EUR/USD
The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.
GBP/USD
The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product (GDP) for the fourth quarter (Q4) will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1. In case of a stronger-than-expected outcome, this could boost the Cable against the US Dollar (USD).
USD/JPY
The USD/JPY pair attracts some sellers to around 153.20 during the early Asian session on Thursday. The Japanese Yen (JPY) strengthens against the US Dollar (USD) in the aftermath of Prime Minister Sanae Takaichi’s landslide election victory. The attention will shift to the US Consumer Price Index (CPI) inflation report, which is due later on Friday.
AUD/USD
The Australian Dollar surged to its highest level since August 2022 on Wednesday after the delayed US Non-Farm Payrolls (NFP) report came in stronger than expected at 130K, well above the 70K consensus, though massive downward revisions to 2025 payroll data (898K lower for March 2025 alone) painted a weaker picture of the broader labor market. The US Dollar sold off as markets interpreted the benchmark revisions as confirmation of a more entrenched slowdown, with average monthly job gains for 2025 revised to just 15K from the previously reported 49K.
NZD/USD
The New Zealand Dollar is holding near multi-month highs against the US Dollar following Wednesday’s US Non-Farm Payrolls (NFP) report, which showed 130K jobs added in January, above the 70K forecast, but was overshadowed by an 898K downward benchmark revision to 2025 payroll data that reinforced the view of a deteriorating US labor market. The Federal Reserve (Fed) held rates at 3.50% to 3.75% at its January meeting, and markets are now pricing in two additional cuts this year as the soft labor trend points to further easing.
USD/CAD
USD/CAD edges higher on Wednesday after reports that the US is privately considering withdrawing from the US-Mexico-Canada Agreement (USMCA), weighing on the Canadian Dollar (CAD). At the time of writing, the pair trades around 1.3612, rebounding from intraday lows near 1.3500.
USD/CHF
USD/CHF remains steady after two days of gains, trading around 0.7710 during the Asian hours on Thursday. However, the pair may weaken as the Swiss Franc (CHF) could receive support as Switzerland’s 10-year government bond yield climbed to 0.32%, its highest level since December, amid sustained safe-haven demand. Rising yields enhance the appeal of Swiss assets for foreign investors, boosting capital inflows and lending support to the currency.
CRUDE OIL
Oil prices rose in Asian trade on Thursday as persistent concerns over geopolitical tensions between the U.S. and Iran saw traders price in a greater risk premium for crude.
Gold (XAUUSD) is holding firm above $5,000, showing strength even as U.S. labor data signals tightening conditions. January’s jobs report beat expectations, and the unemployment rate moved lower, typically a setup that favors Dollar strength. However, gold stayed supported, highlighting the dominant role of geopolitical risk. Rising tensions between the U.S. and Iran have elevated safe-haven demand, offsetting the impact of strong economic data. This combination of macro drivers continues to support gold’s broader bullish structure.
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