Mexico 1st half-month Inflation came in at -0.11%, below expectations (0.1%) in June

Mexico 1st half-month Core Inflation came in at 0.19% below forecasts (0.2%) in June

USD/CAD trades higher around 1.4230 on Wednesday after earlier reaching a more-than-one-year high at 1.4239.

MUFG’s Lloyd Chan notes that Indonesian Rupiah (IDR) has been supported by Bank Indonesia’s proactive tightening and FX measures, but elevated US yields and domestic policy uncertainty are testing this buffer.

ING’s Commodities Strategist Ewa Manthey notes that Gold has sold off sharply after record highs, pressured by higher Treasury yields, a stronger Dollar and weaker ETF demand.

The British Pound (GBP) trades 0.38% lower at around 1.3150 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair faces intense selling pressure as the US Dollar outperforms due to hawkish Federal Reserve (Fed) bets.

DBS Group Research’s Philip Wee notes that the US Dollar (USD) has strengthened, with the US Dollar Index (DXY) at its highest since May 2025 after a hawkish Federal Open Market Committee (FOMC).

Gold (XAU/USD) falls on Wednesday, revisiting the seven-month low touched earlier this month as hawkish Federal Reserve (Fed) expectations and the resulting strength in the US Dollar (USD) keep the precious metal under pressure.

ING’s Francesco Pesole highlights that EUR/USD has been pressured by an equity sell-off and weak German PMIs, reinforcing a US-EU growth divergence narrative. He notes a wider EUR:USD two-year swap differential and a renewed Dollar risk premium.

Gold (XAU/USD) extends losses for the second consecutive day on Wednesday as the US Dollar Index (DXY) surges to 13-month highs near 102.00. The precious metal has breached the 4,100 line and is heading to retest Year-to-date lows, at $4,023, and probably also the $4,000 psychological level.

United States MBA Mortgage Applications: 1% (June 19) vs -3.8%

The comments from Swiss National Bank (SNB) policymaker Petra Tschudin released during the European trading session on Wednesday indicate that medium-term inflation pressures remain unchanged and the central bank is ready to intervene in the FX market if necessary.

Cardano (ADA) price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days.

Bitcoin (BTC) remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.

Discussions on the future of the Strait of Hormuz could soon gain momentum. According to Reuters, Qatar's Prime Minister is in Muscat on Wednesday to initiate, alongside Oman, a dialogue process involving Iran, the Gulf states and Iraq on the reopening and future operation of the strategic waterway.

The New Zealand Dollar (NZD) is failing to find a bottom as rising hopes of monetary tightening by the US Federal Reserve (Fed) and dismal market mood are boosting the safe-haven US Dollar (USD) on Wednesday.

EUR/JPY edges lower on Wednesday, trading around 183.55 at the time of writing, down 0.17%, as investors assess the impact of improving economic sentiment in Germany against rising intervention risks in Japan’s foreign exchange market.

Societe Generale analysts note AUD/USD remains under pressure, converging on the 0.69 area and the March–April trough near 0.6833, despite a sharp tightening in the 2‑year spread to 39bp.

MUFG’s Lee Hardman notes that EUR/USD has broken below its long-held 1.1400–1.1800 range as diverging ECB and Fed policy expectations weigh on the Euro. Softer Euro-zone data and easing energy prices are reducing pressure on the ECB to hike further, while the Fed is priced for multiple hikes.

Silver (XAG/USD) nurses marginal losses, trading a few cents above the $61.00 level on Wednesday’s European trading session.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $61.15 per troy ounce, down 0.72% from the $61.60 it cost on Tuesday.

OCBC’s Sim Moh Siong and Christopher Wong highlight that recent AI-related equity weakness has boosted safe-haven demand and supported the Dollar.

The AUD/USD pair is down 0.28% to near 0.6900 during the European trading session on Wednesday, the lowest level seen in over two months.

ING analysts Warren Patterson and Ewa Manthey note that Oil prices are grinding lower as flows from the Persian Gulf gradually recover, with ICE Brent down over 1%. They argue the sell-off looks overdone given a still-tightening market and limited recovery in Strait of Hormuz volumes.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, continues its winning streak for the third successive day and is reaching a fresh 13-month high of 101.60 during the European hours on Wednesday.

Societe Generale’s technical analysts observe EUR/GBP has formed a lower peak around 0.8690 below its 200‑day moving average and is pulling back towards the neckline of a Head and Shoulders pattern.

MUFG’s Lee Hardman highlights that USD/JPY is trading near recent highs but remains capped below the July 2024 peak of 161.95 as intervention risks rise.