The EUR/USD pair attracts some buying during the Asian session on Thursday and recovers a part of the previous day’s losses. The pair is currently placed just above the 1.0700 round figure, up around 0.20% for the day.
GBP/USD seesaws around the intraday high of 1.2044 as it pares the previous day’s heavy losses during sluggish early hours of trading on Thursday. That said, the Cable pair dropped the most in a fortnight the previous day after the UK data poured cold water on the face of Bank of England (BoE) hawks.
USD/JPY takes offers to refresh intraday low while paring the recent gains around the highest levels in 1.5 months, down 0.25% on a day near 133.80 as Tokyo opens for Thursday. In doing so, the Yen pair prints the first daily loss in four amid upbeat Japanese trade data and fresh calls for hawkish moves from the Bank of Japan (BoJ). Even so, the hawkish concerns surrounding the Federal Reserve (Fed) join strong Treasury bond yields to keep the buyers hopeful.
AUD/USD stands on slippery grounds as sellers rush towards the weekly low of 0.6864, marked the previous day, following a nearly 40 pip of slump on the downbeat Australian inflation and employment numbers. That said, the Aussie pair marked the biggest daily loss in a fortnight the previous day as the US Dollar jumped to a six-week high amid strong US data.
NZD/USD is down on the day as we enter the end of the North American session as the markets tussle with the prospects of higher for longer inflation in the United States and watch the Fed pivot disappear over the horizon.
The USD/CAD pair comes under some selling during the Asian session on Thursday and moves away from the weekly high, around the 1.3440 region touched the previous day. Crude oil prices gain some positive traction and snap a three-day losing streak amid hopes for a strong recovery in fuel demand. In fact, both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) forecast a rebound in crude demand later this year. This helps offset a substantial rise in the US crude inventories and acts as a tailwind for the black liquid, which, in turn, underpins the commodity-linked Loonie.
USD/CHF prints mild losses around 0.9225 as it portrays the first daily fall in three during early Thursday in Europe. In doing so, the Swiss Franc (CHF) pair benefits from the broad US Dollar pullback amid inactive markets while consolidating the latest gains.
Oil prices rose on Thursday as positive demand forecasts from the IEA and the OPEC helped markets look past a substantially bigger-than-expected jump in weekly U.S. inventories.
Gold price is attempting a tepid comeback early Thursday, having hit the lowest level in six weeks at $1,831 on Wednesday. The correction in the United States Dollar (USD) from over one-month highs is providing some respite to Gold bulls.
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