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.

USD/INR moves little on Wednesday after registering modest losses in the previous session. The Indian Rupee (INR) is supported by equity inflows and broad-based US Dollar (USD) weakness. However, INR gains may be limited as persistent Greenback demand from local corporates caps the upside.

Pound Sterling (GBP) advances against the US Dollar (USD) after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday.

AUD/USD recovers its recent losses registered in the previous session, trading around 0.7090 during the Asian hours on Wednesday.

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9438 compared to the previous day's fix of 6.9458 and 6.9109 Reuters estimate.

The USD/CAD pair trades in negative territory for the fourth consecutive day near 1.3550 during the early Asian session on Wednesday. Higher crude oil prices continue to underpin the commodity-linked Canadian Dollar (CAD) against the Greenback.

The USD/JPY pair remains on the back foot below mid-154.00s through the Asian session on Wednesday and looks to build on its heavy losses registered over the past two days. Traders, however, seem reluctant and might opt to wait for the delayed release of the US monthly employment details.

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GBP/USD pulled back on Tuesday after Monday's strong bounce from the 1.3510 low, closing at 1.3641, down 0.39% on the session.

USD/JPY is trading in a choppy, range-bound structure on the daily chart, oscillating between the January high near 159.450 and the late-January swing low at 152.100.

The New Zealand Dollar is trading in a well-defined uptrend on the daily chart, with price holding above both the 50 Exponential Moving Average (EMA) at 0.5874 and the 200 EMA at 0.5845 after a strong rally from the late November low near 0.5580.