EUR/USD
EUR/USD continues its winning streak, trading around 1.0790 during the Asian session on Thursday. This upside is attributed to a decline in the US Dollar due to the escalated speculations of the Federal Reserve reducing interest rates in 2024.
GBP/USD
The Pound Sterling extends its winning streak, which began on June 27. The GBP/USD pair trades around 1.2740 during the Asian session on Thursday, which could be attributed to the softer data released from the United States on Wednesday.
USD/JPY
The USD/JPY pair finished Wednesday’s session with minuscule gains of 0.14% after dipping to a daily low of 160.77, sponsored by traders increasing bets that the Federal Reserve might cut rates in 2024, following dismal data revealed during the day. At the time of writing, the major trades at 161.62.
AUD/USD
The AUD/USD pair trades with a positive bias for the third straight day on Thursday and is currently placed comfortably above the 0.6700 round-figure mark. Spot prices remain well within the striking distance of a nearly seven-month peak touched on Wednesday and seem poised to build on the overnight breakout through a multi-week-old range.
NZD/USD
The NZD/USD pair extends gains near 0.6110 on Thursday during the early Asian trading hours. The pair edges higher as the Greenback came under heavy bearish pressure after the disappointing US ISM Services PMI report. The US markets will be closed on Thursday due to Independence Day.
USD/CAD
The USD/CAD pair trades on a softer note around 1.3640 during the early Asian session on Thursday. The softer Greenback after the weaker-than-expected US Services Purchasing Managers Index (PMI) for June has dragged the pair lower. Meanwhile, the USD Index (DXY) accelerates its decline to 105.30 and US yields decline across the board amid the Independence Day holiday on Thursday.
USD/CHF
The USD/CHF pair trades with mild losses near 0.9015 during the early Asian trading hours on Thursday. The softer US Dollar (USD) and declining US bond yields weigh on the pair. The US markets will be closed on Thursday due to Independence Day. On Friday, the attention will shift to the US employment data for June, including Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings.
CRUDE OIL
Oil prices fell in Asia on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world’s top oil consumer may be cooling.
Gold price is looking to extend the previous upsurge early Thursday, sitting at the highest level in over a week near $2,360. Sustained US Dollar weakness alongside sluggish US Treasury bond yields underpin Gold price amid the July 4 US holiday-thinned market conditions.
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