USD/JPY closed Wednesday 0.92% lower just above 158.00, the largest single-session decline since the early-August intervention, and Tokyo did not lift a finger for it.

GBP/USD closed Wednesday 0.53% higher just above 1.3600, its best close in three months, and the United Kingdom inflation report that opened the session had almost nothing to do with it. Sterling spent the London morning up barely twenty pips on the day.

The New Zealand Dollar (NZD) rallies against the US Dollar (USD), pushing north of the 0.5930 mark. The move is driven by broad weakness in the Greenback rather than anything out of New Zealand.

Australia will release the July monthly employment report on Thursday at 01:30 GMT. Ahead of the announcement, analysts anticipate a modest 15K increase in job creation, while the Unemployment Rate is expected to remain steady at 4.4%.

The shared currency gained over 0.85% during the North American session on Wednesday, even though the latest Federal Reserve minutes had a “hawkish” tone, with some participants, along with the three dissenters, suggesting that raising rates could be necessary if the disinflation process stalls.

Silver (XAG/USD) trades sharply higher on Wednesday, changing hands near $65.80. The metal is riding a broad rally across precious metals with Gold (XAU/USD) soaring toward $4,500.

The USD/CHF tumbles nearly 2% on Wednesday as a US Treasury announcement of a buyback sent the Greenback into a tailspin, as US Treasury yields also dive. The pair trades at 0.7979 after reaching a high of 0.8128.

AUD/USD holds firm near a two-and-a-half-month high on Wednesday, supported by broad US Dollar (USD) weakness, while technical indicators point to further upside. At the time of writing, the pair trades around 0.7118, up 0.43% on the day, after reaching an intraday high of 0.7129.

The Mexican Peso rallies to a two-year high of 16.94 as the US Dollar weakens amid falling US yields, which retreated after the US Treasury doubled the size of its long-duration bond buyback. The USD/MXN trades at 16.95, down 0.27%.

NZD/USD rises sharply on Wednesday and trades around 0.5930 at the time of writing, up 0.96% on the day. The New Zealand Dollar (NZD) benefits primarily from broad weakness in the US Dollar (USD), as the sharp decline in US Treasury yields reduces the appeal of the Greenback.

EUR/GBP trades on the front foot on Wednesday, pushing up to the vicinity of a two-week high near the 0.8570 region as the Euro holds firm against a softer British Pound (GBP). The pair has cleared its recent range after a run of green candles on the 4-hour chart.

Russia Producer Price Index (YoY) fell from previous 10.5% to 6.6% in July

The Pound Sterling climbs against the Greenback on Wednesday as the US Treasury stepped up in the markets to offer liquidity support via a buyback of longer-dated bonds, a day after the US 30-year yield hit its highest level since 2007.

The Japanese Yen (JPY) extends its intraday gains on Wednesday as the US Dollar (USD) comes under fresh selling pressure following a sharp decline in longer-term US Treasury yields. At the time of writing, USD/JPY trades around 158.47, its lowest level in more than a week.

USD/CAD declines on Wednesday and trades around 1.3810 at the time of writing, down 0.62% on the day.

BNY’s Geoff Yu reports the Reserve Bank of Australia remains concerned about inflation, with Deputy Governor Andrew Hauser saying further rate hikes cannot be ruled out.

EUR/USD climbs sharply on Wednesday, reaching its highest level since June as the US Dollar (USD) comes under fresh selling pressure following the US Treasury’s announcement that it will increase buybacks of longer-dated government debt.

Rabobank’s Senior FX Strategist Jane Foley notes AUD/USD is currently on the back foot, with the Australian Dollar the weakest G10 currency on a one-day view. Despite market doubts, Rabobank still expects one more Reserve Bank of Australia (RBA) rate hike this year.

BNY’s Geoff Yu highlights European Central Bank (ECB) President Christine Lagarde’s warning that Europe’s post-war growth model is eroding as global trade fragments and cheap energy fades.

USD/JPY edges lower on Wednesday as the US Dollar (USD) loses momentum and retreats toward the June lows touched earlier this week. At the time of writing, the pair trades around 159.10, down 0.32% on the day.

The Australian Dollar (AUD)has bounced up from intra-week lows against the US Dollar (USD) on Friday, although the daily chart remains negative.

The British Pound (GBP) is up 0.2% to near 1.3557 against the US Dollar (USD) during the European trading session on Wednesday.

Brown Brothers Harriman’s (BBH) Elias Haddad reports the Australian Dollar is underperforming as bond yields fall after Q2 wage growth matched expectations. Haddad argues this outcome will keep the RBA on hold, with private sector wage gains at a four‑year low.

EUR/JPY trades around 184.70 on Wednesday at the time of writing, edging 0.03% lower on the day.

Commerzbank FX analysts Norman Liebke and Michael Pfister see the Brazilian Real (BRL) supported by the Brazilian Central Bank’s (BCB) hawkish stance and still-elevated real interest rates.

EUR/USD rises after registering minor losses in the previous day, trading around 1.1600 during the European hours on Wednesday. The pair holds ground as the Euro (EUR) remains stronger following the release of Eurozone Harmonized Index of Consumer Prices (HICP) data for July.

The Swiss Franc (CHF) appreciates moderately on Wednesday, as the US Dollar (USD) pulls back against major peers, with investors bracing for the release of the minutes of July’s Federal Reserve (Fed) monetary policy meeting, due later on the day.

Commerzbank FX analysts Charlie Lay and Moses Lim see USD/INR staying broadly stable as the Reserve Bank of India (RBI) keeps the policy repo rate at 5.25% and remains in wait-and-see mode.

The US Dollar (USD) resumes its broader bearish trend with the Canadian Dollar (CAD) drawing support from higher Oil prices and a deal with the US to pause 50% tariffs on Canadian exports.

Derek Halpenny at MUFG notes that UK July CPI came in broadly as expected, with the headline rate rising to 2.9% mainly on higher utility bills, while services inflation eased.