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Societe Generale argues that a mildly restrictive Federal Reserve stance and potential hawkish adjustments to the SEP could support the Dollar against G10 and EM currencies.

ING commodities strategists Warren Patterson and Ewa Manthey note that Copper prices have come under pressure following a sharp increase in exchange inventories. LME Copper stocks have risen to their highest level since 2019, driven by inflows into Taiwan and Baltimore.

A spokesperson for Qatar's foreign ministry said on Wednesday that Iran's South Pars gas field is an extension of Qatar's North Field, per Reuters.

EUR/GBP holds firm on Wednesday after paring earlier losses, as steady Eurozone inflation data underpins the Euro (EUR), leaving the British Pound (GBP) under modest pressure.

US Producer Prices rose 3.4% in February from a year earlier, according to the latest figures from the Bureau of Labour Statistics (BLS). The print came in well above estimates (2.9%) and the 2.9% gain recorded in the previous month.

EUR/JPY trades around 183.50 on Wednesday at the time of writing, remaining virtually unchanged on the day as investors stay cautious ahead of the European Central Bank (ECB) and Bank of Japan (BoJ) monetary policy decisions on Thursday.

The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday, a pivotal meeting for markets to gauge the stance of the world’s most important central bank after an energy shock that could put the Fed’s dual mandate in tension.

BNY’s EMEA Macro Strategist Geoff Yu notes that Emerging Market FX carry trades remain resilient despite the Middle East conflict, with only INR and RON now underheld among 12 high-yielders.

TD Securities analysts project further loosening in UK labour conditions, with employment falling, unemployment rising to its COVID peak of 5.3%, and wage growth easing but still elevated.

DBS’s Philip Wee notes that Japanese authorities have sharply escalated verbal intervention as the Japanese Yen weakens toward 160 against the Dollar, citing speculative moves and rising living costs.