Australia will publish the June monthly employment report on Thursday at 01:30 GMT, and market participants expect a modest increase in job creation in the land Down Under.

GBP/JPY holds firm on Wednesday, with the cross-pair trading above the 218.00 figure, as sellers seem to have the upper hand, after a break of a key support trendline, which could open the door for further losses. At the time of writing, the cross trades at 218.16, down 0.05%.

USD/CHF registers solid gains on Wednesday, with buyers reclaiming the 0.8100 figure amid a trading session in which the Greenback loses ground against most G8 FX currencies but posts gains versus the haven status of the Swiss Franc. The pair trades at 0.8146, up more than 0.20%.

EUR/JPY trades marginally higher near the 186.20 area on Wednesday as the Japanese Yen (JPY) remains under pressure near multi-decade lows. The Euro (EUR) is relatively stable as investors avoid taking large positions ahead of the European Central Bank’s (ECB) monetary policy announcement.

Silver (XAG/USD) trades with modest gains on Wednesday, supported by a slight pullback in the US Dollar (USD). However, the metal lacks strong upside momentum as traders weigh energy-driven inflation risks and their impact on the Federal Reserve’s (Fed) interest-rate outlook.

EUR/GBP edges higher on Wednesday as a mixed UK inflation report weighs modestly on the British Pound (GBP). At the time of writing, the cross trades around 0.8533, extending its recovery after falling to its lowest level in more than a year earlier this month.

The Pound Sterling holds firm during the North American session, as UK inflation data dipped, easing pressure on the Bank of England to tackle higher prices, while attacks between the US and Iran don’t seem to be ending in the Middle East. The GBP/USD trades at 1.3377.

Russia Producer Price Index (YoY) increased to 10.5% in June from previous 9.4%

Russia Producer Price Index (MoM) declined to -0.1% in June from previous 2.5%

USD/CAD edges lower on Wednesday as a mildly softer US Dollar (USD) and rising Oil prices help the Canadian Dollar (CAD) snap a two-day losing streak. At the time of writing, the pair trades around 1.4085, down 0.16% on the day.

NZD/USD trades around 0.5815 on Wednesday at the time of writing, down 0.16% on the day.

AUD/USD trades near 0.7000 on Wednesday, recovering from an intraday pullback but remaining marginally lower on the day. The pair briefly fell toward 0.6985 before rebounding, while the US Dollar Index (DXY) slipped toward 101.10, helping the Australian Dollar regain some ground.

The Japanese Yen (JPY) gives up earlier gains on Wednesday, failing to capitalize on hawkish signals from the Bank of Japan (BoJ) and a softer US Dollar (USD) as Middle East tensions keep markets on edge.

EUR/USD trades around 1.1415 at the time of writing on Wednesday, up 0.15% on the day, but its recovery remains limited after failing to break above 1.1420.

BNY’s Geoff Yu notes that Bank of Japan (BoJ) officials are reported open to raising rates faster than economists expected as Japanese Yen (JPY) weakness lifts inflation risks.

BNY's Geoff Yu notes that India’s central bank (RBI) has stepped in to support the Indian Rupee (INR) as rising energy costs threaten external balances and FX volatility. iFlow shows INR is currently underheld versus earlier in the year.

Rabobank’s Senior FX Strategist Jane Foley discusses Japanese Yen (JPY) prospects, focusing on USD/JPY. Foley highlight that intervention by the Ministry of Finance (MoF) alone is unlikely to change the pair’s direction without improved Japanese fundamentals.

Chris Turner at ING notes EUR/USD has held up relatively well despite energy price gains and wider natural gas prices.

The Euro (EUR) reversed earlier gains against the Japanese Yen (JPY) on Wednesday, following hawkish comments by Bank of Japan’s (BoJ) policymakers. The pair, however, remains a few pips below 186.00 at the time of writing, with the five-week high of 186.19 at a short distance.

Societe Generale analysts highlight USD/JPY trading in breakout territory above 163 for the first time in nearly four decades, with support around 162.20 and resistance near 164.40.

USD/CHF trades around 0.8120 at the time of writing on Wednesday, down a modest 0.09% on the day, but remains supported by a strong risk-off environment that favors the US Dollar (USD).

NZD/USD extends its losing streak for the fifth successive day, trading around 0.5810 during the European hours on Wednesday.

The GBP/JPY cross attracts some intraday sellers on Wednesday and slides below the 218.00 mark during the first half of the European session. Spot prices remain, however, confined within the previous day's broader range amid the supportive fundamental backdrop.

The Australian Dollar (AUD) underperforms its major currency peers, trading marginally down at around 0.7000 against the US Dollar (USD) during the European trading session on Wednesday.

GBP/USD remains steady after four days of losses, trading around 1.3370 during the European hours on Wednesday. The pair is holding a mildly bearish near‑term bias as spot remains capped beneath the 50‑day and nine-day Exponential Moving Averages (EMAs).

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report AUD/USD has eased after testing above 0.7020, with intraday price action now seen consolidating between 0.6985 and 0.7020.

The Euro’s (EUR) modest upside attempt against the US Dollar (USD) witnessed during Wednesday’s Asian session has been short-lived. The EUR/USD pair was capped below 1.1420, before pulling back to levels a few pips above 1.1400 during the European trading session.

MUFG’s Derek Halpenny highlights persistent Japanese Yen weakness as USD/JPY trades at levels last seen in 1986, with low volatility undermining the Ministry of Finance’s case for intervention. He notes limited contagion in Japanese bonds but rising inflation and political pressure.

The Japanese Yen (JPY) attracts significant bids against its major currency peers during the European trading session on Wednesday. The USD/JPY pair falls vertically to near 162.65, but quickly recovers some losses and rebounds to around 162.90.

The EUR/JPY cross attracts some sellers after an intraday move up to a one-month high and drops to the 185.75-185.70 area during the early part of the European session on Wednesday.