EUR/USD
EUR/USD is pulling back from highs above 1.1600, but keeps most of its weekly gains, trading near 1.1585 at the time of writing on Thursday. Growing confidence that the Federal Reserve will ease its monetary policy further over the coming months is weighing on the US Dollar, while hopes of a peace deal between Russia and Ukraine have supported the common currency this week.
GBP/USD
GBP/USD continues its winning streak for the sixth successive session, trading around 1.3260 during the Asian hours on Thursday. The pair appreciates as the US Dollar (USD) struggles amid rising odds of Federal Reserve (Fed) rate cut bets in December.
USD/JPY
The USD/JPY pair fell to 156.13 on Thursday, with the Japanese yen recouping recent losses as markets remain on high alert for potential intervention by Japanese authorities.
Traders are speculating that the US Thanksgiving holiday, which typically sees lower liquidity and thinner market conditions, could provide a strategic “window” for regulators to intervene and support the yen. Notably, the mere risk of intervention is already acting as a deterrent, effectively capping the currency’s recent decline.
AUD/USD
The Australian Dollar (AUD) gains against the US Dollar (USD) on Thursday, extending its gains for the fifth successive session. The AUD/USD pair gains ground as the US Dollar (USD) struggles amid rising odds of Federal Reserve (Fed) rate cut bets in December.
NZD/USD
The NZD/USD pair is building on the previous day’s post-Reserve Bank of New Zealand (RBNZ) move up and gaining strong follow-through positive traction on Thursday. The momentum lifts spot prices to a fresh monthly peak, around the 0.5730 area, during the Asian session, and is further fueled by a broadly weaker US Dollar (USD).
USD/CAD
USD/CAD extends its losses for the third successive session, trading around 1.4030 during the Asian hours on Thursday. The daily chart’s technical setup reflects a persistent bullish bias, with the pair remaining within its ascending channel pattern.
USD/CHF
USD/CHF trades lower on Wednesday, around 0.8060 at the time of writing, down 0.10% on the day. The pair extends the correction initiated after reaching its near three-week high just above 0.8100, pressured by a broader bearish tone surrounding the US Dollar (USD).
CRUDE OIL
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $58.35 per barrel, down from Wednesday’s close at $58.49.
Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $62.25 after its previous daily close at $62.43.
Gold (XAU/USD) recovers slightly from the daily low, though it sticks to a mildly negative tone heading into the European session amid a combination of negative factors. The prospects for lower US interest rates, along with hopes for a peace deal between Russia and Ukraine, remain supportive of the upbeat market mood. This, along with a modest US Dollar (USD) rebound from an over one-week low, turns out to be a key factor undermining the safe-haven precious metal.
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