EUR/USD
The EUR/USD pair extends its weekly uptrend and climbs to the 1.1530 area or the highest level since April 22 during the Asian session on Thursday. Moreover, the fundamental backdrop favors bullish traders and suggests that the path of least resistance for spot prices is to the upside.
GBP/USD
GBP/USD found some bullish tailwinds on Wednesday, erasing the previous session’s gains and climbing back into the 1.3550 level. Cooler-than-expected US Consumer Price Index (CPI) inflation figures from the initial post-tariff reference period bolstered investor hopes for Federal Reserve (Fed) interest rate cuts later this year, and US Producer Price Index (PPI) business-level inflation will follow up on Thursday.
USD/JPY
USD/JPY battles 144.00, holding the recent pullback from a two-week high as rising bets for imminent Fed rate cuts, bolstered by softer US CPI, keep the US Dollar depressed near the monthly low. Escalating MidEast geopolitical tensions and a slight deterioration in the risk sentiment support the safe-haven Japanese Yen.
AUD/USD
AUD/USD meets fresh supply and gives up 0.6500 in Thursday’s Asian trading, resuming the overnight pullback from the YTD peak. Despite a broadly weaker US Dollar and rising Australian Consumer Inflation Expectations, the Aussie loses ground as Middle East geopolitical tensions escalate.
NZD/USD
The NZD/USD pair gathers strength to around 0.6035 during the early Asian session on Thursday. Cooler-than-expected US inflation data and rising bets of a Federal Reserve (Fed) rate cut in September exert some selling pressure on the Greenback. The US Producer Price Index (PPI) and weekly Initial Jobless Claims will be the highlights later on Thursday.
USD/CAD
The USD/CAD pair remains on the defensive around 1.3665 during the early Asian session on Thursday. The US Dollar (USD) weakens against the Canadian Dollar (CAD) due to poor US inflation data and rising bets of a Federal Reserve (Fed) rate cut in September.
USD/CHF
The Swiss Franc (CHF) is receiving a slight boost against the US Dollar (USD) during the late American session on Wednesday, with a weaker Greenback driving gains.
CRUDE OIL
Oil prices dipped in Asian trading on Thursday after rallying sharply in the previous session as the U.S. authorised voluntary departures for military dependents in the Middle East amid rising tensions with Iran, stoking fears of supply disruptions.
Gold price is sitting at fresh weekly highs near the $3,380 neighborhood, building on the previous upswing early Thursday. Gold buyers closely eye the Middle East geopolitical tensions and the US Producer Price Index data for a fresh leg north.
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