EUR/USD
EURUSD continues to trade inside a tight consolidation range, with the chart showing clear boundaries at 1.16059 resistance and 1.15627 support. This sideways structure reflects hesitation and a lack of conviction from both buyers and sellers, especially with the U.S. CPI release being delayed once again.
GBP/USD
GBP/USD remains subdued for the third successive session, trading around 1.3120 during the Asian hours on Thursday. Traders await the United Kingdom (UK) flash Gross Domestic Product (GDP) data for the third quarter due later in the day.
USD/JPY
The USD/JPY pair attracts some buyers near 154.75, the highest since February, during the early Asian session on Thursday. The Japanese Yen (JPY) weakens against the US Dollar (USD) amid a risk-on mood ahead of an expected vote to refund the US government on a short-term basis and diminishing odds for December Bank of Japan (BoJ) rate hike. Traders will take more cues from the Fedspeak later on Thursday.
AUD/USD
AUD/USD climbs slightly on Wednesday toward 0.6530 at the time of writing, supported by renewed demand for the Australian Dollar (AUD) ahead of the release of October’s employment report due on Thursday. Markets remain convinced that the Reserve Bank of Australia (RBA) will maintain a restrictive policy stance in its upcoming meetings, as inflationary pressures prove persistent.
NZD/USD
The NZD/USD pair declines to near 0.5655 during the Asian trading hours on Thursday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) after the US House passes a bill to end the government shutdown. Traders await the Chinese October Retail Sales and Industrial Production reports, which will be released later on Friday.
USD/CAD
USD/CAD edges higher after four days of losses, trading around 1.4010 during the Asian hours on Thursday. The technical analysis of the daily chart indicates a prevailing bullish bias, with the pair remaining within the ascending channel pattern.
USD/CHF
The USD/CHF pair gathers strength to near 0.7990 during the early European session on Thursday. The US Dollar (USD) strengthens against the Swiss Franc (CHF) after a record-long US government shutdown ends as US President Donald Trump signs a funding bill. Traders will take more cues about future monetary policy from the Fedspeak later in the day. Fed policymakers Neel Kashkari, Alberto Musalem and Beth Hammack are set to speak.
CRUDE OIL
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $58.46 per barrel, up from Wednesday’s close at $58.43.
Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $62.52 price posted on Wednesday, and trading at $62.54.
Gold (XAU/USD) advances to a fresh three-week high on Thursday and seems poised to prolong a one-week-old uptrend amid a supportive fundamental backdrop. Investors seem convinced that the delayed US macro data will show some weakness in the economy amid a prolonged US government shutdown and prompt the US Federal Reserve (Fed) to lower borrowing costs further in December. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal and backs the case for additional gains.
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