Speaking to the media on Wednesday, the economy Minister of Japan, Yasutoshi Nishimura said the yen remains relatively stable and calm.

He said that it’s difficult for Tokyo to lift the state of emergency as of now.

The government and Bank of Japan (BOJ) are determined not to allow deflation, he noted.

While the markets await the speech of the Chairman of the Federal reserve system (FRS) Jerome Powell to be held today, USD/JPY is around 107.20 against cool sentiment risk.

GBP/USD has recovered but remains below 1.23 amid a cautious market mood and as UK monthly GDP dropped by 5.8% in March, better than a plunge of 8% expected. Quarterly GDP is down 2%, also beating projections.

EUR/USD is trading around 1.0850, in range. Fears of a second wave of coronavirus in Europe and the US is holding markets back. Fed Chair Powell’s speech is awaited.

Market sentiment is mixed, with stocks stabilizing after a decline on Tuesday, while the dollar is slightly lower against most currencies except the new Zealand dollar, which has suffered in the future. Jerome Powell, Chairman of the Federal reserve system, stands out.

Gold prices (XAU/USD) trade listless so far this Wednesday, moving back and forth in a $6 range just above the 1700 level, awaiting a clear direction from the US Federal Reserve (Fed) Chairman J. Powell’s speech.

The US oil prices are lacking a clear directional bias for the sixth straight day. West Texas Intermediate’s front-month contract is sidelined near $25.35 at press time. Prices have been restricted to a range of $26.74 to $22.58 since last Wednesday. 

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