EUR/USD
EUR/USD oscillates in a tight range around 1.1700 in the European trading hours on Thursday. The pair lacks a clear direction as traders adopt caution ahead of the European Central Bank interest rate decision and the US CPI inflation due later in the day.
GBP/USD
GBP/USD trades on the back foot below 1.3550 in the European session on Thursday. Fresh US Dollar demand and a cautious risk tone weigh on the pair. Traders refrain from placing fresh bets before the release of the all-important US CPI inflation data.
USD/JPY
The Japanese Yen (JPY) attracts some sellers heading into the European session on Thursday and touches a three-day low against a broadly firmer US Dollar (USD) in the last hour. Political uncertainty gripped Japan following Prime Minister Shigeru Ishiba’s resignation, which could temporarily hinder the Bank of Japan (BoJ) from normalising its monetary policy. This, along with a generally positive risk tone, undermines the safe-haven Japanese Yen and lifts the USD/JPY pair closer to the 147.75 hurdle.
AUD/USD
The Australian Dollar (AUD) inches lower on Thursday after registering gains in the previous session. The AUD/USD pair may regain its ground as the US Dollar (USD) faces challenges, with traders expecting a stronger US Federal Reserve (Fed) easing in September, following softer-than-estimated US Producer Price Index (PPI) data.
NZD/USD
The New Zealand Dollar’s reversal from 0.5965 accelerated on the European Morning session on Thursday, with the pair retracing Wednesday’s gains, and bears testing the bottom of the last few days’ trading range, at the 0.8920 area.
USD/CAD
The USD/CAD pair extends its upside to near 1.3875 during the early European session on Thursday. Rising bets that the Bank of Canada (BoC) would resume its easing cycle undermine the Canadian Dollar (CAD) against the Greenback. All eyes will be on the US Consumer Price Index (CPI) for August, which will be published later on Thursday.
USD/CHF
The US Dollar is outperforming its main peers in a calm trading session on Thursday, with investors looking from the sidelines ahead of the release of the US CPI data. The Greenback appreciates for the third day in a row against a weaker Swiss Franc, and is testing the 0.8000 psychological level after bouncing at 0.7915 earlier this week.
CRUDE OIL
World oil supply will rise more rapidly than expected this year as OPEC+ members increase output further and supply from outside the group grows, the International Energy Agency said on Thursday, and implied that a surplus could grow in 2026.
Gold meets with a fresh supply during the Asian session on Thursday and has now reversed a major part of the previous day’s positive move. A generally positive tone around the equity markets, along with a modest US Dollar uptick, turned out to be key factors exerting downward pressure on the commodity.
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