Eyes on European inflation data, US ADP report

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The market remains relatively muted in the middle of the week as investors wait for inflation data from the euro area. In the second half of the day, the ADP's new employment report for the private sector.

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will be featured in the American Economic Docket. In early European dawn, U.S. stock index futures are up more than 0.5% and the benchmark 10-year U.S. Treasury bond yield is stable at around 3.1%.

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After closing the second straight day almost unchanged on Tuesday, the US dollar index continues to move downwards from 109.00.

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EUR/USD managed to stay above parity on Tuesday and recorded small daily gains. The annual harmonized index of consumer prices (HICP) in the euro area is expected to rise to 9% from 7.9% in the August flash estimate.

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Several European Central Bank (ECB) policymakers expressed a desire to consider a 75 basis point rate hike in September and helped the common currency remain resilient against its rivals.

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Several European Central Bank (ECB) policymakers expressed a desire to consider a 75 basis point rate hike in September and helped the common currency remain resilient against its rivals.

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Meanwhile, with the Nord Stream pipeline closed for maintenance for three days, gas flows to Europe came to a complete halt and natural gas futures rose as much as 5% in European mornings.

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With crude oil prices falling nearly 5% on Tuesday, the USD/CAD pair gained bullish momentum and climbed to the 1.3100 zone before moving into the consolidation phase below that level on Wednesday.

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GBP/USD recorded its lowest daily close at 1.1655 on Tuesday since March 2020. The pair erased a portion of their daily losses early Wednesday but it continues to trade below 1.1700.

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