President of the Federal Reserve (Fed) Bank of Minneapolis Neel Kashkari defended Jerome Powell, the Fed chair, and said that interest rates should be held steady this month in an interview with the New York Times on Wednesday.

President of the Federal Reserve (Fed) Bank of Philadelphia Anna Paulson said on Wednesday that she sees further rate cuts later this year if the forecast meets their expectations.

United States Business Inventories came in at 0.3%, above forecasts (0.2%) in October

United States Existing Home Sales (MoM) above forecasts (4.21M) in December: Actual (4.35M)

United States Existing Home Sales Change (MoM) up to 5.1% in December from previous 0.5%

Renewed geopolitical tensions and rising oil volatility have reconnected EUR/NOK with crude dynamics, setting the stage for potential NOK strength if supply risks escalate, Société Générale's FX analysts Olivier Korber and Kit Juckes reports.

EUR/CHF is gradually moving higher as easing geopolitical tensions trigger a partial unwind of the Swiss Franc’s (CHF) safe-haven premium, Société Générale's FX analysts Olivier Korber and Kit Juckes reports.

US Producer Prices rose 3.0% in November from a year earlier, according to the latest figures from the Bureau of Labour Statistics (BLS). The print came in above estimates and October’s 2.8% gain.

United States Producer Price Index ex Food & Energy (YoY) increased to 2.9% in October from previous 2.6%

United States Producer Price Index ex Food & Energy (MoM) rose from previous 0.1% to 0.3% in October

United States Producer Price Index (YoY) climbed from previous 2.7% to 2.8% in October

United States Producer Price Index (MoM): 0.1% (October) vs previous 0.3%

United States Producer Price Index ex Food & Energy (YoY) came in at 3%, above forecasts (2.7%) in November

United States Producer Price Index ex Food & Energy (YoY) increased to 3% in October from previous 2.6%

United States Producer Price Index (YoY) above expectations (2.7%) in November: Actual (3%)

United States Producer Price Index (MoM): 0.2% (October) vs previous 0.3%

United States Producer Price Index ex Food & Energy (YoY) came in at 3.5%, above expectations (2.7%) in November

United States Producer Price Index (YoY) climbed from previous 2.7% to 3% in October

United States MBA Mortgage Applications climbed from previous 0.3% to 28.5% in January 9

USD/CNH remains just above this week’s cyclical low near 6.9600 as China’s December trade data exceeded expectations, with both exports and imports showing solid year-on-year growth, BBH FX analysts report.

European Union (EU) Commission President Ursula von der Leyen announced the allocation of funds for Ukraine’s military and budget support during the European trading session on Wednesday.

US Dollar (USD) is likely to trade in a range between 6.9650 and 6.9800. In the longer run, USD remains neutral but is now expected to trade in a lower range of 6.9520/6.9900, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

United Kingdom 10-y Bond Auction: 4.456% vs previous 4.613%

Japan’s Ruling Ishin Party Leader Yoshimura said during European trading hours on Wednesday that Prime Minister (PM) Sanae Takaichi will call a snap election at the beginning of the parliamentary session.

Silver has extended its breakout and is approaching the upper boundary of a steep ascending channel near $96.50–$97.00, with momentum indicators at multi-year highs despite clear signs of an overstretched trend, Société Générale's FX analysts note.

Pullback has scope to extend; the major support at 1.3390 is unlikely to come under threat. In the longer run, GBP is likely in a range-trading phase between 1.3390 and 1.3520, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

A US delegation led by JD Vance and Marco Rubio meets Danish and Greenlandic officials today, but markets have so far priced little risk from US threats, leaving only modest scope for any geopolitical premium to unwind, ING's FX analyst Francesco Pesole notes.

European Central Bank (ECB) Vice President Luis de Guindos said in a speech during European trading hours on Wednesday that there are noticeable downside growth risks due to geopolitical woes.

Bank of England (BoE) policymaker Alan Taylor said in a summit at National University of Singapore that he expects interest rates to fall to their neutral levels soon.

Japan Chief Cabinet Secretary Seiji Kihara said during European trading hours on Wednesday that the government could intervene due to one-way excessive moves against the Japanese Yen (JPY).