EUR/USD
The (EUR) edges up against the US Dollar (USD) on Thursday, trading right above 1.1800 at the time of writing, on track for a nine-day rally. Hopes of a new round of negotiations between the US and Iran have prompted investors to move away from the safe-haven Dollar, propelling the pair to pre-war levels.
GBP/USD
The GBP/USD pair halts its advance on Wednesday and remains steady around 1.3570 as optimism about a resumption of US-Iran talks has tempered. At the same time, US equities extended their gains, and the Greenback seems to have bottomed after hitting a six-week low.
USD/JPY
The USD/JPY pair struggles to capitalize on the previous day’s modest gains and meets with a fresh supply during the Asian session on Thursday. Spot prices drop to the 158.70-158.65 region in the last hour and remain close to the weekly trough, touched on Tuesday amid a bearish US Dollar (USD).
AUD/USD
The Australian Dollar extended its gains on Wednesday, up by 0.72% as risk appetite improved amid speculation of a de-escalation of the conflict, keeping oil prices in check as WTI held above $91, despite posting losses of nearly 0.80%. At the time of writing, the AUD/USD trades at 0.7173.
NZD/USD
NZD/USD remains stronger for the fourth consecutive day, trading around 0.5920 during the Asian hours on Thursday. The pair remains stronger following China’s first-quarter Gross Domestic Product figures. China’s economic change could impact the NZD as a key trading partner for New Zealand.
USD/CAD
USD/CAD loses ground for the fourth successive day, trading around 1.3730 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) continues to lose ground on improved market sentiment, driven by expectations of a potential de-escalation in the Middle East conflict.
USD/CHF
The USD/CHF pair trades 0.2% lower to near 0.7800 during the Asian trading session on Thursday. The Swiss Franc pair faces selling pressure as the US Dollar (USD) continues to underperform amid increasing hopes that the United States (US) and Iran would reach a permanent ceasefire soon.
CRUDE OIL
Oil prices were little changed on Thursday, reversing earlier declines, on scepticism that peace talks between the U.S. and Iran will reach a deal to end the war that has bottled up oil output from the key Middle East producing region.
Gold (XAU/USD) sticks to modest intraday gains heading into the European session on Thursday, though it lacks bullish conviction and remains below a nearly four-week high set the previous day. Despite hopes for Iran diplomacy, the instability in the Strait of Hormuz offers some support to the safe-haven US Dollar (USD), which turns out to be a key factor acting as a headwind for the commodity.
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