EUR/USD
EUR/USD keeps its range at around 1.1800 in European trading on Thursday. The pair trades with caution as the US Dollar finds its feet amid US-Vietnam trade deal optimism. Traders, however, refrain from placing fresh bets on the pair ahead of the critical US Nonfarm Payrolls data release.
GBP/USD
GBP/USD is rebounding above 1.3650 in the European trading hours on Thursday. The Pound Sterling shrugs off looming UK fiscal concerns amid a steady US Dollar as traders reposition ahead of the US June employment data for June due later in the day.
USD/JPY
The Japanese Yen (JPY) remains on the back foot against a mildly positive US Dollar (USD) for the second straight day, pushing the USD/JPY pair back closer to the 144.00 mark heading into the European session on Thursday. The global risk gets a minor lift as a trade agreement between the US and Vietnam eased concerns over prolonged trade tensions, which, in turn, undermines the safe-haven JPY. Furthermore, US President Donald Trump’s threat to impose more tariffs on Japan over its alleged unwillingness to buy American-grown rice turns out to be another factor weighing on the JPY.
AUD/USD
The Australian Dollar remains consolidating gains near the year-to-date highs at 0.6590. The negative impact from a lower-than-expected Australian trade Surplus in May has been contained above 0.6560 on Thursday, and the pair has retraced previous losses as the US Dollar drifts lower ahead of the US Nonfarm Payroll report.
NZD/USD
The NZD/USD pair attracts some sellers to around 0.6070 during the early European session on Thursday. The New Zealand Dollar (NZD) edges lower against the Greenback as China’s services activity growth hits a nine-month low in June. Traders will take more cues from the US June employment data, which will be published later on Thursday.
USD/CAD
The USD/CAD pair extends its losses after registering nearly 0.50% losses in the previous session, trading around 1.3590 during the European hours on Thursday. A bearish sentiment is prevailing as the pair moves downwards within the descending channel pattern, suggested by the technical analysis of the daily chart.
USD/CHF
USD/CHF retraces its recent gains registered in the previous session, trading around 0.7920 during the Asian hours on Thursday. The pair maintains its position around 0.7872, the lowest since September 2011, recorded on July 1. Traders await Swiss Consumer Price Index (CPI) data to gain further impetus on the Swiss National Bank’s (SNB) policy outlook, due later in the day.
CRUDE OIL
Oil prices fell on Thursday after gaining 3% in the previous session as investors are wary higher U.S. tariffs may be reinstated, which could cause lower fuel demand, and as major producers are expected to announce an output hike.
Gold price struggles to capitalize on its modest intraday bounce from the vicinity of the $3,340 area and holds steady near the top end of the weekly range through the first half of the European session. Traders seem reluctant and opt to wait for the release of the US Nonfarm Payrolls (NFP) report for cues about the Federal Reserve’s rate-cut path.
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