EUR/USD
EUR/USD consolidates the latest recovery near 1.1450 in the European session on Thursday. The pair draws support from a decent US Dollar pullback across the board amid uncertainty over US-China trade talks. Traders resort to repositioning ahead of the German and US inflation data.
GBP/USD
GBP/USD keeps the green near 1.3250 in European trading on Thursday, reversing a part of Wednesday’s decline to two-month lows. The renewed downside in the US Dollar allows a tepid bounce in the pair but traders stay cautious ahead of the US PCE inflation and Jobless Claims data due later in the day.
USD/JPY
The Japanese Yen (JPY) attracts fresh sellers following an intraday uptick led by the upbeat macro data and the Bank of Japan’s (BoJ) decision to maintain the status quo. The BoJ’s unwillingness to pre-commit to interest rate hikes turns out to be a key factor undermining the JPY. Furthermore, signs of cooling inflation in Japan and domestic political uncertainty might complicate the BoJ’s policy normalization path. This, along with the underlying US Dollar (USD) bullish sentiment, lifts the USD/JPY pair to a fresh high since early April during the early part of the European session on Wednesday.
AUD/USD
The Australian Dollar (AUD) appreciated on Thursday, halting its five-day losing streak. The AUD/USD pair gained ground following the release of key economic data from Australia and its close trading partner, China. Traders shift their focus toward the US Personal Consumption Expenditures (PCE) – Price Index, due on Thursday, which is expected to accelerate slightly. On Friday, Nonfarm Payrolls (NFP) is expected to hold in positive territory, which could add further fuel to rate hold fears.
NZD/USD
The NZD/USD pair gains strong positive traction during the Asian session on Thursday and for now, seems to have snapped a five-day losing streak to sub-0.5900 levels, or over a one-month low touched the previous day. The intraday move up lifts spot prices to the 0.5925-0.5930 region in the last hour and is sponsored by a softer US Dollar (USD).
USD/CAD
The US Dollar has pulled back from two-month highs at 1.3840 against the Canadian Dollar, as the impact from the Fed and the BoC monetary policy decisions vanished. Still, downside attempts have been contained at 1.3815 so far, with the Greenback supported ahead of June’s US PCE Prices Index release.
USD/CHF
The USD/CHF pair drifts lower to around 0.8125 during the early European trading hours. The Greenback weakens against the Swiss Franc (CHF) despite the hawkish stance from the US Federal Reserve officials. Traders brace for further developments surrounding tariff policies ahead of US President Donald Trump’s deadline.
CRUDE OIL
Oil prices eased on Thursday as investors weighed the risk of supply shortages amid U.S. President Donald Trump’s push for a swift resolution to the war in Ukraine through more tariffs, though a surprise build in U.S. crude stocks weighed on prices.
Gold price clings to modest recovery gains through the early European session on Thursday and is now looking to extend the intraday positive momentum beyond the $3,300 mark. The US Dollar drifts lower as traders opt to take some profits off the table following the previous day’s hawkish Federal Reserve-inspired rally to a two-month peak.
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