USD/JPY fell in Asian trade off February 21 highs following earlier inflation data from Japan and ahead of US data today. 

As of 05:40 GMT, USD/JPY shed 0.50% to 110.65, with a session-low at 110.46. 

Earlier Japanese data showed services prices rose 2.1% in February, slowing down from 2.3% in January, while Tokyo mayor called on the city dwellers to avoid unnecessary excursions at the weekend.  

Residents were also encouraged to work from home whenever possible, after announcing 41 new coronavirus cases in Tokyo, with total Japanese cases mounting to 1,193, with a death toll of 43. 

From the US, GDP growth rate is expected at 2.1% for the fourth quarter of 2019, while GDP prices are estimated up 1.3%. 

Unemployment claims for the week ending March 21 are expected up by 1,367 to a total of 1.648 million. 

US goods trade deficit is expected down to $64.5 billion, while wholesale inventories are estimated down 0.2%. 

The World Health Organization warned that kids can be infected with Covid 19 just like everyone else, calling for more stringent measures against the virus. 

Global cases rose to 417 thousand in 196 countries and territories, with the death toll mounting to 18,589. 

Most of the US stock indices rose on Wednesday, amid optimism over the US Congress' vote on the huge stimulus aid package to ease the coronavirus economic impact.

The US President Donald Trump has said that he hopes that things will return to normal before Easter in mid-April.

The White House confirmed that an agreement has been reached with the US Congress on the $2 trillion stimulus package, but the vote will be later this week.

Data showed today that the US durable goods orders rose 1.2% during February.

To the oil market, WTI crude rose by 2% to close at $24.49 a barrel, with a day high of $25.2 and a low of $22.9.

Brent rose 0.9% to $27.39 a barrel, after it hit a high of $28.2 and a low of $25.6.

As for stocks, Dow Jones rose 2.4% or 495 points to close at 21,200, and hit an intraday high 22,019 and a low 20,538.

S&P 500 rose by 1.1% or 28 points to close at 2,475 with a high of 2,571 and a low of 2,407.

While Nasdaq fell by 0.4% or 33 points to 7,384 points, with a high of 7,671 and a low of 7,276 points.

Corn futures rose on Wednesday, buoyed by market expectations for a stronger demand from the US ethanol industry.

The USDA stated that the ethanol industry demand for corn will surge for the production of biofuel, and consequently agricultural commodity prices will rise.

US ethanol producers are on the cusp of supplying 2 billion gallons of biofuels by the end of this week.

Corn and other agricultural commodities rebounded on the Chicago Mercantile Exchange (CME) amid optimism over the US Congress' vote on a huge stimulus aid package.

The White House confirmed that an agreement has been reached with the US Congress on the $2 trillion stimulus package, which is the largest aid package in the US history, and it is aimed at easing the coronavirus economic impact.

This aid package is directed at providing the necessary support for US companies and industries that were impacted by the virus outbreak.

Corn May futures rose 0.6% to settle at $3.48 per bushel, after hitting a day high of $3.52 and a low of $3.45.

The British pound rose on Wednesday, amid the UK's efforts to contain the coronavirus outbreak, and following the release of strong data on the British inflation rates.

The data showed today that the UK's consumer price index rose 1.7%, slightly lower than forecasts of 1.8%, and consumer price index inflation rate rose 1.7%, more than forecasts of 1.5%.

The British PM Boris Johnson announced that the UK more than 405,000 اhave volunteered to help in the country's war against the coronavirus, despite the government asking for only 250,000 volunteers.

However, the country still suffers from a high number of infections and deaths from the deadly pandemic, which casts a shadow on the economy and the normal daily life.

GBP/USD rose by 1.1% to 1.19 as of 19:47 GMT, after the pair hit an intraday high of 1.172 and a low of 1.1642.