EUR/USD renews its intraday high around 0.9790 amid the fresh decline in the US dollar heading into Thursday’s European session. The quote pares the previous day’s losses, the biggest in two weeks, amid an absence of major data/events.
GBP/USD languishes near the weekly low through the Asian session on Thursday. The UK political uncertainty, bullish USD continue to act as a headwind for the pair. A sustained weakness below the 1.1200 mark is needed to confirm a bearish break.
The yen prolonged its agony against the US Dollar, printing a fresh 32-year low, as the USD/JPY reached a YTD high just shy of 150.00, as market players tested the prospects of another intervention by Japan.
AUD/USD remains on the back foot around 0.6250 despite mixed Aussie statistics as risk-aversion and hawkish Fed bets propel the US dollar during Thursday. The Aussie pair’s refresh of the weekly low could be linked to the anxiety ahead of the People’s Bank of China’s (PBOC) monetary policy meeting.
The NZD/USD pair has tumbled to near 0.5630 as downside momentum was triggered after dropping below Wednesday’s low at 0.5650 in the Tokyo session. The asset has witnessed a steep fall amid headwinds of souring market mood and the maintenance of status-quo by the People’s Bank of China (PBOC).
The USD/CAD pair struggles to capitalize on the modest intraday uptick or find acceptance above the 1.3800 mark and retreats from a multi-day high touched earlier this Thursday. The pair drops to the lower end of its daily trading range heading into the European session and is currently placed just above the mid-1.3700s.
The USD/CHF pair has terminated its minor correction from 1.0063 in early Asia and has resumed its upside journey. Earlier, the asset displayed a juggernaut rally to near 1.0063 as the risk-on profile lost its traction.
Oil prices were mixed on Thursday as investors balanced caution over tightening supply against concerns that a global slowdown could curb demand.
Gold price is looking to extend the previous sell-off, as it flirts with three-week lows near $1,620. XAU/USD keeps sight on $1,615 and $1,600 after Wednesday’s technical breakdown. The US dollar extends its recovery momentum, tracking the upsurge in the Treasury yields across the curve.
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