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Russia Industrial Output below forecasts (1.8%) in February: Actual (0.2%)

EUR/USD traded with slight weakness on Wednesday's session after the European close, seen hovering around the 1.0800 zone.

The Pound Sterling depreciated against the US Dollar on Wednesday as UK inflation came in softer than expected, while investors scrutinized the Spring Budget.

Minneapolis Fed President Neel Kashkari reiterated that there is still job to be done regarding inflation.

United States EIA Crude Oil Stocks Change: -3.341M (March 21) vs previous 1.745M

The AUD/USD pair exhibits indecisiveness around 0.6300 during North American trading hours on Wednesday.

China Lifecos are already on the bid in Gold. The Shanghai Gold exchange admitted four Chinese Life Insurance companies as members of the exchange, enabling them to purchase Gold as part of a pilot program that could grow the network of Gold buyers and create a massive new buying impulse, TDS' Senior Commodity Strategist Daniel Ghali notes.

While delivering the Spring Budget, UK Chancellor of the Exchequer Rachel Reeves noted that they will bring forward 3.25 billion Sterling of investment to reform public services, per Reuters.

The UK's Office for Budget Responsibility (OBR) said on Wednesday that the UK's long-term fiscal outlook remains very challenging amid the uncertainty surrounding the full impact of changes to welfare policies, per Reuters.

Durable Goods Orders in the US rose by 0.9%, or $2.7 billion, in February to $289.3 billion, the US Census Bureau reported on Wednesday. This reading followed a 3.3% increase (revised from 3.1%) reported in January and came in better than the market expectation for a decrease of 1%.

United States Durable Goods Orders above expectations (-1%) in February: Actual (0.9%)

United States Durable Goods Orders ex Transportation came in at 0.7%, above forecasts (0.2%) in February

United States Durable Goods Orders ex Defense fell from previous 3.5% to 0.8% in February

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is currently bouncing off the 104.00 mark and consolidates on Wednesday ahead of the US Durable Goods Orders data for February.

Silver price (XAG/USD) holds onto gains near $33.80 in European trading hours on Wednesday.

US Dollar (USD) is expected to trade in a 7.2540/7.2700 range vs Chinese Yuan (CNH).

USD/JPY is up near 150.50. Bank of Japan Governor Kazuo Ueda reiterated the bank’s guidance that it will continue to raise interest rates if its economic outlook is realized, BBH's FX analysts report.

US Dollar (USD) is expected to consolidate vs Japanese Yen (JPY) between 149.40 and 150.50.

In precious metals, exchange-traded funds (ETFs) added 23 tonnes of Gold in the last trading session, the biggest one-day increase since 2022, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

New Zealand Dollar (NZD) is likely to continue to trade in a range, probably between 0.5715 and 0.5755.