EUR/USD
The EUR/USD pair edges lower during the Asian session on Thursday and erodes a part of the previous day’s strong gains to its highest level since October 17. Spot prices currently trade around the 1.1660-1.1655 region, though the downside seems limited amid a supportive fundamental backdrop.
GBP/USD
The GBP/USD pair loses ground to around 1.3330 during the Asian trading hours on Thursday. The major pair retreats from nearly a two-month high amid renewed US Dollar (USD) demand. However, the rising bets of a Federal Reserve (Fed) rate cut next week might cap its downside. Traders will take more cues from the US weekly Initial Jobless Claims report later on Thursday.
USD/JPY
The USD/JPY pair attracts some sellers to around 155.25 during the early Asian session on Thursday. The US Dollar (USD) softens against the Japanese Yen (JPY) on weaker-than-expected US jobs data and expectations of further US rate cuts.
AUD/USD
The AUD/USD pair prolongs its strong uptrend witnessed over the past two weeks or so and advances to a fresh high since late October during the Asian session on Thursday. Spot prices stick to gains following the release of Australian trade balance data, with bulls looking to build on the momentum further beyond the 0.6600 mark amid a supportive fundamental backdrop.
NZD/USD
The NZD/USD pair edges lower to near 0.5765 during the early Asian trading hours on Thursday, bolstered by renewed US dollar (USD) demand. Nonetheless, the potential downside for the pair might be limited amid the prospect of the US interest rate cut next week. The US weekly Initial Jobless Claims report will be the highlight later on Thursday.
USD/CAD
The USD/CAD pair attracts some buyers during the Asian session on Thursday, and for now, seems to have snapped a two-day losing streak back closer to the 1.3940-1.3935 region, or a nearly one-month low, touched last week. Spot prices, however, lack bullish conviction and currently trade around the 1.3960-1.3965 area, up 0.10% for the day, amid mixed cues.
USD/CHF
The USD/CHF pair trades in positive territory around 0.8010 during the early European trading hours on Thursday. The Swiss Franc (CHF) weakens against the US Dollar (USD) on softer Swiss inflation data. Traders brace for the US weekly Initial Jobless Claims report, which is due later on Thursday.
CRUDE OIL
Oil prices firmed on Thursday after Ukrainian attacks on Russia’s oil infrastructure signalled potential supply constraints, and stalled peace talks tempered expectations of a deal restoring Russian oil flows to global markets, though weak fundamentals kept gains limited.
Gold (XAU/USD) meets with a fresh supply during the Asian session on Thursday and weakens further below the $4,200 mark, sliding back closer to the weekly low in the last hour. The US Dollar (USD) attempts a modest recovery from its lowest level since late October, touched on Wednesday, and turns out to be a key factor undermining the commodity. Moreover, a generally positive tone around the equity markets contributes to driving flows away from the safe-haven precious metal.
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