EUR/USD
EUR/USD turns sideways in Thursday’s European session after rallying to a fresh four-month high at around 1.0950 on Wednesday. The major currency pair is expected to remain quiet as investors shift to the sidelines ahead of the European Central Bank policy meeting, which will be announced at 12:15 GMT.
GBP/USD
GBP/USD treads water at around 1.3000 in the European session, holding its retreat from the 2024-high it set at 1.3045 on Wednesday. The UK data showed that the ILO Unemployment Rate held steady at 4.4% in the three months to May, as forecast, failing to trigger a reaction.
USD/JPY
The Japanese Yen (JPY) retraces its recent gains on Thursday. However, the JPY had strengthened against the US Dollar (USD) after suspected intervention by Japanese authorities drove the USD/JPY pair to a one-month low of 155.36. Traders remain alert to the possibility of further interventions.
AUD/USD
The Australian Dollar (AUD) strengthens during the early European session on Thursday. The uptick in AUD is supported by a relatively stronger domestic jobs report, which supports the case for another possible rate hike by the Reserve Bank of Australia (RBA). Apart from this, the underlying bullish sentiment surrounding the global equity markets benefits the risk-sensitive Aussie and assists the AUD/USD pair to register a modest recovery from the vicinity of a two-week low, around the 0.6715 region touched on Tuesday.
NZD/USD
The NZD/USD pair trades on a weaker note near 0.6080 during the early Asian session on Thursday. The prospect of an interest rate cut by the Reserve Bank of New Zealand (RBNZ) and China’s economic woes continue to weigh on the Kiwi. Traders will take more cues from the US weekly Initial Jobless Claims and the Philly Fed Manufacturing Index on Thursday for fresh impetus. Also, the Fed’s Lorie Logan is set to speak later in the day.
USD/CAD
The USD/CAD pair oscillates in a familiar trading range around 1.3685 during the early Asian session on Thursday. The further decline in the USD Index (DXY) amid the firmer rate-cut bets by the Federal Reserve (Fed) might cap the pair’s upside. Investors will monitor the US weekly Initial Jobless Claims and the Philly Fed Manufacturing Index later on Thursday, along with the speech by the Fed’s Lorie Logan.
USD/CHF
USD/CHF holds ground near 0.8940 during the Asian session on Thursday. The USD/CHF pair may receive support from a modest rebound in the US Dollar (USD), which is likely influenced by improved Treasury yields.
CRUDE OIL
Oil prices extended gains from the previous session on Thursday, buoyed by a bigger-than-expected decline last week in crude stockpiles in the United States, the world’s largest oil consumer.
Gold price has found fresh demand above $2,450 in early trading on Thursday, looking to regain upside momentum, following a brief correction from a new record high of $2,484 set on Wednesday.
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