EUR/USD
The EUR/USD pair trades with caution, slightly above the key level of 1.1400 during Asian trading hours on Thursday. The major currency pair is expected to remain sideways, with investors awaiting the European Central Bank’s (ECB) interest rate decision announcement at 12:15 GMT.
GBP/USD
GBP/USD caught a bid on Wednesday, paring the previous day’s losses and keeping price action on the high side of recent congestion. Bids remain pinned firmly above 1.3500 with key US Nonfarm Payrolls data looming ahead later in the week. US Dollar flows continue to dominate markets this week, with a thin offering from the UK side of the economic data docket until next week’s UK labor figures.
USD/JPY
USD/JPY bounces off 142.50 to retake 143.00 in Asian trading on Thursday. The pair catches fresh bids as the Japanese Yen loses ground after Japan’s April inflation-adjusted Wages fell for a fourth straight month, casting doubts on further BoJ rate cuts. However, buyers remain cautious amid a broadly weaker US Dollar.
AUD/USD
AUD/USD is hovering at around 0.6500 in Thursday’s Asian trading, unfazed by the mixed Australian Trade Balance data and China’s Caixin Services PMI. Hopes for a Trump-Xi call underpin the pair amid a broad US Dollar weakness, led by rising Fed rate cut bets. US data, trade headlines and Fedspeak are eyed.
NZD/USD
The NZD/USD pair extends the rally to around 0.6035 during the early Asian session on Thursday. The US Dollar (USD) softens against the New Zealand Dollar (NZD) due to the concern over mounting economic and political uncertainty in the US economy. Investors await the Chinese Caixin Services PMI, which is due later on Thursday.
USD/CAD
The USD/CAD pair remains under selling pressure around 1.3675 during the early Asian session on Thursday. Weaker US economic data and mounting economic and political uncertainty weigh on the US Dollar (USD) broadly. Later on Thursday, the US Balance of Trade and the weekly Initial Jobless Claims will be released. Also, the Federal Reserve’s (Fed) Adriana Kugler and Patrick T. Harker are set to speak.
USD/CHF
USD/CHF drops from around three-day highs near 0.8250 and tumbles as the Greenback prolongs its agony, following a slight recovery on Tuesday. At the time of writing, the pair trades at 0.8174, down 0.78%.
CRUDE OIL
Oil prices fell in Asian trade on Thursday, extending recent losses after data showed an outsized build in U.S. gasoline and distillate inventories, while a price cut by top producer Saudi Arabia also weighed.
Gold price is consolidating the previous recovery gains while remaining below $3,400 early Thursday. Traders refrain from placing fresh bets on Gold price amid a likely Russia-Ukraine geopolitical escalation and some optimism on the trade front.
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