EUR/USD
EUR/USD retraces its recent gains from the previous session, trading around 1.1620 during the Asian hours on Thursday. Traders will likely observe Eurozone HICP data scheduled to be released later in the day. Focus will shift toward the US Retail Sales data for June, due later in the North American session.
GBP/USD
GBP/USD retains its intraday negative bias heading into the European session on Thursday and remains close to its lowest level since May 20 amid renewed US Dollar buying. Traders now look to the UK employment details for a fresh impetus. In the meantime, Wednesday’s hot UK consumer inflation increased the likelihood that the BoE will delay any rate cuts.
USD/JPY
The Japanese Yen (JPY) recovers a few pips from the daily low against a broadly firmer US Dollar (USD), though any meaningful upside still seems elusive. The growing acceptance that the Bank of Japan (BoJ) would forgo raising interest rates this year turns out to be a key factor behind the JPY’s relative underperformance since the beginning of this month. The bets were reaffirmed by data released earlier this Thursday, which showed that Japan clocked a smaller-than-expected trade surplus in June.
AUD/USD
The Australian Dollar (AUD) declines against the US Dollar (USD) on Thursday, retracing its recent gains from the previous session. The AUD/USD pair further depreciates following the release of disappointing employment data from Australia, reinforcing the case for the Reserve Bank of Australia (RBA) easing.
NZD/USD
The NZD/USD pair attracts some sellers to around 0.5925 during the Asian trading hours on Thursday. The cautious trades and the prospect of the US Federal Reserve (Fed) maintaining its current interest rates underpin the US Dollar (USD) against the New Zealand Dollar (NZD). The US June Retail Sales will take center stage later on Thursday.
USD/CAD
The USD/CAD pair attracts some dip-buying during the Asian session on Thursday and climbs further beyond the 1.3700 mark amid a broadly firmer US Dollar (USD). Spot prices have now reversed the previous day’s retracement slide from a three-week high and seem poised to appreciate further.
USD/CHF
The US Dollar jumped higher against the Swiss Franc on Tuesday and Wednesday, as the strong US Consumer Price Index cast doubt on any Fed rate cut in the near term. The pair, however, is struggling to find acceptance above 0.8020 on Thursday, with investors awaiting the release of June’s US PPI.
CRUDE OIL
Oil prices rose on Thursday, reversing declines in the previous three sessions, buoyed by stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.
Gold price attracts fresh sellers amid renewed USD buying and reduced Fed rate cut bets. A generally positive risk tone is seen as another factor undermining the precious metal. Persistent trade-related uncertainties could limit losses for the safe-haven commodity.
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