EUR/USD
EUR/USD is keeping its range above 1.1300 in the European morning on Thursday. The pair takes a breather ahead of a bunch of critical business PMI and sentiment data from Eurozone and Germany. However, broad US Dollar weakness could keep the major supported. US PMI also awaited.
GBP/USD
GBP/USD defends minor bids while trading above 1.3400 in early Europe on Thursday. The pair benefits from the ongoing Dollar weakness,on fiscal concerns. Atention now turns towards the preliminary business PMI data from the UK and the US for fresh trading directives.
USD/JPY
The Japanese Yen (JPY) remains on the front foot through the Asian session in the wake of Japan’s upbeat Machinery Orders data released earlier this Thursday, which bolstered the case for further policy tightening by the Bank of Japan (BoJ). Apart from this, the flight to safety is seen as another factor underpinning the JPY, which, along with a broadly weaker US Dollar (USD), keeps the USD/JPY pair depressed near a two-week low.
AUD/USD
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday, extending its gains for the second successive day. The AUD/USD pair maintains its position following the release of the preliminary S&P Global Purchasing Managers Index (PMI) data.
NZD/USD
The NZD/USD pair extends the previous day’s late pullback from the 0.5965-0.5670 area, or a one-week high, and attracts some follow-through selling during the Asian session on Thursday. Spot prices drop to the 0.5920 region, or a fresh daily low after New Zealand’s Budget release, though the downside remains cushioned amid the prevalent US Dollar (USD) selling bias.
USD/CAD
The USD/CAD pair struggles to capitalize on the overnight bounce from the 1.3815-1.3810 region, or a two-week low, and trades with a negative bias for the fourth consecutive day on Thursday. Spot prices trade around mid-1.3800s during the Asian session and seem vulnerable to extend the weekly downtrend.
USD/CHF
The USD/CHF pair slides to near 0.8240 during the European trading session, extending the losing streak for the third trading day on Thursday. The Swiss Franc pair weakens as the US Dollar declines further in the wake of the United States (US) credit rating erosion after Moody’s downgraded the long-term issuer rating by one notch to Aa1 from Aaa.
CRUDE OIL
Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks, though unexpected builds in U.S. crude and fuel inventories raised concerns about demand from the world’s largest oil consumer.
Gold price attracts buyers for the fourth consecutive day and climbs to a nearly two-week high during the Asian session on Thursday. The US sovereign credit rating downgrade by Moody’s and growing worries about rising US deficit on the back of US President Donald Trump’s sweeping tax bill keep investors on edge.
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