EUR/USD grinds higher, consolidating the previous day’s losses at around 1.0960 in the early European morning. The pair cheers the latest retreat in the US Dollar alongside the US Treasury bond yields. Eurozone data, ECB-speak next in focus.
The GBP/USD pair witnessed good two-way price swings on Wednesday and finally settled with modest intraday gains for the second successive day. The British Pound got a goodish lift following the release of the UK consumer inflation figures, though broad-based US Dollar (USD) strength acted as a headwind for the major.
USD/JPY aptly portrays the market’s inaction during early Thursday as traders await more clues to extend the latest run-up. That said, the Yen pair seesaws around 134.80, recently retreating from a six-week high marked the previous day.
AUD/USD holds lower grounds as sellers attack the 0.6700 round figure early Thursday. In doing so, the Aussie pair takes clues from downbeat Australian data and justifies the market’s risk-off mood while paying a little heed to the latest action from the People’s Bank of China and Reserve Bank of Australia (RBA) Governor Philip Lowe.
NZD/USD bears keep the reins at the lowest levels in five weeks while defending New Zealand (NZ) inflation-inflicted losses around 0.6160 during the mid-Asian session on Thursday. With this, the Kiwi pair not only justifies the downbeat NZ inflation but also the recent break of one-month-old horizontal support, now immediate resistance, as well as the bearish MACD signals.
USD/CAD grinds higher as it approaches the 1.3500 round figure amid early Thursday morning in Europe. In doing so, the Loonie pair defends the previous day’s gains to refresh a one-week high as bulls turn cautious ahead of the key Canadian catalysts.
The USD/CHF pair has shown a recovery move from 0.8970 in the early Asian session. The Swiss Franc asset has managed to defend further downside and has rebounded despite the subdued performance of the US Dollar Index (DXY).
Oil prices fell further in early Asian trade on Thursday, as markets reassessed their outlook for demand this year amid signs of cooling economic growth and growing bets on more rate hikes from major central banks.
Gold price is displaying topsy-turvy moves around $1,994.00 in the early European session. The precious metal is in a directionless mode as investors are awaiting the release of preliminary United States S&P PMI data, which is scheduled for Friday.
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