EUR/USD
The EUR/USD pair gains traction to around 1.1505 during the Asian trading hours on Thursday. Improved risk sentiment provides some support to the riskier assets such as the Euro (EUR). Traders brace for German Industrial Production and Eurozone Retail Sales later on Thursday.
GBP/USD
GBP/USD extends its gains for the second successive session, trading around 1.3060 during the Asian hours on Thursday. The pair holds gains as the Pound Sterling (GBP) receives support ahead of the Bank of England’s (BoE) interest rate decision due later in the day. The BoE is widely expected to keep its policy rate unchanged at 4% in November, but softer inflation and wage data have strengthened the case for rate cuts in the coming months.
USD/JPY
The USD/JPY pair attracts some buyers to around 154.05 during the early Asian session on Thursday. The US Dollar (USD) edges higher against the Japanese Yen (JPY) as US economic data alleviates concerns about the US economy and the labor market, prompting investors to weigh the likelihood of another interest rate cut this year.
AUD/USD
AUD/USD holds steady on Wednesday, trading around 0.6480 at the time of writing, virtually unchanged on the day. Sentiment remains positive on the Australian Dollar (AUD) after China’s Ministry of Finance announced that it will suspend, from November 10, certain tariffs on US agricultural products. Beijing stated that the 24% tariffs on several US goods will be lifted for one year, while the 10% tariffs will remain in place.
NZD/USD
The NZD/USD pair posts modest losses near 0.5660 during the early European session on Thursday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) as the downbeat jobs report supported the case for a rate cut from the Reserve Bank of New Zealand (RBNZ) this month. New Zealand’s Unemployment Rate rose to 5.3% in the third quarter (Q3), the highest level since 2016. This figure followed the 5.2% recorded in Q2.
USD/CAD
The USD/CAD pair declines to near 1.4100, snapping the five-day winning streak during the early European session on Thursday. A recovery in crude oil prices underpins the commodity-linked Canadian Dollar (CAD) against the Greenback. The Canadian October Ivey Purchasing Managers Index (PMI) report is due later on Thursday. Also, the Bank of Canada (BoC) Governor, Tiff Macklem, is scheduled to speak.
USD/CHF
The USD/CHF pair struggles to extend its over-a-week-long rally above the 11-week high of 0.8125 posted on Wednesday. During the late Asian trading session, the Swiss Franc pair trades marginally down to near 0.8095.
CRUDE OIL
Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.
Gold (XAU/USD) attracts buyers for the second straight day and jumps back above the $4,000 psychological mark during the early European session on Thursday. Concerns about the economic fallout from a prolonged US government shutdown prompt some US Dollar (USD) selling and drag it away from the highest level since late May, touched on Wednesday. This, along with persistent geopolitical uncertainties, turns out to be a key factor driving some safe-haven flows towards the bullion.
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