EUR/USD
The EUR/USD pair meets with some supply during the Asian session on Thursday and erodes a part of the previous day’s gains to the 1.0870 area, or a one-and-half-week top. The downtick is sponsored by the emergence of some US Dollar (USD) dip-buying and drags spot prices below mid-1.0800s in the last hour.
GBP/USD
The GBP/USD pair extends the decline to around 1.2955 during the early Asian session on Thursday. The Pound Sterling (GBP) edges lower after the UK budget announcement. The attention will shift to the US Personal Consumption Expenditures (PCE) – Price Index data later on Thursday.
USD/JPY
The Japanese Yen attracts some buyers after the Bank of Japan announced its decision earlier this Thursday and drags the USD/JPY pair back below the 153.00 mark in the last hour. Any meaningful JPY appreciation, however, still seems elusive. Traders now look to the BoJ’s post-meeting presser ahead of the US PCE Price Index.
AUD/USD
The Australian Dollar remains steady following the release of mixed economic data from Australia and China’s NBS PMI on Thursday. However, hawkish expectations for the Reserve Bank of Australia’s policy outlook continued to support the Aussie Dollar and limit the downside of the AUD/USD pair.
NZD/USD
The NZD/USD pair recovers some lost ground to near 0.5980 on Thursday during the Asian trading hours. The upbeat New Zealand business confidence and Chinese Manufacturing Purchasing Managers’ Index (PMI) data underpin the China-proxy New Zealand Dollar (NZD).
USD/CAD
USD/CAD appreciates to near its three-month high of 1.3940, recorded in the previous session, trading around 1.3920 during Thursday’s European session. This upside of the pair could be linked to the solid US Dollar (USD) as market caution lingers amid uncertainty surrounding the upcoming US presidential election.
USD/CHF
USD/CHF steadies with a bias of extending gains for the second consecutive day amid higher US Dollar (USD) and improved Treasury yields. The pair trades around 0.8670 during the Asian hours on Thursday.
CRUDE OIL
Oil prices rose on Thursday, extending the previous day’s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.
Gold price continues to attract haven flows amid US political jitters and Middle East woes. A further rise in the US bond yields revives the USD demand and caps the precious metal. Traders now look to the release of the US PCE Price Index for some meaningful impetus.
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