Daily market news

The USD/CAD pair falls sharply to near 1.4180 during European trading hours on Wednesday. The Loonie pair faces an intense sell-off as the US Dollar (USD) takes bullet for United States (US) President Donald Trump raising import duty on China to 104%.

UD Dollar (USD) has gathered downward momentum vs Japanese Yen (JPY), but it might not be able to break below 145.00.

The NZD/USD pair is stabilizing near 0.5560 during Wednesday’s European session after three consecutive days of losses.

Citing sources with direct knowledge of the European Central Bank (ECB) thinking, Reuters reported on Wednesday that the “Eurozone growth is expected to take a bigger hit from US President Donald Trump’s tariffs than the ECB earlier estimated.”

West Texas Intermediate (WTI) Oil continues to decline for the second consecutive day, trading near $57.70 during early European hours on Wednesday.

The USD/CHF pair extends its downside to near 0.8435 during the early European session. The Swiss Franc (CHF) edges higher against the US Dollar (USD) as traders seek refuge from the intensifying market turmoil caused by US President Donald Trump’s sweeping tariffs and fears of a global recession.

The EUR/USD pair rises to near 1.1065 during the early European session on Wednesday. The US Dollar (USD) weakens against the Euro (EUR) after US President Donald Trump's tariff policy takes effect.

The NZD/USD pair stages a modest recovery from levels below the 0.5500 psychological mark, or the lowest since March 2020  touched earlier this Thursday after the Reserve Bank of New Zealand (RBNZ) announced its policy decision.

The GBP/USD pair advances for a second straight session, trading near 1.2820 during Asian hours on Wednesday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.25 during the early Asian session on Wednesday. The WTI price extends the decline near a four-year low due to US President Donald Trump’s trade war rhetoric, growing recession fears in the US and weak global demand.