EUR/USD
The EUR/USD pair trades with mild losses around 1.1655 during the early Asian session on Thursday. The Euro (EUR) softens against the US Dollar (USD) amid uncertainty surrounding the two-week ceasefire between the United States (US) and Iran.
GBP/USD
GBP/USD surged more than 1% on Wednesday after the US and Iran agreed to a Pakistan-brokered two-week ceasefire, pushing Cable to a session high close to 1.3485. The rally faded through the North American session, however, with the pair slipping back to the 1.3400 region as doubts over the deal’s durability mounted. Vice President JD Vance described the agreement as a “fragile truce,” and Israel launched its largest assault on Lebanon since the war began, declaring the Hezbollah front excluded from the terms.
USD/JPY
The USD/JPY pair fails just ahead of the 159.00 mark during the Asian session on Thursday, stalling the previous day’s modest recovery from sub-158.00 levels or a nearly three-week low. Spot prices, however, stick to modest intraday gains and currently trade near the 158.70-158.75 region, up around 0.10% for the day.
AUD/USD
The AUD/USD pair struggles to capitalize on its weekly gains registered over the past three days and oscillates in a range below mid-0.7000s during the Asian session on Thursday. Nevertheless, spot prices remain close to a nearly three-week high, touched the previous day, and remain at the mercy of geopolitical developments.
NZD/USD
The NZD/USD pair gains ground to near 0.5830 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) following a hawkish pause from the Reserve Bank of New Zealand (RBNZ).
USD/CAD
USD/CAD gains ground after three days of losses, trading around 1.3860 during the Asian hours on Thursday. The pair appreciates as the US Dollar (USD) receives support from renewed safe-haven demand amid uncertainty surrounding the ceasefire agreement between the United States (US) and Iran.
USD/CHF
USD/CHF remains in the negative territory for the fourth successive day, trading around 0.7910 during the Asian hours on Thursday. The Swiss Franc (CHF) strengthens against the US Dollar (USD) on renewed safe-haven demand amid uncertainty over the United States (US)-Iran ceasefire.
CRUDE OIL
Oil prices climbed on Thursday after suffering their steepest one-day drop since April 2020, as disruptions in the Strait of Hormuz persisted and renewed geopolitical tensions in the Middle East clouded the outlook for supply.
Gold (XAU/USD) remains on the back foot through the Asian session on Thursday, though it manages to hold above the $4,700 mark and, for now, seems to have stalled the previous day’s pullback from a three-week high. Skepticism over the durability of the US-Iran ceasefire offers some support to the US Dollar (USD) and acts as a headwind for the commodity. However, the US Federal Reserve’s (Fed) dovish outlook holds back the USD bulls from placing aggressive bets and helps limit the downside for the non-yielding yellow metal.
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