EUR/USD
The EUR/USD pair trades in a tight range around 1.1750 during the early European trading session on Thursday. The major currency pair consolidates as investors await Iran’s response to the United States (US) one-page peace plan, which restricts Tehran from uranium enrichment and the reopening of the Strait of Hormuz for all.
GBP/USD
GBP/USD remains stronger for the third consecutive day, trading around 1.3600 during the Asian hours on Thursday. The technical analysis of the daily chart indicates an improving bullish trend as the pair rebounds from the lower boundary of the ascending channel.
USD/JPY
The USD/JPY pair struggles to capitalize on the previous day’s goodish rebound from its lowest level since February 24, around the 155.00 psychological mark, and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade just below mid-156.00s, nearly unchanged for the day.
AUD/USD
The AUD/USD pair attracts some dip-buyers during the Asian session on Thursday and stalls the previous day’s late pullback from the 0.7275-0.7280 region, or its highest level since June 2022. Spot prices currently trade around mid-0.7200s, up for the third straight day.
NZD/USD
The NZD/USD pair trades in positive territory around 0.5960 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) following reports that the United States (US) and Iran are close to a deal to end the war. Traders await the release of the US jobs report for April, which is due later on Friday.
USD/CAD
USD/CAD remains flat after registering modest gains in the previous trading day, hovering around 1.3630 during the Asian hours on Thursday. The commodity-linked Canadian Dollar (CAD) may struggle amid lower oil prices, given Canada’s status as the largest crude exporter to the United States (US).
USD/CHF
USD/CHF edges lower on Wednesday, breaching a key support trendline at around 0.7800 as the pair extends its downtrend, falling over 0.50% at the time of writing. The pair trades at 0.7789, as traders target the March 10 swing low at 0.7748.
CRUDE OIL
Oil prices rose over $1 on Thursday, rebounding from the previous day’s sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding.
Gold (XAU/USD) retains its positive bias for the third straight day and trades above the $4,700 mark, closer to a one-and-a-half-week high, heading into the European session on Thursday. Bulls, however, seem hesitant and opt to wait for further clarity over a potential US-Iran peace deal before positioning for further gains. Meanwhile, the downside remains cushioned on the back of fading expectations for a more hawkish US Federal Reserve (Fed) and a broadly weaker US Dollar (USD), which tends to underpin demand for the bullion.
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