EUR/USD
EUR/USD remains steady after four days of losses, trading around 1.1680 during the Asian hours on Thursday. On the daily chart, the 14-day Relative Strength Index (RSI) at 42.6 (neutral-bearish) indicates weakening momentum after slipping below the 50 midline. RSI staying sub-50 would keep bears engaged and limit recovery attempts.
GBP/USD
The GBP/USD pair trades on a flat note around 1.3465 during the early European trading hours on Thursday. Markets turn cautious as traders await the upcoming key US economic data this week. The weekly US Initial Jobless Claims report is due later in the day ahead of the highly anticipated Nonfarm Payrolls (NFP) reading.
USD/JPY
The USD/JPY pair posts modest gains around 156.70 during the early Asian session on Thursday. The Japanese Yen (JPY) softens against the US Dollar (USD) as demand for safe-haven assets cools after geopolitical tensions. Traders will keep an eye on the US Initial Jobless Claims data later on Thursday. On Friday, the US December employment report will be in the spotlight.
AUD/USD
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday following Australia’s Trade Balance data, which showed that the trade surplus narrowed to 2,936M MoM in November versus 4,353M (revised from 4,385M) in the previous reading.
NZD/USD
The NZD/USD pair extends the decline to near 0.5765 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) amid the cautious mood ahead of the release of key US economic data later this week.
USD/CAD
USD/CAD continues its winning streak for the fifth consecutive day, trading around 1.3860 during the Asian hours on Thursday. The pair appreciates as the commodity-linked Canadian Dollar (CAD) faces challenges after US President Donald Trump signaled efforts to re-establish Venezuelan crude imports, raising concerns about added supply and heightened competition for Canadian Oil demand.
USD/CHF
The USD/CHF pair holds onto two-day gains near 0.7975 during the late Asian trading session on Thursday. The Swiss Franc pair trades firmly as the US Dollar (USD) gains, following strong United States (US) ISM Services Purchasing Managers’ Index (PMI) data for December.
CRUDE OIL
Oil prices steadied on Thursday after their recent slide, while stocks were off to a rocky start as investors assessed the implications of deepening geopolitical tensions and mixed U.S. labour market data.
Gold (XAU/USD) extends its descending trend for the second straight day and drops to a three-day low, around the $4,415 area, heading into the European session on Thursday. In the absence of any relevant fundamental catalyst, the downtick could be attributed to some profit-taking ahead of the release of the US Nonfarm Payrolls (NFP) report on Friday. The crucial data could offer more cues about the US Federal Reserve’s (Fed) rate-cut path, which, in turn, will drive the US Dollar (USD) demand and provide some meaningful impetus to the non-yielding yellow metal.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
