EUR/USD bears are in the driver’s seat after a four-day off as the major currency pair drops to 1.0830 while extending the previous day’s U-turn from the weekly high amid early Thursday.
The GBP/USD pair is standing near the 1.2300 mark in the early European session. The Cable is aiming to extend recovery further amid a loss in the upside momentum in the US Dollar Index (DXY).
USD/JPY prints mild losses around 132.60 heading into Thursday’s European session. In doing so, the Yen pair struggles to respect the upbeat US Dollar and Treasury bond yields amid mixed concerns about the Bank of Japan’s (BoJ) next move. Also weighing on the major currency pair are the talks of Japanese credit rating and the Federal Reserve (Fed) officials’ cautious optimism. It should be noted, however, that the geopolitical fears surrounding Russia, North Korea and China weigh on the market’s sentiment and allow the Yen to cheer its traditional haven status after rising heavily the previous day.
AUD/USD fades bounce off intraday low even as Chinese Premier tries to lure the bulls during early Thursday. The reason could be linked to the fresh Sino-American tension over Taiwan and the recently dovish concerns about the Reserve Bank of Australia’s (RBA) next moves. That said, the Aussie pair drops to 0.6670 during the two-day downtrend by the press time.
NZD/USD drops to 0.6200 during early Thursday while extending the previous day’s pullback from the weekly high. In doing so, the Kiwi pair justifies the broadly firmer US Dollar, as well as mixed data from New Zealand (NZ).
USD/CAD reverses from intraday while paring the first daily gains in four around 1.3565 heading into Thursday’s European session. In doing so, the Loonie pair justifies hawkish comments from Bank of Canada (BoC) officials while paying a little heed to the lackluster prices of WTI crude Oil, Canada’s key export earner.
The USD/CHF pair has shown a corrective move to near 0.9180 in the early Tokyo session. The Swiss Franc asset has witnessed selling pressure led by a gradual decline in the US Dollar Index (DXY) and rising expectations for more rates by the Swiss National Bank (SNB).
Oil prices moved little in early Asian trade on Thursday as markets awaited key business activity data from China for more cues on the world’s largest crude importer, although signs of tightening supplies saw crude prices trading higher for the week.
Gold is looking to extend the previous weakness while defending the $1,950 level so far this Thursday. The extended rebound in the United States Dollar (USD) is boding ill for the Gold price, as investors turn their attention toward incoming United States economic data.
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