The prospect of the ECB starting its easing cycle before the Federal Reserve and the Bank of England and delivering more rate cuts than both institutions this year may put downward pressure on the euro against the U.S. dollar and sterling in the near term.

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Precious metals have eased slightly in the wake of the elevated CPI report. Both gold and silver currently test significant levels of resistance

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The European Central Bank left all three official rates unchanged as expected. Traders are now focusing on the press conference for any clues on when the ECB will start cutting rates

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Japanese finance officials issued a further warning centered around the volatility of recent yen weakness, explicitly mentioning USD/JPY levels currently in play

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The U.S. dollar rallied vigorously on Wednesday, fueled by hotter-than-expected U.S. inflation numbers – an upswing that propelled USD/JPY to a fresh 2024 peak and its highest level since June 1990.

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