EUR/USD
EUR/USD is in freefall, plummeting to multi-week lows as the Euro continues to crumple ahead of the European Central Bank’s (ECB) upcoming rate call on Thursday. The ECB is widely expected to trim interest rates by a quarter of a percent, or 25 bps.
GBP/USD
Tension snapped in GBP/UISD chart action on Wednesday, with Cable losing the tug of war and backsliding out of recent congestion. Cable tumbled two-thirds of one percent and slipped below the 1.3000 handle during the midweek market session. GBP markets withered after UK Consumer Price Index (CPI) inflation figures missed the mark, sending the Pound Sterling to a fresh eight-week low.
USD/JPY
USD/JPY is finding fresh demand in tandem with the US Dollar in the Asian session on Thursday. China’s fresh property market measures disappoint and underpin the safe-haven Greenback. The US Retail Sales data will now take center stage.
AUD/USD
AUD/USD pares gains to trade back below 0.6700 in Thursday’s Asian trading, following the Chinese property market briefing. Stellar Australian labor data fanned expectations of an extended RBA pause, putting a bid under the pair while the US Dollar retreats ahead of US Retail Sales.
NZD/USD
NZD/USD breaks its three-day losing streak, trading around 0.6070 during the Asian hours on Thursday. However, the upside for the AUD/USD pair could be limited by recent data showing that inflation in New Zealand has slowed to its lowest level in over three years. This has increased the likelihood of the Reserve Bank of New Zealand (RBNZ) reducing interest rates at its next monetary policy meeting in November.
USD/CAD
The USD/CAD pair posts modest gains to near 1.3755 during the early Asian session on Thursday. The US Dollar Index (DXY) rose further to multi-week tops above 103.50 amid rising bets that the US Federal Reserve (Fed) will proceed with modest interest rate cuts over the next year. Later on Thursday, the US Retail Sales will take centre stage.
USD/CHF
USD/CHF retraces its recent losses registered in the previous session, trading around 0.8630 during the early European hours on Thursday. The US Dollar (USD) continues to gain support as robust US Employment and Consumer Price Index (CPI) data have dampened expectations of aggressive Federal Reserve (Fed) easing.
CRUDE OIL
Oil prices rose in Asian trade on Thursday, recovering some ground after days of bruising losses as industry data showed that U.S. inventories marked an unexpected draw in the past week.
GOLD
Gold price built on its uptrend witnessed over the past week or so and retested the all-time high on Wednesday amid the expected interest rate cuts by major central banks. Traders have fully priced in a 25 basis points interest rate cut by the US Federal Reserve in November.
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