EUR/USD
EUR/USD enters a bullish consolidation mode above 1.1750 in early Europe on Thursday. Traders refrain from placing fresh bets ahead of the EU and US preliminary PMI data and the European Central Bank policy announcements. The ECB is widely expected to hold policy rates in July amid the US-EU trade deal uncertainty.
GBP/USD
GBP/USD posts modest gains while heading toward 1.3600 in the European morning on Thursday. The pair maintains its position near two-week highs as the US Dollar remains subdued amid risk-on sentiment, driven by the optimism over further trade deals between the United States and its key trading partners.
USD/JPY
The Japanese Yen (JPY) prolongs its uptrend against a broadly weaker US Dollar (USD) for the fourth straight day and jumps to an over two-week high during the Asian session on Thursday. The announcement of the US-Japan trade deal earlier this week eased market concerns about the potential economic fallout from higher tariffs and also seems to have revived bets for another interest rate hike by the Bank of Japan (BoJ) this year. This, in turn, is seen as a key factor underpinning the JPY.
AUD/USD
The Australian Dollar (AUD) advances against the US Dollar (USD) on Thursday, extending its gains for the fifth consecutive day. The AUD/USD pair is reaching fresh eight-month highs above 0.6600 following the release of Australia’s preliminary Judo Bank Purchasing Managers Index (PMI) data.
NZD/USD
The NZD/USD pair trades in positive territory near 0.6055 during the early Asian session on Thursday, bolstered by improved risk sentiment. Traders will keep an eye on the prospects of US-China trade deals that could improve the global economic outlook.
USD/CAD
The USD/CAD pair clings to losses near an almost three-week low around 1.3600 during the Asian trading session on Thursday. The Loonie pair faces selling pressure as the safe-haven demand of the US Dollar (USD) has diminished amid hopes that the United States (US) and the European Union (EU) will strike a trade agreement ahead of the August 1 tariff deadline.
USD/CHF
The USD/CHF pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a range around the 0.7920 area, close to a three-week low touched the previous day.
CRUDE OIL
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories.
Gold price remains under some selling pressure for the second consecutive day on Thursday and slides below the $3,380 level during the Asian session amid receding safe-haven demand. The latest optimism over the US-Japan trade dealremains supportive of a positive risk tone and undermines the bullion.
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