The Euro (EUR) is entering Wednesday’s NA session with a decent 0.5% gain, a mid-performer among the G10 in the context of a broadly weaker US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) is up marginally vs. the US Dollar (USD) and continuing to underperform its G10 peers for a second consecutive session, trading with the broader trend but with moves of a smaller magnitude, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The USD/CAD pair remains under pressure for the second consecutive day, trading flat near 1.3950 during Wednesday’s European trading hours.

The US Dollar (USD) is weakening broadly into Wednesday’s NA session, extending Tuesday’s CPI driven-decline and retracing most of its US/China-trade related relief gains from the start of the week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is adding to its losses and dives toward the 100-marker, near 100.60 on Wednesday.

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The Mexican Peso (MXN) posts a second consecutive day of gains on Wednesday against the US Dollar (USD),  slipping below 19.40 ahead of key commentary from Federal Reserve (Fed) officials that could influence the monetary policy outlook.

EUR/USD moves higher to near 1.1250 during European trading hours on Wednesday, extending Tuesday’s gains.

The Pound Sterling (GBP) demonstrates a mixed performance against its major peers on Wednesday as investors reassess market expectations for the Bank of England’s (BoE) monetary policy outlook for the remainder of the year after the release of the labor market data for the three months ending March

The GBP/JPY pair corrects to near 194.45 during European trading hours on Wednesday from its four-month high of 196.40 posted earlier in the day.

Gold (XAU/USD) dips back to $3,235 on Wednesday while the worst of the selling pressure seems to be over due to a softer US Dollar (USD).  The softer-than-expected inflation reading for April released on Tuesday, gave markets a push to head into Risk On assets, with the widely-feared inflation shock

The US jobs market has continued to cool, ING's FX analyst Francesco Pesole notes.

The dollar gave back almost all of its post-China-deal gains in one session.

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EUR/USD is back to trading close to the 1.120 mark, entirely driven by the swings in the dollar following the US-China deal and CPI numbers, ING's FX analyst Francesco Pesole notes.

ICE Brent rallied by almost 2.6% yesterday, reaching its highest since late April. A weaker USD following a cooler-than-expected US consumer price index (CPI) provided some tailwinds to the oil market.

The Australian Dollar (AUD) strengthened further against the US Dollar (USD) on Wednesday, with the AUD/USD pair rising close to the 0.6500 psychological level, up nearly 2% so far this week, buoyed by a combination of weaker US Consumer Price Index (CPI) data and stronger-than-expected wage growth

Another 25bp rate cut by the Reserve Bank of New Zealand on 28 May seems likely. Markets are fully pricing it in, following the RBNZ’s previous indications that growth remains a major concern, ING's FX analysts Francesco Pesole and Chris Turner note.

US Dollar (USD) is likely to trade sideways between 7.1850 and 7.2100. In the longer run, renewed downward momentum suggests 7.1700 is back in sight, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The USD/JPY pair plunges to near 145.80 during European trading hours on Wednesday. The pair faces a sharp sell-off as the US Dollar (USD) has been hit hard by the soft United States (US) Consumer Price Index (CPI) data for April.

USD and the Australian dollar are the biggest beneficiaries in G10 from a de-escalation in US-China trade tensions, ING's FX analysts Francesco Pesole and Chris Turner note.

US Dollar (USD) is likely to trade in a range between 146.70 and 148.20. In the longer run, further USD strength is likely, but it could first trade in a range for a few days; the level to monitor is 149.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/CAD observed volatility has eased back significantly, as the loonie seems to be trading again as an extension of US-growth sentiment – and is therefore more correlated with USD, ING's FX analysts Francesco Pesole and Chris Turner note.

New Zealand Dollar (NZD) is likely to rise further; it is unlikely to be able to break clearly above 0.5965. In the longer run, outlook is mixed; NZD is expected to trade in a 0.5835/0.6030 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Pound Sterling (GBP) is holding up quite well as UK Prime Minister Keir Starmer delivers some wins on trade and geopolitics, ING's FX analysts Francesco Pesole and Chris Turner note.

Scope for further Australian Dollar (AUD) strength against the US Dollar (USD), but any advance is likely part of a higher range of 0.6420/0.6515. In the longer run, to continue to rise, AUD must break and hold above 0.6515, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Germany 30-y Bond Auction climbed from previous 2.83% to 3.12%

In an interview with National Public Radio (NPR) on Wednesday, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted that some parts of the April inflation report represent the lagged nature of the data, adding that the Fed is still holding its breath.

United Kingdom 10-y Bond Auction up to 4.673% from previous 4.638%

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.