EUR/USD is trading above 1.0700, as bulls keep the reins for the second day on Thursday. The currency pair shrugs off looming economic concerns and upbeat US Treasury bond yields amid a broadly weaker US Dollar. EU data awaited.
GBP/USD is holding the upside above 1.2450 in the European morning. The pair capitalizes on renewed US Dollar weakness, despite a cautious market mood and higher US Treasury bond yields. The UK docket remains data-dry, as the focus shifts to the US data.
The USD/JPY pair has shown some recovery after dropping to near 139.66 in the early London session. The asset is expected to recapture the crucial mark of 140.00 as investors are hoping that the Federal Reserve (Fed) will raise interest rates further to bring down sticky United States inflation.
AUD/USD eases from intraday high to near 0.6660 while paring the late Wednesday’s rebound from 0.6640 during early Thursday morning. In doing so, the Aussie pair fades the early Asian session’s run-up to refresh the monthly top, after reversing from the highest levels since May 11 the previous day. With this, the Aussie pair justifies mixed Australia trade data for April amid sluggish markets.
The NZD/USD pair attracts some buying near the 0.6025 area, or a one-week low touched during the Asian session on Thursday and recovers a part of the previous day’s losses. The pair is currently placed around mid-0.6000s, up 0.20% for the day, albeit the intraday uptick lacks bullish conviction.
USD/CAD fades bounce off intraday low as it drops to 1.3360 heading into Thursday’s European session, after refreshing the monthly bottom at 1.3320 the previous day. In doing so, the Loonie pair cheers the US Dollar weakness while paying little heed to the mildly offered WTI crude oil price, which is Canada’s main export earner.
USD/CHF remains pressured around the intraday low near 0.9090, despite the latest corrective bounce off the day’s low heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair drops for the first day in three.
Oil prices kept to a tight range in early Asian trade on Thursday as markets took stock of mixed demand signals from major world economies, while initial support from a Saudi production cut now appeared to be waning.
Gold price has witnessed a steep fall after failing to kiss the crucial mark of $1,950.00 in the European session. XAU/USD has attracted significant offers as the corrective move in the DXY seems concluded due to an improvement in odds for the continuation of the rate-hiking spell by the Fed.
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