West Texas Intermediate (WTI) oil price declines after registering more than 3% gains in the previous day, trading around $91.90 per barrel during the Asian hours on Wednesday. Crude oil prices decline as traders weigh potential progress toward a US-Iran peace agreement.

Bank of Japan (BoJ) Governor Kazuo Ueda said that identical oil price hike can produce varied impacts based on wages, expectations, demand, and currency rates, Reuters reported on Wednesday.

Ethereum (ETH) treasury firm BitMine Immersion expanded its digital asset holdings last week after acquiring 111,942 ETH.

The EUR/USD pair trades on a flat note near 1.1640 during the early Asian session on Wednesday. However, the potential upside for the major pair might be limited amid renewed tensions in the Middle East after Iran threatens to retaliate after US strikes on launch sites and boats.

Japan Corporate Service Price Index (YoY) fell from previous 3.1% to 3% in April

The Islamic Revolutionary Guard Corps (IRGC) threatened to retaliate after the United States (US) carried out strikes on southern Iran in “self-defence,” CNN reported on Tuesday.  The IRGC also claimed that 25 vessels, including oil tankers, transited Hormuz during the “last day and night.”

Gold price (XAU/USD) loses ground to around $4,500 during the early Asian session on Wednesday. The precious metal extends the decline as fresh US military strikes on Iran dimmed hopes of a peace deal and reinforced concerns that persistent inflation could keep interest rates higher for longer. 

The Australian Dollar registers modest gains of 0.14% against the Japanese Yen as improved risk appetite increased demand for riskier currencies, eroding the Yen's safe-haven status.  At the time of writing, the AUD/JPY trades at 114.17, after reaching a daily low of 113.78.

The Australian Dollar has spent the better part of a year bullying its trans-Tasman cousin, and the scoreboard is lopsided. AUD/NZD has just tagged its highest level since around 2013, up roughly 14% from its July low, closing higher in eight of the last ten months and on pace to make it eleven.

South Korea BOK Manufacturing BSI rose from previous 72 to 80 in June

MUFG’s Lloyd Chan highlights that macro headwinds continue to pressure the Indonesian Rupiah, with higher US yields, elevated Oil prices and narrowing rate differentials weighing on IDR against the Dollar.

Strategy announced Tuesday it has repurchased $1.5 billion in aggregate principal of its 0% Convertible Senior Notes due 2029 for approximately $1.38 billion in cash, reflecting an 8% discount to par.

The Reserve Bank of New Zealand (RBNZ) is widely expected to hold the Official Cash Rate (OCR) at 2.25% for the third consecutive meeting, as the impact of the Iran war continues to hit the economic growth and fuel inflation pressures.

Cable looks dead this week, and that is not an accident. The Bank of England (BoE) and the Federal Reserve (Fed) have quietly become the same central bank.

There is something almost comic about a central bank that spent a year insisting rates needed to come down, only to find itself staring at inflation heading the wrong way.

Standard Chartered economists Saurav Anand and Siddharth Sadasivam note that the Central Bank of Sri Lanka raised policy rates by 100bps to curb inflation, cool credit-driven imports and support the LKR.

The Australian Dollar hovers at around its Tuesday’s opening price during the North American session, with traders awaiting the release of the Aussie’s Consumer Price Index (CPI) report on Wednesday. Meanwhile, geopolitics are weighing on the AUD/USD, which is trading flat at 0.7170.

 Minneapolis Fed President Neel Kashkari said that the central bank could begin “a series of” rate increases as inflation rises, sparked by the Middle East conflict, in comments to Nikkei as he visits Tokyo for two days to attend the Bank of Japan's annual conference.

UOB’s Global Economics & Markets Research, led by Enrico Tanuwidjaja and Vincentius Ming Shen, highlights that Indonesia’s wider current and financial account deficits increase downside risks for the Rupiah.

BNY cites comments from ECB Executive Board member Isabel Schnabel arguing for a June rate increase, as Middle East energy shocks create persistent inflation pressures.

The highlight in the Australian economic docket this week is the April Consumer Price Index (CPI) figures, which are expected to be released by the Australian Bureau of Statistics (ABS) on Wednesday at 01:30 GMT.

Commerzbank’s Singapore team highlights that Singapore’s Q1 Gross Domestic Product (GDP) was revised sharply higher to 6.0% year-on-year, with strong AI-related demand and robust construction and services activity. Inflation remains contained near the lower end of MAS’s forecast range.

The USD/JPY recovers some ground, rising by over 0.25%, as buyers ignore the intervention zone, with the pair clearing the 159.00 figure and aiming to challenge the 159.50 area. At the time of writing, the pair trades at 159.38.

Gold (XAU/USD) price tumbles more than 1.60% on Tuesday as the US Dollar (USD) strengthens on renewed haven demand following US strikes in southern Iran. At the time of writing, XAU/USD trades below the $4,500 mark after reaching a daily high of $4,580.

AUD/USD trades in a narrow range on Tuesday, even as the US Dollar (USD) strengthens on fading hopes for a quick resolution to the Middle East war after US forces carried out fresh strikes in southern Iran, overshadowing ongoing diplomatic efforts between Washington and Tehran.

According to ING’s Deepali Bhargava, India has temporarily contained consumer inflation from higher Oil prices by capping retail fuel pass-through, leaving CPI impacts modest so far.

In an exclusive interview with FXStreet, Bitget CEO Gracy Chen addresses one of the crypto industry’s cautionary tales: the roughly 90% crash of the Mantra (OM) token on April 13, 2025.