EUR/USD
EUR/USD shed another fifth of a percent on Wednesday as the Fiber crumples ahead of Thursday’s fresh round of Purchasing Managers Index (PMI) figures. ECB officials talked down economic concerns, reiterating the need for caution when weighing future rate cuts. FX markets promptly responded by pummeling the Euro further into the dirt, hitting a 16-week low.
GBP/USD
GBP/USD shed another half of a percent on Wednesday, tipping into a fresh ten-week low and grinding down toward the 1.2900 handle. Purchasing Managers Index (PMI) figures from both the UK and the US are due on a rolling schedule throughout Thursday, and investors will be keeping an eye out for a slew of central banker appearances from both the Bank of England (BoE) and the Federal Reserve (Fed).
USD/JPY
USD/JPY extends the renewed selling toward 152.00 in the Asian session on Thursday. Japanese verbal warnings put a fresh bid under the Yen, dragging the pair lower. However, uncertainty over Japan’s political scenario could limit the downside ahead of US PMIs.
AUD/USD
The Australian Dollar (AUD) edges higher against the US Dollar (USD) after the release of the domestic Purchasing Managers Index (PMI) on Thursday. Additionally, the AUD/USD pair gained as the USD weakened slightly, driven by a modest dip in US Treasury yields. 2-year and 10-year yields on US Treasury bonds stand at 4.07% and 4.23%, respectively, at the time of writing.
NZD/USD
NZD/USD gains ground as the US Dollar (USD) faced downward pressure following the release of the Federal Reserve’s (Fed) Beige Book on Wednesday. The latest report indicated that economic activity was “little changed in nearly all Districts,” in contrast to August’s report, where three Districts reported growth and nine showed flat activity. The pair trades around 0.6010 during the Asian session on Thursday.
USD/CAD
The USD/CAD pair edges lower during the Asian session on Thursday and moves away from its highest level since August 5, around the 1.3860-1.3865 zone touched the previous day. Spot prices currently trade around the 1.3825 area, down nearly 0.10% for the day amid a modest US Dollar (USD) downtick, though any meaningful corrective decline still seems elusive.
USD/CHF
USD/CHF appreciates and trades around 0.8680 during the early European hours on Thursday. This upside of the pair could be attributed to solid US Dollar (USD). Additionally, improved US Treasury yields also contributed support for the Greenback and underpinned the USD/CHF pair.
CRUDE OIL
Oil prices climbed by more than 1% on Thursday, almost reversing previous session’s losses, as Middle East tensions came back into focus ahead of the U.S. election despite a mixed bag of U.S. fuel inventories.
GOLD
Gold price is reversing a part of Wednesday’s correction from record highs of $2,759 early Thursday. Gold buyers draw support from a pause in the US Dollar advance, as the US Treasury bond yields rally takes a breather in the lead-up to the preliminary S&P Global US PMI data.
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