EUR/USD
EUR/USD is back in the green zone early Thursday, reversing a part of Wednesday’s steep sell-off. The further upside, however, appears elusive if risk aversion gathers steam and revives the safe-haven demand for the US Dollar (USD).
GBP/USD
GBP/USD fell back below 1.3200 on Wednesday after near-term bullish momentum eased. Markets have piled into a one-sided risk appetite stance as investors hunker down for the long wait to an anticipated kickoff of a rate-cutting cycle from the Federal Reserve (Fed) in September.
USD/JPY
USD/JPY has picked up fresh bids to regain 144.50 in the Asian session on Thursday. The pair turns positive even as risk sentiment remains sour following Nvidia’s earnings report. The US Dollar also remains on the backfoot ahead of top-tier US economic data.
AUD/USD
AUD/USD has stalled its recovery momentum just shy of the 0.6800 level in Asian trading on Thursday, with the Aussie hit by the unexpected slide in the Australian Q2 Private Capex data. Further, broad risk-aversion also acts as a headwind for the pair ahead of key US data.
NZD/USD
The NZD/USD pair gains momentum near 0.6280, the highest level since January 4, during the early Asian session on Thursday. The uptick of the New Zealand Dollar (NZD) is bolstered by firmer rate cut expectation from the Federal Reserve (Fed) and an encouraging New Zealand ANZ Business Outlook Survey.
USD/CAD
The USD/CAD pair trades on a weaker note near 1.3480 during the early Asian session on Thursday. The US Federal Reserve (Fed) Chair Jerome Powell signalled that the central bank is ready to ease its monetary policy this year, which weighed on the Greenback in the previous session. Investors await the second estimate of US Q2 Gross Domestic Product and the Fed’s Raphael Bostic speech on Thursday for fresh drivers.
USD/CHF
USD/CHF extends its losing streak for the fourth successive day, trading around 0.8470 during the Asian hours on Thursday. The USD/CHF pair may decline further due to safe-haven flows toward the Swiss Franc (CHF). The risk aversion sentiment prevails due to rising geopolitical tensions in the Middle East.
CRUDE OIL
Oil prices edged up on Thursday after two sessions of losses, as supply concerns over Libya returned to focus, although countered by a smaller-than-expected draw in U.S. crude inventories that sapped demand expectations.
Gold price recovers some lost ground on Thursday after bouncing off the weekly lows in the sub-$2,500 region per ounce troy. The expectation of US interest rate cuts might lift the Gold demand as lower interest rates reduce the opportunity cost of holding non-yielding gold.
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