EUR/USD
The EUR/USD pair trades 0.15% higher to near 1.1470 in the early European session on Thursday. The major currency pair gains as the Euro (EUR) rises against its major currency peers, except antipodeans, ahead of the European Central Bank’s monetary policy announcement at 13:15 GMT.
GBP/USD
The GBP/USD pair gathers strength near 1.3290 during the early European trading hours on Thursday. However, the potential upside for the major pair might be limited amid the ongoing conflict in the Middle East and the hawkish tone from the US Federal Reserve (Fed). All eyes will be on the UK employment report and the Bank of England (BoE) interest rate decision on Thursday.
USD/JPY
The USD/JPY pair attracts some sellers on Thursday and erodes a part of the previous day’s strong move up to its highest level since July 2024. Spot prices, however, trim a part of modest intraday losses and trade just below the 159.50 area during the early European session. Meanwhile, the broader setup favors bulls and suggests that the path of least resistance for the pair remains to the upside.
AUD/USD
The AUD/USD pair edges higher during the Asian session on Thursday and reverses a part of the previous day’s retracement slide from the weekly high. Spot prices stick to modest gains around the 0.7035 area following the release of the mixed Australian jobs report, though the intraday uptick lacks bullish conviction amid a combination of negative factors.
NZD/USD
The NZD/USD pair attracts some buyers near the 0.5785 region during the Asian session on Thursday and reverses a part of the previous day’s rejection slide from a technically significant 200-day Simple Moving Average (SMA). Spot prices look past the disappointing release of New Zealand’s Q4 GDP print and climb to a fresh daily high, around the 0.5820 area, in the last hour.
USD/CAD
USD/CAD trims gains from the prior session, trading near 1.3720 during Asian hours on Thursday. The pair weakens as the commodity-linked Canadian Dollar (CAD) strengthens, supported by rebounding oil prices after fresh attacks on key Middle East energy infrastructure heightened concerns over disruptions to global oil and gas supplies.
USD/CHF
The USD/CHF pair retraces to near 0.7910 during the Asian trading session on Thursday, following a strong Wednesday. The Swiss Franc pair faces slight selling pressure as the US Dollar (USD) corrects, but is broadly upbeat, as speculation that the Federal Reserve (Fed) will not cut interest rates in the entire year has intensified.
CRUDE OIL
Oil prices rose on Thursday, with benchmark Brent rising as much as $5 a barrel, after Iran attacked energy facilities across the Middle East following a strike on the South Pars gas field, a major escalation in the war with the United States and Israel.
Gold (XAU/USD) surrenders its modest intraday gains and drops to a fresh low since February 6, below the $4,800 mark heading into the European session on Thursday. The US Dollar (USD) preserves the previous day’s strong gains fueled by the US Federal Reserve’s (Fed) hawkish outlook, which, in turn, is seen as a key factor undermining the non-yielding yellow metal. However, heightened geopolitical uncertainties could offer some support to the safe-haven bullion and help limit further losses.
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