EUR/USD
EUR/USD extends its losses for three straight consecutive days, down 0.32% as the US government shutdown extends, and the Federal Reserve’s last meeting minutes showed that officials remain cautious on inflation, despite easing policy. At the time of writing, the pair trades at 1.1622 after hitting a daily high of 1.1661.
GBP/USD
The GBP/USD pair posts modest gains near 1.3405, snapping the two-day losing streak during the early Asian session on Thursday. The US Dollar (USD) softens against the Pound Sterling (GBP) amid concerns over a prolonged US government shutdown. The speech by Federal Reserve (Fed) Chair Jerome Powell will be in the spotlight later on Thursday.
USD/JPY
USD/JPY edges lower to near 152.50 in the Asian session on Thursday, sustaining its retreat from eight-month highs touched the pervious day at 153.00 amid a softer US Dollar. However, bets that Takaichi’s expansionary fiscal policies could delay BoJ raising rates cap the Japanese Yen’s rebound, supporting the pair ahead of Fed Chair Powell’s speech.
AUD/USD
AUD/USD is building on the overnight bounce from the weekly low to challenge 0.6600 in Asian trading on Thursday. A rise in Australia’s consumer inflation expectations validates the RBA’s hawkish tilt, which, along with a positive risk tone and a broad US Dollar retreat underpins the Aussie. All eyes are on Powell’s speech.
NZD/USD
The New Zealand Dollar trimmed some of its losses on Wednesday still finished the session with losses of over 0.20% after reaching a six-month low of 0.5737. Nevertheless, as it recovered and closed above 0.5750, the NZD/USD formed a ‘hammer,’ indicating that bulls outweighed bears. At the time of writing, the pair trades at 0.5786 virtually unchanged as Thursday’s Asian session begins.
USD/CAD
USD/CAD loses ground after two days of gains, trading around 1.3940 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) loses ground after the latest Federal Open Market Committee (FOMC) Minutes from the September meeting suggested policymakers are leaning toward further rate cuts this year.
USD/CHF
USD/CHF pair strengthened on Wednesday, up 0.30% to 0.8010 at the time of writing, its highest level for a month, as the US Dollar (USD) maintains a firm tone despite the prolonged US government shutdown.
CRUDE OIL
Oil prices slipped in Asian trade on Thursday after U.S. President Donald Trump announced that Israel and Hamas have agreed to the first phase of a Gaza ceasefire deal, while a second straight weekly rise in U.S. crude inventories added pressure on prices.
Gold has managed to defend the key $4,000 level on its retracement from lifetime highs of $4,059 reached on Wednesday. All eyes now turn to a slew of speeches from US Federal Reserve officials, including Chairman Jerome Powell, due later in the day.
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