EUR/USD
The EUR/USD pair trades in negative territory for the third consecutive day around 1.0310 during the early European session on Thursday. The downbeat German November Factory Orders and the expectation of aggressive rate cuts by the European Central Bank this year weigh on the Euro against the Greenback.
GBP/USD
The GBP/USD pair remains under pressure for the third consecutive session, hovering near 1.2360 during Thursday’s Asian trading hours. Technical analysis of the daily chart highlights a prevailing bearish bias, with the pair falling back to the descending channel pattern.
USD/JPY
The Japanese Yen (JPY) trims a part of intraday gains and assists the USD/JPY pair to rebound around 25-30 pips from the Asian session low amid wavering Bank of Japan (BoJ) rate hike expectations. Strong wage growth data from Japan released earlier this Thursday, along with the broadening inflationary pressure, backs the case for further policy tightening by the BoJ. Investors, however, remain skeptical about the likely timing of when the BoJ will hike interest rates again. Moreover, the recent widening of the US-Japan rate differential, bolstered by the Federal Reserve’s (Fed) hawkish shift, contributes to capping the lower-yielding JPY.
AUD/USD
The Australian Dollar (AUD) extends its losses for the third consecutive day against the US Dollar (USD), with the AUD/USD pair hovering near two-year lows following domestic economic data, along with China’s CPI inflation report released on Thursday. Traders are now focused on Friday’s US Nonfarm Payroll (NFP) report, for additional policy direction insights.
NZD/USD
NZD/USD continues to lose ground for the third successive session, trading around 0.5600 during the Asian hours on Thursday. The New Zealand Dollar (NZD) remains subdued following Chinese CPI inflation data. Traders are now focused on Friday’s US Nonfarm Payroll (NFP) report, for additional policy direction insights.
USD/CAD
USD/CAD edges lower after registering gains in the previous two sessions, trading around 1.4370 during the Asian hours on Thursday. However, the USD/CAD pair faced challenges as the US Dollar (USD) appreciated due to increased hawkish sentiment surrounding the Federal Reserve’s (Fed) policy outlook in 2025.
USD/CHF
USD/CHF steadies following gains from the last two days, trading around 0.9090 during the Asian session on Thursday. The pair may strengthen as the US Dollar (USD) gains support from the hawkish shift in investor sentiment toward the Federal Reserve’s (Fed) interest rate outlook, following strong US economic data.
CRUDE OIL
Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world’s biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop.
Gold price snaps a two-day winning to a multi-week top amid the Fed’s hawkish stance. Retreating US bond yields undermine the USD and lend some support to the XAU/USD pair. Traders look to Fed speakers for some impetus ahead of the US NFP report on Friday.
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