GBPUSD is trading below 1.2800, staying on the defensive for the third successive day this Wednesday. Modest US Dollar weakness is turning out to be a key factor weighing on the major. The downside appears limited ahead of Thursday's BoE decision. US ADP coming up next.  Gold Price clings to mild gains as it bounces off the lowest levels in three weeks. However, the metal’s current position remains elusive to lure the XAUUSD buyers as it stays beneath the key supports. NZD is dropping in line with other pro-cyclical currencies after the US credit downgrade. Nonetheless, economists at ING expect the NZDUSD pair to recover in the coming weeks. EURUSD is holding recovery gains near 1.1000 in the early European session on Wednesday. The pair is finding support from a broadly weaker US Dollar, as investors stay cautious amid the US debt rating downgrade and ahead of the key US ADP jobs data. New statements from the Federal Reserve surprise the markets... regarding interest and inflation   Atlanta Federal Reserve Bank President Rafael Bostick on Tuesday urged the US Federal Reserve to be careful not to overdo monetary policy with signs of slowing inflation.   Meanwhile, Chicago Fed President Austan Goolsby also said Tuesday that while the latest data gives him hope that inflation can ease without a hard recession in the economy, he would like to see more development in that direction before it stops. The central bank to raise interest rates. #BrokerNews# #FX# #trading# #NewTraders# #TradeNotes# #community#