EUR/USD
EUR/USD extends its losing streak for the third successive session, trading around 1.1240 during the Asian hours on Thursday. The preliminary US Q1 Gross Domestic Product (GDP) Annualized, Personal Consumption Expenditures Prices QoQ, and Initial Jobless Claims, scheduled to be released later in the day.
GBP/USD
GBP/USD pared further gains on Wednesday, stumbling for a second straight session and easing back below 1.3500 after a failed attempt to recapture 1.3600 earlier this week. Sterling markets are pulling back from the top end of a bull run that dragged Cable into multi-year highs, however momentum still favors Pound Sterling bidders.
USD/JPY
USD/JPY is off a nearly two-week high but holds sizeable gains near 146.00 early Thursday, amid news that a US federal court blocked Trump’s steep trade tariffs. Moreover, hawkish FOMC Minutes add to the US Dollar upside while the risk-on mood undermines the safe-haven Japanese Yen, providing an extra boost to the major.
AUD/USD
AUD/USD flirts with weekly lows close to the 0.6400 level in the Asian session on Thursday as US-China trade tensions continue to undermine the Aussie. Further, the demand for the US Dollar remains unabated amid cautious Fed Minutes and the US court’s tariff ruling. US data and Fedsepeak are next in focus.
NZD/USD
The NZD/USD pair gives up a majority of its initial gains and flattens around 0.5950 during North American trading hours on Wednesday. Earlier in the day, the Kiwi pair attracted bids after the Reserve Bank of New Zealand (RBNZ) reduced its Official Cash Rate (OCR) by 25 basis points (bps) to 3.25%, as expected.
USD/CAD
The USD/CAD pair edges higher to near 1.3835 during the early Asian session on Thursday, bolstered by a stronger US Dollar (USD). The second estimate of the US Q1 Gross Domestic Product (GDP) Growth Rate will take center stage later in the day, followed by the weekly Initial Jobless Claims and Pending Home Sales.
USD/CHF
The USD/CHF pair regains positive traction following the previous day’s directionless price move and jumps to over a one-week high, around the 0.8345-0.8350 area during the Asian session Thursday. Moreover, the fundamental backdrop supports prospects for an extension of a multi-day-old uptrend from sub-0.8200 levels, or a nearly three-week low touched on Monday.
CRUDE OIL
Oil prices rose in Asian trade on Thursday, encouraged by improving market sentiment after a U.S. court ruled that President Donald Trump could not proceed with his plans for reciprocal trade tariffs.
Gold price is extending its four-day bearish streak early Thursday, near $3,250. The tide seems to have turned in favor of sellers in the near term as the RSI index tests waters below the midline, currently near 49.50.
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