The Canadian Dollar (CAD) modestly outperforms the US Dollar (USD) on Wednesday, drawing support from a rebound in Oil prices as the war in the Middle East intensifies again following a brief calm. At the time of writing, USD/CAD trades around 1.4093, trapped within a week-old range.

BNY’s Geoff Yu notes Japan’s Government Pension Investment Fund (GPIF) has hired active domestic bond managers for the first time in five years to improve expertise and diversification amid volatile JGB markets. The fund’s domestic bond portfolio has suffered losses despite strong overall returns.

GBP/JPY extends its subdued price action on Wednesday, forming a series of small-bodied candlesticks after briefly climbing above 219.00 earlier this month, its highest level since December 2007. At the time of writing, the cross trades around 217.50.

The British Pound (GBP) has given away previous gains against the US Dollar (USD) on Wednesday and remains practically flat in the daily chart, trading below 1.3300, on track to complete a nearly 1.20% decline over the last two weeks.

Rabobank's Senior FX Strategist Jane Foley discusses how the Federal Reserve (Fed) and Bank of Japan (BoJ) decisions could shape USD/JPY, noting that Fed Chair Warsh’s stance on forward guidance adds uncertainty.

Societe Generale analyst highlight that AUD/USD is offered below 0.6950 after softer June Consumer Price Index (CPI), with markets scaling back expectations for an RBA hike.

The Euro (EUR) holds marginal gains against the US Dollar on Wednesday after finding some support in the mid-range of the 1.1300s earlier this week but remains unable to find acceptance above 1.1400.

The Euro (EUR) is nursing moderate losses against the British Pound (GBP) on Wednesday, as bulls failed to find acceptance above the 0.8575 resistance area on Tuesday.

ING’s Francesco Pesole notes that EUR/USD may have bottomed last week if markets maintain a constructive view on further geopolitical de-escalation. He argues a sustained move above 1.15 still requires dovish Federal Reserve (Fed) repricing and stabilised risk sentiment.

MUFG’s Lee Hardman reports that the Swiss Franc (CHF) continues to weaken versus the Euro, with EUR/CHF reaching new highs as widening yield differentials favour the Euro.

The British Pound (GBP) is marginally higher at around 1.3300 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair edges up as the US Dollar ticks lower ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.

The US Dollar (USD) holds gains near 13-month highs against the Swiss Franc (CHF), with the USD/CHF pair trading a few pips shy of 0.8200, set for a 1.3% monthly rally.

USD/CAD extends its losses for the second consecutive day, trading around 1.4090 during the European hours on Wednesday.

Silver (XAG/USD) shows a moderate bullish tone on Wednesday, following a two-day reversal, with price action returning to levels above the $58.00 line at the early European trading session.

Commerzbank’s Antje Praefcke argues that the FOMC under Chair Kevin Warsh is likely to deliver a "hawkish hold", with markets already pricing at least one Fed rate hike by year-end.

The Japanese Yen (JPY) has trimmed some losses against the US Dollar (USD) on Wednesday, but USD/JPY dips have been capped above previous highs, in the 163.30 area so far.

The Euro (EUR) ticks higher against the US Dollar (USD) at around 1.1393 during the European trading session on Wednesday. The major currency pair edges up as the US Dollar is slightly down ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.

Commerzbank’s Antje Praefcke argues that the FOMC under Chair Kevin Warsh is likely to deliver a "hawkish hold", with markets already pricing at least one Fed rate hike by year-end.

The AUD/USD pair attracts sellers for the third straight day on Wednesday and dives to an over two-week trough following the release of softer Australian consumer inflation figures.

The Indian Rupee (INR) opens marginally lower against the US Dollar (USD) on Wednesday after a three-day winning streak. The USD/INR pair rebounds to near 95.85 as oil prices have rebounded strongly due to revived geopolitical risks.

The NZD/USD pair struggles to build on the overnight bounce from the 0.5860 horizontal support and seesaws between tepid gains/minor losses during the Asian session on Wednesday.

EUR/JPY moves little after registering modest gains in the previous day, trading around 186.60 during the Asian hours on Wednesday. The currency cross is maintaining a bullish near-term tone as it holds above both the nine-period and 50-period Exponential Moving Averages (EMAs).

EUR/USD holds ground for the second successive day, trading around 1.1390 during the Asian hours on Wednesday.

The USD/CAD pair is seen consolidating around the 1.4100 mark during the Asian session as traders keenly await the outcome of a two-day FOMC policy meeting, due later this Wednesday.

The AUD/JPY cross extends this week's retracement slide from the 114.65 zone, or its highest level since June 3, and attracts some follow-through selling for the second straight day.

AUD/USD depreciates for the second successive day, trading around 0.6970 during the Asian hours on Wednesday. The pair falls as the Australian Dollar (AUD) continues to struggle following the release of domestic Consumer Price Index (CPI) data.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7899 compared to the previous day's fix of 6.7928.

The Yen trades a fraction under 164.00 on Tuesday, marginally weaker on the day, inside a 30-pip band with a floor above 163.50 and a high a few ticks beneath the standing cycle extreme.

The Aussie trades just beneath 0.7000 on Tuesday, down around 0.25% and last in the G10 queue, after a Sydney address from the Reserve Bank of Australia's Governor gave the hike case nothing to eat.

The Euro trades just under 1.1400 on Tuesday, around 0.15% firmer, after a session that ran from a shade above 1.1350 to a fraction over 1.1400.