EUR/USD is consolidating the recovery rally around 1.0000 ahead of Germany’s IFO survey. The US dollar corrects further amid cautious optimism, as the European energy crisis battles China’s stimulus. US GDP, Jackson Hole eyed as well.
GBP/USD clings to gains above 1.1800, having stalled its recovery near 1.1850. The US dollar slips amid China’s stimulus-driven market optimism while pre-Jackson Hole event anxiety also keeps investors on the edge.
The USD/JPY pair has witnessed a steep fall after facing barricades around 137.20 in the Asian session. The pair has slipped to near 136.60 and is expected to display topsy-turvy moves as the asset is oscillating inside Tuesday’s trading session continuously.
AUD/USD rise half a percent as it dribbles around the intraday top of 0.6955 during Thursday’s Asian session. The Aussie pair’s latest gains could be attributed to the Chinese efforts to defend the world’s second-largest economy from slipping into recession, as well as expectations of witnessing less aggression of central bankers at the Jackson Hole Symposium.
NZD/USD remains pressured for the second consecutive day, taking offers around 0.6190 to refresh the intraday low, amid downbeat New Zealand (NZ) Retail Sales figures. Also exerting downside pressure on the Kiwi pair is the cautious mood ahead of the key annual speaking event at the Jackson Hole.
The USD/CAD pair has surrendered Wednesday’s low at 1.2948 and is expected to drop to near two-day’s low at 1.2933. The asset is displaying signs of bearish reversal as the US dollar index (DXY) has extended its losses after failing to cross the critical hurdle of 108.80 at open. At the press time, the DXY has slipped to near 108.26 and is expected to slip further to near the round-level support at 108.00.
USD/CHF pares weekly gains around 0.9655, mildly offered after failing to refresh the monthly peak the previous day.
Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Gold price is posting sizeable gains so far this Thursday, extending its recovery into the third straight day. The renewed downside in the US dollar is helping the bright metal gain bullish momentum.
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