MUFG’s Lee Hardman notes that EUR/USD has broken below its long-held 1.1400–1.1800 range as diverging ECB and Fed policy expectations weigh on the Euro. Softer Euro-zone data and easing energy prices are reducing pressure on the ECB to hike further, while the Fed is priced for multiple hikes.

Silver (XAG/USD) nurses marginal losses, trading a few cents above the $61.00 level on Wednesday’s European trading session.

The AUD/USD pair is down 0.28% to near 0.6900 during the European trading session on Wednesday, the lowest level seen in over two months.

Societe Generale’s technical analysts observe EUR/GBP has formed a lower peak around 0.8690 below its 200‑day moving average and is pulling back towards the neckline of a Head and Shoulders pattern.

MUFG’s Lee Hardman highlights that USD/JPY is trading near recent highs but remains capped below the July 2024 peak of 161.95 as intervention risks rise.

The Euro (EUR) extends its losing streak against the US Dollar (USD) for the third trading day on Wednesday, trading 0.25% lower at around 1.1350 during the European session.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight an abrupt 1.22% plunge in AUD/USD to 0.6908, leaving the pair deeply oversold but still biased lower. Intraday, they see potential for a brief break below 0.6900 while expecting it not to hold.

Germany IFO – Expectations registered at 84.1, below expectations (85) in June

Germany IFO – Current Assessment came in at 87, above expectations (86.4) in June

Germany IFO – Business Climate in line with forecasts (85.6) in June

Switzerland ZEW Survey – Expectations: -25 (June) vs previous -11.1

XAG/USD holds ground after registering over 5% losses in the previous day, trading around $61.70 per troy ounce during the European hours on Wednesday.

Here is what you need to know on Wednesday, June 24:

OCBC’s Sim Moh Siong and Christopher Wong note that USD/JPY has broken back above 160, but intervention fears and official warnings are limiting upside relative to other G10 pairs.

The US Dollar (USD) extends its rally against the Swiss Franc (CHF) for the sixth consecutive day on Wednesday, as a tech rout in stock markets and the first cracks in the US-Iran peace deal have boosted demand for the safe-haven USD.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann stay bearish on GBP/USD after the pair slipped to 1.3183, with downside momentum modest but building. Intraday, he sees scope for a test of the major 1.3160 support, while resistance is at 1.3235.

The USD/CAD pair posts a fresh over-a-year high at around 1.4225 during the European trading session on Wednesday.

Commerzbank highlights that USD/INR has stabilised between 94.00 and 95.00 since mid-June, trading near 94.74.

The Euro (EUR) extends losses for the fourth consecutive day against the British Pound (GBP) on Wednesday. The EUR/GBP pair has lost about 0.6% so far this week and is testing the 0.8610 area at the time of writing, its lowest level in the last 10 months.

The NZD/USD pair trades in negative territory for the sixth consecutive day near 0.5655 during the early European trading hours on Wednesday.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/JPY remains in a range-trading phase intraday, projected between 161.20 and 161.80 after a narrow 161.25–161.73 session.

The USD/JPY pair trades in a limited range around 161.60 during the European trading session on Wednesday. The pair consolidates as hawkish Bank of Japan (BoJ) bets are supporting the Japanese Yen (JPY) against the US Dollar’s (USD) continued outperformance.

The Indian Rupee (INR) opens lower, as expected, against the US Dollar (USD) on Wednesday, with the USD/INR pair rising to near 94.85.

The AUD/JPY cross trades in negative territory around 111.70 during the early European trading hours on Wednesday. The Japanese Yen (JPY) strengthens against the Australian Dollar (AUD) as traders are on high alert for currency intervention from Japanese authorities.

The GBP/USD pair loses traction to around 1.3195 during the early European trading hours on Wednesday. The British Pound (GBP) softens against the US Dollar (USD) amid political instability following Keir Starmer’s resignation as Prime Minister.

The AUD/USD pair turns lower for the third straight day following a modest Asian session uptick to the 0.6920-0.6925 area and drops to a fresh low since April 7 on Wednesday.

EUR/JPY extends its losses for the third successive day, trading around 183.60 during the Asian hours on Wednesday.

The EUR/USD pair drifts lower for the third straight day – also marking the fifth day of a negative move in the previous six – and drops to over a one-year low during the Asian session on Wednesday.

USD/CHF extends its gains for the sixth successive day, reaching a seven-month high of 0.8107 during the Asian hours on Wednesday. The pair rises as the Greenback strengthens on the complex Middle East situation.

The USD/CAD pair edges lower to around 1.4205 during the Asian trading hours on Wednesday. Nonetheless, the potential downside for the pair might be limited amid rising expectations of a Federal Reserve (Fed) rate hike this year.