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EUR/USD drifts into a key midrange figure early Wednesday as European and US Purchasing Managers’ Index (PMI) figures loom over the market for the mid-week trading session.
The Canadian Dollar (CAD) fell on Wednesday, pushed lower across the FX market as the Loonie struggles under the weight of a dovish Bank of Canada (BoC) that is still extremely cautious on rate cuts with Canadian inflation not expected to return to the BoC’s 2% target until 2025.
Indian Rupee (INR) trades on a softer note on Tuesday. The Reserve Bank of India (RBI) Governor Shaktikanta Das stated last week that cutting the key policy rate would be premature until the 4% inflation target is achieved on a durable basis.
The USD/JPY cycled around the 148.00 handle on Monday as traders gear up for the Bank of Japan’s (BoJ) latest rate statement on Tuesday, coming ahead of another round of Japanese inflation figures slated for Friday with the Tokyo Consumer Price Index (CPI).
GBPUSD Weekly Forecast:pair ends week at 1.27000 after volatile trading, eyeing central bank insights & data releases for potential shifts in bullish sentiment.