EUR/USD
EUR/USD is gyrating in a tight range above 1.1000 in Asian trading on Thursday. Traders assess the latest US CPI inflation data, bracing for the ECB policy announcements amid a positive risk sentiment and sustained US Dollar strength.
GBP/USD
The GBP/USD pair remains under pressure, trading near 1.3045 as the market reacted to the latest US inflation data. Economic activity released during the European session seems to have added pressure on the pound.
USD/JPY
The USD/JPY pair fails to capitalize on modest Asian session gains to the 143.00 neighborhood and for now, seems to have stalled its goodish recovery from a nearly nine-month low touched the previous day. Spot prices currently trade around the mid-143.00s, or the lower end of the daily range and seem vulnerable to prolonging the recent well-established downtrend witnessed over the past two months or so.
AUD/USD
AUD/USD holds the recent recovery in Thursday’s Asian session, eyeing 0.6700 amid an upbeat mood. Resurgent US Dollar buying, bolstered by diminishing odds for a 50 bps rate cut by the Fed in September amid a still sticky US inflation, should check the pair’s further upside move.
NZD/USD
NZD/USD retraces its recent losses registered in the previous session, trading around 0.6150 during the Asian hours on Thursday. The upside of the NZD/USD pair could be attributed to improved risk sentiment amid rising expectations of a 25-basis points rate cut by the Fed in September.
USD/CAD
The USD/CAD pair attracts dip-buying during the Asian session on Thursday and for now, seems to have stalled its retracement slide from a three-week top, around the 1.3620-1.3625 area touched the previous day. The intraday uptick, however, lacks bullish conviction, warranting some caution before positioning for any meaningful appreciating move.
USD/CHF
USD/CHF continues to lose ground, trading around 0.8430 during the Asian hours on Wednesday. US Dollar (USD) faces challenges as the Treasury yields continue to decline ahead of the US Consumer Price Index (CPI) data scheduled to be released later in the North American hours.
CRUDE OIL
Oil prices rose during Asian trade on Thursday, spurred by concerns of Hurricane Francine impacting output in the U.S., the world’s biggest crude producer, though worries of lower demand capped gains.
GOLD
Gold price drifted lower following the release of the crucial US CPI report on Wednesday. Diminishing odds for a 50-bps rate cut in September lifts the US bond yields and the USD. The prospects for an imminent start of the Fed’s policy-easing cycle offer some support.
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