EUR/USD
EUR/USD keeps its range near 1.1150 in European trading, snapping a four-day winning streak. The pair stays defensive ahead of the top-tier Euro area and the US preliminary PMI data. Broad US Dollar rebound amid souring sentiment weighs on the pair.
GBP/USD
GBP/USD has entered a consolidative mode in early Europe on Thursday, following a rejection at 1.3100 and amid a broad US Dollar recovery. Traders now look to the flash PMIs from the UK and the US for fresh trading impetus.
USD/JPY
The Japanese Yen (JPY) edges higher against the US Dollar (USD) on Thursday. A Reuters poll conducted from August 13-19, published on Wednesday, indicated that 31 out of 54 economists expect the Bank of Japan to raise borrowing costs before the end of the year. The median forecast points to a 25 basis point hike, which would bring the end-of-year rate to 0.50%.
AUD/USD
The Australian Dollar (AUD) depreciates against the US Dollar (USD) despite strong business activity data released on Thursday. However, the downside of the AUD/USD pair could be limited due to the hawkish stance adopted by the Reserve Bank of Australia (RBA) about its policy outlook. RBA’s August Meeting Minutes suggested that the cash rate might stay unchanged for an extended period.
NZD/USD
NZD/USD breaks its four-day winning streak, trading around 0.6150 during the Asian session on Thursday. This downside of the NZD/USD pair could be attributed to the improved US Dollar (USD) amid higher Treasury yields. Traders adopt caution ahead of the Federal Reserve (Fed) Chair Jerome Powell’s keynote speech at the Jackson Hole Annual Symposium on Friday. Powell may deliver a statement about the possibility of interest rate cuts in the United States (US) is highly anticipated.
USD/CAD
The USD/CAD pair edges lower to 1.3585 during the early Asian session on Thursday. The Greenback remains under selling pressure as the Minutes of the US Federal Reserve (Fed) opened the door for an interest rate cut at its September meeting,
USD/CHF
USD/CHF remains tepid around 0.8520 during the Asian session on Thursday, with a negative bias to continue its losing streak for the fifth successive day. The Swiss Franc (CHF) might gain support from safe-haven flows due to the ongoing stalemate in achieving a truce agreement between Israel and Hamas, which leaves the door open for a broader conflict in the Middle East.
CRUDE OIL
Oil prices fell for a fifth session on Thursday as global demand concerns exerted pressure on the market despite a decline in U.S. fuel inventories.
Gold price is looking to build on the previous correction in Thursday’s Asian session, challenging the key $2,500 level. Gold traders resort to profit-taking ahead of the top-tier US Preliminary S&P Global business PMI data, which could throw fresh light on the US Federal Reserve interest-rate outlook.
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