XAG/USD Exchange rate

USD/JPY preserves the overnight gains following the release of BoJ Minutes on Wednesday, though it remains below the 158.00 mark through the Asian session. As investors digest a joint US-Japan intervention, worries about Japan's strained fiscal condition undermine the Japanese Yen amid the wide BoJ-Fed rate gap. However, optimism over a US-Iran peace deal, along with receding Fed-hike bets, keeps US Dollar bulls on the back foot and caps the currency pair.

AUD/USD trades around mid-0.7000s during the Asian session on Wednesday, near its highest level since June 17, with bulls awaiting a breakout through the 100-day SMA before positioning for further gains. Crude oil prices hang near a four-week low amid hopes for a US-Iran peace deal and the full reopening of the Strait of Hormuz. This helps ease inflation fears and temper Fed rate hike bets, keeping US Dollar bulls on the defensive and supporting the currency pair.

Gold extends Monday’s optimism and approaches the $4,100 mark per troy ounce on Tuesday. The yellow metal’s recovery remains on a positive footing as uncertainty surrounding US-Iran peace efforts and the Fed’s policy outlook keeps traders prudent.