EUR/USD
EUR/USD remains flat after two days of small losses, trading around 1.1740 during the Asian hours on Thursday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.
GBP/USD
The GBP/USD pair struggles to capitalize on the overnight bounce from the 1.3310 area, or a one-week low, and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.3370 region, down less than 0.10% for the day, as traders opt to wait on the sidelines ahead of the key central bank event risk and US consumer inflation data.
USD/JPY
The USD/JPY pair rises to around 155.60 during the early Asian session on Thursday. The US Dollar (USD) edges higher against the Japanese Yen (JPY) on the cautious comments from Federal Reserve (Fed) Governor Christopher Waller. Traders will keep an eye on the US Consumer Price Index (CPI) inflation data for November, which will be released later on Thursday.
AUD/USD
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Thursday for the sixth successive day. The AUD/USD pair may gain ground as the Aussie Dollar could receive support from investors’ caution following the release of Australia’s Consumer Inflation Expectations, which rose to 4.7% in December from November’s three-month low of 4.5%, supporting the Reserve Bank of Australia’s (RBA) hawkish stance.
NZD/USD
NZD/USD extends its losses for the second successive session, trading around 0.5760 during the early European hours on Thursday. The pair weakens as the New Zealand Dollar (NZD) comes under pressure, even after data revealed stronger-than-expected economic growth.
USD/CAD
USD/CAD holds position after registering modest gains in the previous session, trading around 1.3790 during the Asian hours on Thursday. The US Dollar (USD) holds ground from market caution ahead of the release of the delayed US Consumer Price Index (CPI) report due later in the day, which is expected to provide further insight into how price pressures are evolving.
USD/CHF
The USD/CHF pair trades in a tight range around 0.7950 during the late Asian trading session on Thursday. The Swiss Franc pair wobbles as investors await the United States (US) inflation data for November, which will be published at 13:30 GMT.
CRUDE OIL
Oil prices extended gains in Asian trading on Thursday after U.S. President Donald Trump ordered a blockade of sanctioned oil tankers entering and leaving Venezuela.
Gold price (XAU/USD) edges lower below $4,350 during the early European trading hours on Thursday. The precious metal retreats from seven-week highs amid some profit-taking and a rebound in the US Dollar (USD). The potential downside for the yellow metal might be limited after the recent US jobs data reinforced market expectations of further interest rate cuts by the US Federal Reserve (Fed) and dragged the USD lower. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
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