The US Dollar (USD) nudges higher for the second consecutive day against the Japanese Yen (JPY) on Wednesday, trading at 159.75 at the time of writing, with the key 160.00 level, considered a line in the sand for Tokyo intervention, coming closer.

UOB’s strategists Quek Ser Leang and Lee Sue Ann note AUD/USD is consolidating after failing to extend gains beyond 0.7200, trading instead between 0.7151 and 0.7195 and closing near 0.7183.

The 100 day MA comes in at 1.3731

Bank of Canada (BoC) Rate Decision:

Actual 2.25%

Forecast 2.25%

Previous 2.25%

The Bank of Canada maintained its policy interest rate at…

The 100 and 200 hour MAs are converged at the 1.3666 level, and will be a barometer for buyers and sellers today. The central banks are expected to keep rates unchanged

Rising oil is keeping the EUR/USD forecast tilted to the downside ahead of policy decisions from both the Federal Reserve and the European Central Bank.

A hawkish Bank of Japan hasn’t been able to stop the yen selling

European currencies are currently moving cautiously, shifting into a consolidation phase after their recent rally. Both EUR/USD and GBP/USD previously broke

Societe Generale analysts notes that the Bank of Canada (BoC) is expected to keep its policy rate at 2.25% for a fourth consecutive meeting, while higher inflation expectations could push rates toward the neutral range midpoint later this year.

The Euro (EUR) is trading lower against the US Dollar (USD) for the second consecutive day on Wednesday, retreating below 1.1700 at the time of writing, from 1.1720 highs during the Asian session, yet moving within previous days’ ranges.