News

The AUD/JPY cross trades in positive territory near 93.10 during the early European session on Wednesday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) after Australia’s first quarter (Q1) economic growth missed estimates. 

Gold prices rose in Philippines on Wednesday, according to data compiled by FXStreet.

The USD/CAD pair extends its sideways consolidative price move through the Asian session on Wednesday and remains close to its lowest level since October 2024 touched earlier this week.

The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Wednesday after offering its daily gains. However, the AUD/USD pair remained in positive territory following the release of mixed economic data from Australia.

The Toronto Sun is reporting that a deal between both sides could be imminent after a speech at the Empire Club in Toronto from Trump’s new emissary to Canada, Pete Hoekstra. There were mixed opinions about Hoekstra’s speech though but the crowd was said to be stirring up speculation about a deal happening before the G7 summit.

Hoekstra noted that “I am optimistic about where this relationship is and I’m more optimistic about where I believe this relationship is going”. That got the audience going even if he was light on any details about the situation.

One source commented that “it will happen before the G7, perhaps as early as next week”, with another attendee noting that “Ottawa knows what they need to do” following Hoekstra’s talk.

And despite the idea of Trump possibly doubling tariffs, the report cites a top source in Ottawa as saying that “there is a hopeful scenario in which there could be a deal, but the next 48 to 72 hours will be crucial”. Another source added “the target from the Carney team is to have a deal before the G7”.

Well, there’s certainly a lot of hope about what this can become. And if anything, it will also feed into the broader idea that Trump would rather de-escalate from here rather than escalate the trade war – not just with Canada, but everyone else too.

As for any deal here, I would imagine it being an outline or framework about a new deal in general rather than an outright renegotiation of the USMCA. But we’ll see.

This article was written by Justin Low at www.forexlive.com.

The Indian Rupee (INR) gains ground on Wednesday. The weaker US Dollar (USD) after the downbeat economic data supports the local currency.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering over 0.5% gains in the previous session and trading around 99.20 during the Asian hours on Wednesday.

The Japanese Yen (JPY) attracts some intraday buyers following an Asian session downtick against its American counterpart and for now, seems to have stalled its pullback from a one-week high touched the previous day.

A statement from the Canadian Prime Minister’s Office was released late Tuesday, stating that “additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’.“