EUR/USD
EUR/USD slid on Wednesday over 0.43% as the Federal Reserve delivered a “hawkish cut” after Fed Chair Jerome Powell said that “rate cut in December is far from foregone conclusion.” At the time of writing, the pair trades near weekly lows of 1.1601 with traders eyeing monthly lows of 1.1542.
GBP/USD
The GBP/USD pair builds on the previous day’s late rebound from the 1.3140 horizontal support, or the lowest level since May, and gains some positive traction during the Asian session on Thursday. Spot prices climb back above the 1.3200 mark in the last hour amid a modest US Dollar (USD) weakness, though the fundamental backdrop warrants some caution for bullish traders.
USD/JPY
The Greenback is trimming some losses against the Japanese Yen on Wednesday, yet with upside attempts limited below the 152.50 level so far. Investors are wary of placing US Dollar directional bets, awaiting the outcome of the Federal Reserve monetary policy meeting, due on Wednesday at 118:00 GMT.
AUD/USD
AUD/USD gains ground after recovering its recent losses registered in the previous session, trading around 0.6590 during the Asian hours on Thursday. The pair appreciates as the Australian Dollar (AUD) receives support from improved market sentiment, fueled by optimism over the potential for a trade deal between the United States (US) and China. Any shift in China’s economic conditions could also affect the AUD, given the close trade ties between China and Australia.
NZD/USD
NZD/USD recovers its recent losses from the previous session, trading around 0.5770 during the Asian hours on Thursday. The pair appreciates as the New Zealand Dollar (NZD) receives support following ANZ Business Confidence, which surged to 58.1 in October from 49.6 in the previous month, marking the highest reading since February. Meanwhile, Activity Outlook improved to 44.6 for the same month, from 43.4 prior.
USD/CAD
The USD/CAD pair struggles to capitalize on the previous day’s goodish rebound from the 1.3890-1.3885 region, or the lowest level since September 25, and edges lower during the Asian session on Thursday. Spot prices currently trade below mid-1.3900s, or the 200-day Simple Moving Average (SMA), though the fundamental backdrop warrants caution before positioning for an extension of the downfall witnessed over the past two weeks or so.
USD/CHF
The US Dollar is trading firm against a weak Swiss Franc on Wednesday. The pair has reached session highs right above 0.7979 during the European trading session, after bouncing from 0.7925 lows earlier on the day, retracing the losses from the previous two days.
CRUDE OIL
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $60.21 per barrel, up from Tuesday’s close at $60.03.
Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $63.85 price posted on Tuesday, and trading at $64.01.
Gold price (XAU/USD) halts its four-day losing streak, trading around $3,950 per troy ounce during the Asian hours on Thursday. Gold prices gain ground as continued central bank purchases and renewed ETF inflows have tightened the supply of metal in both official and exchange channels.
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