Here is what you need to know on Wednesday, September 9:

The New Zealand Dollar (NZD) trades 0.13% higher at around 0.5860 against the US Dollar (USD) during the European trading session on Wednesday, but remains inside Tuesday's trading range.

EUR/GBP remains steady after experiencing volatility, hovering around 0.8580 during European hours on Wednesday. However, the currency cross may gain ground as the Euro (EUR) could receive support ahead of the looming European Central Bank (ECB) monetary policy decision.

The Japanese Yen (JPY) trades firmly against its major currency peers this week. The USD/JPY pair is down 0.63% in the European trading session on Wednesday and 1.85% so far this week at around 153.00.

The Euro (EUR) attempts to resume its uptrend against the US Dollar (USD) on Wednesday’s early European session despite the risk-off mood and the high Crude prices.

The USD/CAD pair declines to around 1.3770 during the early European session on Wednesday. Reports of a US strike on Iranian tankers and attacks on Saudi infrastructure boost crude oil prices and lift the commodity-linked Canadian Dollar (CAD).

MUFG’s Michael Wan highlights ongoing strength in the Japanese Yen, with recent USD/JPY volatility seeing the pair drop toward 152.88 before stabilizing near 153.26.

The British Pound (GBP) extends losses on Wednesday as the Japanese Yen (JPY) rallies across the board, with investors bracing for a quarter-point rate hike by the Bank of Japan (BoJ) at next week’s monetary policy meeting.

Commerzbank’s Antje Praefcke notes that EUR/USD is likely to stay relatively quiet until later in the week, when the European Central Bank (ECB) meeting and US inflation data could trigger stronger moves.

The Australian Dollar (AUD) is higher against its major currency peers, except the Japanese Yen (JPY), on Wednesday, trading 0.16% up at around 0.7230 against the US Dollar (USD) during the European session.

The GBP/USD pair trades in positive territory around 1.3550 during the early European trading hours on Wednesday. UK Chancellor John Healey unveiled a series of measures designed to encourage economic growth and draw more private investment into the UK.

The Indian Rupee (INR) extends its decline against the US Dollar (USD) on Wednesday after a sharp correction the previous day. The USD/INR pair jumps marginally above 95.00 as surging energy prices have battered the Indian currency significantly.

The EUR/JPY cross trades in negative territory near 178.50 during the early European trading hours on Wednesday.

USD/CHF loses ground for the third consecutive day, trading around 0.8090 during the Asian hours on Wednesday. The pair remains subdued as the US Dollar (USD) holds losses despite a hawkish tone surrounding the Federal Reserve (Fed) policy outlook.

The EUR/USD pair attracts fresh buyers during the Asian session on Wednesday, though it lacks bullish conviction and remains confined within the weekly range.

The USD/JPY pair loses momentum to around 153.55 during the early Asian session on Wednesday. The Japanese Yen (JPY) strengthens against the US Dollar (USD) as Bank of Japan (BoJ) policymakers opened the door for a rate hike in September.

USD/CAD remains subdued for the third successive day, trading around 1.3780 during the Asian hours on Wednesday. The currency pair loses ground as the commodity-linked Canadian Dollar (CAD) draws support from elevated oil prices, given Canada's position as one of the world's leading crude exporters.

The NZD/USD pair gathers strength to around 0.5855 during the early Asian trading hours on Wednesday. The New Zealand Dollar (NZD) edges higher against the US Dollar (USD) following Chinese economic data. Traders will keep an eye on the US inflation data later this week. 

The AUD/USD pair sticks to its positive bias through the Asian session on Wednesday and trades around the 0.7220-0.7225 area, just below its highest level since May 14, touched the previous day. Spot prices, meanwhile, moved little following the release of China's inflation figures.

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7769 compared to the previous day's fix of 6.7804 and 6.7042 Reuters estimate.

The GBP/USD pair trades with a positive bias near mid-1.3500s during the Asian session on Wednesday, though it lacks bullish conviction and remains confined within the previous day's broader range.

The EUR/USD pair gains traction to near 1.1630 during the early Asian trading hours on Wednesday. Expectations of a rate hike from the European Central Bank (ECB) provide some support to the Euro (EUR) against the US Dollar (USD). ECB President Christine Lagarde is set to speak later in the day. 

The Aussie Dollar finished Tuesday’s session flat after bouncing off daily lows of 0.7204 but failed to sustain its gains as higher oil prices pushed the Greenback higher, leaving the Aussie Dollar nearly flat, according to the US Dollar Index (DXY).

USD/JPY trades just under 154.00, roughly 40 pips lower on Tuesday after a 147-pip round trip.

The USD/JPY continued to fall for the second straight day, losing 0.40%, but found support around 153.00, with the pair set to end the session at around 153.75.

GBP/USD trades just under 1.3550 after a session that spanned 40 pips and returned two-tenths of a pip.

UOB’s Quek Ser Leang and Lee Sue Ann note GBP/USD edged higher to around 1.3545, with no significant build-up in momentum but a modest upside tilt toward 1.3565 in the near term.

The Mexican Peso remains unchanged against the US Dollar on Tuesday as market participants await the release of Mexico’s Fiscal package, which will be delivered to the Mexican Congress for approval. At the time of writing, the USD/MXN trades at 16.91 flatlined.

UOB’s Quek Ser Leang and Lee Sue Ann describe USD/CHF price action as largely directionless, with the pair closing near 0.8090 after trading in a narrow intraday range.

UOB’s Quek Ser Leang and Lee Sue Ann analysts report that EUR/USD was little changed around 1.1620 on Monday, but note a slight pickup in upward momentum.