BNY’s Head of Markets Macro Strategy Bob Savage notes that the Australian Dollar is trading above 0.71, its highest level since February 2023, as markets price a roughly 70% chance of another 25 bp RBA hike in May.

EUR/USD came under brief pressure on Wednesday as a surprisingly firm US jobs report boosted the US Dollar (USD) and weighed on the Euro (EUR). At the time of writing, the pair trades around 1.1875, after sliding about 68 pips to an intraday low near 1.1833 in the immediate reaction to the data.

Rabobank’s Jane Foley highlights that UK political uncertainty around Prime Minister Starmer’s leadership is limiting Pound relief, with EUR/GBP holding near 0.8700 and GBP the weakest G10 currency on a 5‑day view.

MUFG’s Lee Hardman reports that the Australian Dollar has gained nearly 6.5% against the US Dollar this year, supported by the RBA’s early rate hikes and hawkish comments from Deputy Governor Andrew Hauser.

Silver (XAG/USD) climbs on Wednesday, reversing the previous day’s losses as a softer US Dollar (USD) offers support ahead of the delayed US Nonfarm Payrolls (NFP) report due at 13:30 GMT. At the time of writing, XAG/USD is trading near $85.60, up almost 5.70% on the day.

The Pound (GBP) has retraced losses against the US Dollar (USD) on Wednesday, but failed to find acceptance at weekly highs above 1.3700 and has pulled back to the 1.3680 area at the time of writing.

NZD/USD trades around 0.6060 on Wednesday at the time of writing, up 0.25% on the day, and posts a nearly two-week high amid persistent US Dollar (USD) weakness. The bullish move comes as investors position cautiously ahead of the release of the US Nonfarm Payrolls (NFP) report.

MUFG’s Lee Hardman notes that the Japanese Yen has extended its rebound after Japan’s lower house election, with USD/JPY dropping from 157.76 to 152.80 and moving closer to late-January lows.

The US Dollar (USD) has bounced up from fresh11-day lows at 152.80 against the Japanese Yen (JPY) on Wednesday, and is trading at the 153.25 area at the time of writing.

Germany 30-y Bond Auction fell from previous 3.49% to 3.47%

EUR/JPY continues its correction for a third consecutive day and trades around 182.70 on Wednesday at the time of writing, down 0.50% on the day.

The Aussie Dollar (AUD) has ticked down from fresh three-year highs at 0.7128 against the US Dollar, but remains steady above previous highs of 0.7095, as investors brace for the US Non-farm Payrolls release, due later on the day, and the Australian Consumer Inflation Expectations report, on Thursda

The Euro (EUR) nudges up against the US Dollar (USD) on Wednesday but remains trapped in the previous days' range, trading near 1.1910 at the time of writing, more than 1% above last week's lows.

The Euro (EUR) edges down against the British Pound (GBP) on Wednesday but keeps most of the gains taken over the previous days, with the seven-week high at the 0.8745 area at a short distance.

BNY’s EMEA Macro Strategist Geoff Yu notes that the ECB’s February decision has capped further Euro strength, with the Governing Council likely comfortable with current guidance and a high bar for reacting to currency moves.

GBP/USD recovers its recent losses from the previous session, trading around 1.3680 during the European hours on Wednesday. The technical analysis of the daily chart indicates a sustained bullish bias, as the pair trades within an ascending channel pattern.

Here is what you need to know on Wednesday, February 11:

Nomura analysts note EUR/USD’s move above 1.20 and subsequent pullback, highlighting ECB concerns about excessive Euro strength.

MUFG’s Michael Wan notes that softer US data have pushed US 10-year Treasury yields lower and led Fed fund futures to fully price a June rate cut.

Philip Wee at DBS Group Research highlights an upside bias in EUR/USD, expecting the pair to oscillate around 1.19 rather than 1.18 in early February.

The USD/CAD pair remains under some selling pressure for the fourth straight day and drops to a nearly two-week trough on Wednesday.

Silver price (XAG/USD) gains ground for the second consecutive day, trading around $82.60 per troy ounce during the early European hours on Monday.

The USD/JPY pair tumbles to near 153.15 during the early European trading hours on Wednesday. Traders pour into Japanese stocks in anticipation of stimulus flowing to consumers and Japanese companies, boosting demand for the Japanese Yen (JPY).

Scotiabank analysts Shaun Osborne and Eric Theoret note the Pound is slightly softer versus the Dollar, underperforming most G10 currencies despite hawkish comments from BoE’s Mann hinting at reluctance for further easing.

The EUR/USD pair gains traction to near 1.1915 during the early European session on Wednesday, bolstered by a weaker US Dollar (USD).

The AUD/USD pair catches fresh bids following the previous day's modest slide and climbs to a fresh high since February 2023, beyond the 0.7100 mark during the Asian session on Wednesday.

The AUD/JPY cross loses ground around 109.15 during the early European session on Wednesday. Foreign inflows into Japanese equities following Prime Minister Sanae Takaichi's landslide election victory increase demand for the Japanese Yen (JPY) against the Australian Dollar (AUD). 

USD/CHF depreciates after registering modest gains in the previous session, trading around 0.7660 during the Asian hours on Wednesday.

The GBP/JPY cross prolongs its weekly downtrend for the third consecutive day and drops to its lowest level since December 19 during the Asian session on Wednesday. Spot prices currently trade around mid-209.00s, down nearly 0.50% for the day, and seem vulnerable to slide further.

The NZD/USD pair regains positive traction following the previous day's modest decline and climbs to a nearly two-week high during the Asian session on Wednesday.