EUR/USD
EUR/USD remains stable following the trimming of losses registered in the previous session. The pair trades around 1.0810 early Thursday. Eurozone Industrial Production figures for April are scheduled for Thursday, with median market forecasts anticipating a decline to 0.2% MoM.
GBP/USD
GBP/USD drifts lower on Thursday amid the hawkish Fed-inspired USD buying interest. The mixed technical setup warrants some caution before positioning for deeper losses. A daily close above the 1.2800 mark will set the stage for a further appreciating move.
USD/JPY
The Japanese Yen (JPY) retraces its recent gains on Thursday as the US Dollar (USD) advances following a hawkish hold from the US Federal Reserve (Fed), boosting the USD/JPY pair. The Federal Open Market Committee (FOMC) left its benchmark lending rate in the range of 5.25%–5.50% for the seventh consecutive time in its policy meeting on Wednesday, as widely anticipated.
AUD/USD
The Australian Dollar (AUD) edges lower despite the employment data release on Thursday. Australia’s Employment Change showed that the number of employed people increased by 39.7K in May, exceeding the expected 30.0K increase and the previous 38.5K rise. Meanwhile, the Unemployment Rate came in at 4.0%, below April’s 4.1% rate as expected.
NZD/USD
The NZD/USD pair extends the rally around 0.6195 despite the weaker US Dollar (USD) on Thursday during the early Asian session. The softer-than-expected US Consumer Price Index (CPI) inflation report in May has dragged the USD Index (DXY) lower to 104.25, but the hawkish hold by the Federal Reserve (Fed) helped the DXY to regain some composure.
USD/CAD
The USD/CAD pair snaps the three-day losing streak near 1.3730 during the early Asian trading hours on Thursday. The renewed US Dollar (USD) demand after the hawkish hold from the US Federal Reserve (Fed) provides some support to the pair. Investors will watch the US weekly Initial Jobless Claims, Producer Prices Index (PPI), and Fed’s John Williams speech, which are due later on Thursday.
USD/CHF
USD/CHF retraces its losses from the previous session after the hawkish hold from the US Federal Reserve (Fed). The Federal Open Market Committee (FOMC) left its benchmark lending rate in the range of 5.25%–5.50% for the seventh consecutive time in its policy meeting on Wednesday, as widely anticipated. The pair edges higher to near 0.8950 during the Asian session on Thursday.
CRUDE OIL
Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back a possible interest rate cut to December, while ample U.S. crude and fuel stocks also weighed on the market.
Gold price is trading in the red for the first time this week, looking to retest the $2,300 level early Thursday. Gold sellers fight back control following the hawkish US Federal Reserve interest rate decision but stay cautious ahead of the US Producer Price Index inflation data due later on Thursday.
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