EUR/USD
The EUR/USD pair rebounds to near 1.0935, snapping the two-day losing streak during the Asian trading hours on Thursday. The softer US Dollar provides some support to the major pair. Nonetheless, the risk-off sentiment might cap the upside of EUR/USD amid the escalating geopolitical risks.
GBP/USD
GBP/USD breaks its three-day losing streak, trading around 1.2700 during the Asian session on Thursday. This upside could be attributed to the weaker US Dollar as the US Federal Reserve is widely anticipated to implement a more aggressive rate cut beginning in September.
USD/JPY
The Japanese Yen (JPY) recovers its daily losses against the US Dollar (USD) on Thursday. However, the USD/JPY pair received support following the comments from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida, who said on Wednesday, “We won’t raise rates when markets are unstable,” according to Reuters.
AUD/USD
The Australian Dollar (AUD) appreciates against the US Dollar (USD) following the comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday. Bullock emphasized the need to stay vigilant about inflation risks and indicated a willingness to hike rates if necessary, stating that inflation may not return to the 2–3% target range until the end of 2025. The AUD/USD pair also benefited from the RBA’s hawkish decision to maintain the cash rate at 4.35% on Tuesday.
NZD/USD
The NZD/USD pair attracts some dip-buying following the previous day’s modest pullback from a two-and-half-week high and retakes the 0.6000 psychological mark during the Asian session on Thursday. This marks the third straight day of a positive move and is supported by a combination of factors.
USD/CAD
The USD/CAD pair extends its decline to near 1.3755 during the early Asian session on Thursday. The Canadian Dollar (CAD) is poised to perform well this week despite the lack of top-tier economic data released earlier this week. On Friday, traders will closely monitor the Canadian employment report for July.
USD/CHF
The USD/CHF pair drifts lower to near 0.8590 during the early European session on Thursday. The Swiss Franc (CHF) gains traction from the unwinding of carry trades and escalating geopolitical tensions in the Middle East. Investors await the weekly US Initial Jobless Claims on Thursday for fresh impetus.
CRUDE OIL
Oil prices edged higher for a third straight session on Thursday over market anxiety about supply risks due to simmering tensions in the Middle East, with a steep draw in U.S. crude stockpiles also helping a recovery from multi-month lows.
Gold price is attempting a tepid bounce while below $2,400 early Thursday, pausing a five-day losing streak, as the US Dollar sees fresh selling alongside the US Treasury bond yields.
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