EUR/USD
The EUR/USD pair trades in positive territory near 1.1540 during the early Asian trading hours. Rising bets that the European Central Bank will deliver a rate hike at its June policy meeting later on Thursday underpin the Euro against the Greenback.
GBP/USD
The GBP/USD pair gathers strength to around 1.3385 during the Asian trading hours on Thursday. However, the potential upside might be limited amid rising expectations for higher-for-longer US interest rates. Markets might turn cautious later in the day ahead of the US Producer Price Index report.
USD/JPY
USD/JPY remains flat after two days of gains, trading around 160.50 during the Asian hours. The pair moves little after reaching a six-week high of 160.56 during earlier hours on Thursday, which could be attributed to possible foreign-exchange intervention by Japanese authorities.
AUD/USD
The AUD/USD pair recovers a few pips after touching a fresh two-month low during the Asian session on Thursday and moves back above the 0.7000 psychological mark. The fundamental backdrop, however, seems tilted in favor of bearish traders, making it prudent to wait for strong follow-through buying before confirming that spot prices have formed a near-term bottom.
NZD/USD
The NZD/USD pair loses traction to near 0.5795 during the early European trading hours on Thursday. Renewed skirmishes between the United States (US) and Iran undermine the New Zealand Dollar (NZD) against the US Dollar (USD). Traders brace for the US Producer Price Index (PPI) report, which is due later on Thursday.
USD/CAD
USD/CAD loses ground for the third successive day, trading around 1.3940 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) holds losses as investors assess ongoing Middle East tensions with anticipation of upcoming US economic data, which could signal the Federal Reserve’s next policy moves.
USD/CHF
USD/CHF depreciates after four days of gains, trading around 0.7990 during the Asian hours on Thursday. However, the downside of the pair could be restrained as the US Dollar (USD) may regain its ground amid rising safe-haven demand due to ongoing Middle East conflict.
CRUDE OIL
Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed after the U.S. launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured.
Gold (XAU/USD) struggles to capitalize on a modest bounce from its lowest level since November 2025, touched earlier this Thursday, and remains below the $4,100 mark heading into the European session amid mixed cues. The US Dollar (USD) remains on the defensive as a softer Core US Consumer Price Index (CPI) eased concerns about a runaway inflation spiral, offering some support to the precious metal. That said, hawkish US Federal Reserve (Fed) expectations, along with renewed hostilities between the US and Iran, act as a tailwind for the Greenback and cap the upside for the bullion.
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