, with officials signalling readiness to act against excessive FX moves.

Bitcoin (BTC) preserves its $77,000 support following the recent drawdown from its May peak around $82,500.

Gold (XAU/USD) holds firm on Wednesday after falling 1.85% the previous day, as a pause in the global bond sell-off helps reduce upward pressure on Treasury yields and offers some support to the non-yielding metal.

ING’s Francesco Pesole maintains a bearish bias on EUR/USD, noting markets have raised the bar for trading positive Middle East headlines. He highlights 1.1570 as key support and recalls the early-March break below 1.160.

Crude Oil prices ease from recent highs on Wednesday but remain above the key $100 level, with the US benchmark West Texas Intermediate (WTI) consolidating gains above $102.00 at the time of writing, as tensions between the US and Iran grow.

USD/JPY trades around 159.05 at the time of writing on Wednesday, virtually unchanged on the day, as investors balance several opposing factors surrounding the Japanese Yen (JPY) and the US Dollar (USD).

Brown Brothers Harriman’s (BBH) Elias Haddad reports GBP/USD is trading below 1.3400 after United Kingdom (UK) inflation undershot expectations, easing pressure on the Bank of England (BoE).

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, reflects strength ahead of the United States (US) stock markets' opening near its six-week high of 99.40.

TD Securities’ Global Strategy Team expects the April FOMC minutes to clarify how many participants backed removing the easing bias and how divided the committee was after several hawkish dissents.

Bitcoin (BTC) recovers, trading above $77,000 after finding support around the key Exponential Moving Averages (EMAs) earlier this week. Fading institutional demand keeps the lid on Crypto King’s recovery as spot Exchange Traded Funds (ETFs) recorded continuous outflows so far this week.

South Africa Retail Sales (YoY): 2.6% (March) vs 1.6%

United States MBA Mortgage Applications down to -2.3% in May 15 from previous 1.7%