EUR/USD
The EUR/USD pair extends its upside to near 1.1690 during the Asian trading hours on Thursday. The US Dollar (USD) weakens against the Euro (EUR) as investors are concerned about the future independence of the US Federal Reserve (Fed). The final US Q1 Gross Domestic Product (GDP) Growth Rate will be in the spotlight later on Thursday.
GBP/USD
GBP/USD gained more ground as the US Dollar waffles across the board, extending into a third straight day of firm gains and clipping its highest bids in four and a half years. Several central bank policymakers from both the Bank of England (BoE) and the Federal Reserve (Fed) made appearances through the first half of the week, and the trend is expected to continue through the remainder of it.
USD/JPY
USD/JPY is holding sizeable losses below the 145.00 mark in the Asian session on Thursday amid the prevailing US Dollar selling bias, fueled by Trump’s fresh threat to replace Fed Chair Powell. Moreover, the divergent Fed-BoJ policy expectations weigh on the pair amid the cautious market mood.
AUD/USD
AUD/USD is building on the positive move above the 0.6500 psychological mark as a divide on rate cut between the Fed policymakers alongside US President Trump’s attack on the Fed’s credibility smashes the US Dollar to three-year lows. Further, easing Middle East geopolitical tensions acts as a tailwind for the risk-sensitive Aussie.
NZD/USD
The NZD/USD pair trades in positive territory around 0.6050 during the early Asian session on Thursday. The US Dollar (USD) weakens against the Kiwi due to concerns about the future independence of the US Federal Reserve (Fed). Traders brace for the US economic data, including the final Q1 GDP Growth Rate, Durable Goods Orders, and weekly Initial Jobless Claims, which are due later on Thursday.
USD/CAD
The USD/CAD pair trades with mild losses around 1.3720 during the early Asian session on Thursday. The Greenback remains weak as traders continue to assess the ceasefire in the Middle East and the cautious tone from Federal Reserve (Fed) Chair Jerome Powell.
USD/CHF
USD/CHF moves sideways after registering approximately 1% losses in the previous session, trading around 0.8050 during the European hours on Wednesday. The pair moves little following the release of the Swiss ZEW Survey Expectations, which eased to a 2.1 decline for June, against the previous 22 decline.
CRUDE OIL
Oil prices inched higher, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East.
Gold price (XAU/USD) is trading with a mild positive bias for the second consecutive day on Thursday, albeit lacking follow-through amid mixed fundamental cues. The US Dollar (USD) sinks to its lowest level since March 2022 as US President Donald Trump’s fresh attack fuels concerns about the potential erosion of the US Federal Reserve’s (Fed) independence. Adding to this, the growing acceptance that the US central bank will lower borrowing costs further this year turns out to be a key factor acting as a tailwind for the non-yielding yellow metal.
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