EUR/USD
EUR/USD is holding to mild gains above 1.0500 in the European morning on Thursday. Fed Chair Powell-induced US Dollar weakness and a positive market mood support the pair’s uptick ahead of EU Retail Sales and US Jobless Claims data.
GBP/USD
GBP/USD trades with a positive bias for the third straight day and holds steady just above the 1.2700 mark in the early European session on Thursday. The pair takes advantage of the sustained US Dollar weakness and mild risk appetite heading into the US data releases later in the day.
USD/JPY
The Japanese Yen (JPY) remains on the front foot against its American counterpart through the Asian session on Thursday, though it lacks follow-through buying amid mixed fundamental cues. Bank of Japan (BoJ) board member Toyoaki Nakamura maintains his dovish stance, which, along with the prevalent risk-on mood, acts as a headwind for the safe-haven JPY.
AUD/USD
The Australian Dollar (AUD) remains under selling pressure on Thursday. The disappointing Australian economic data and rising expectations for an early interest rate cut by the Reserve Bank of Australia (RBA) drag the Aussie lower. Additionally, the concerns about potential tariffs on imports from President-elect Donald Trump might contribute to the AUD’s downside.
NZD/USD
The NZD/USD pair recovers some lost ground to around 0.5865 amid a modest decline in the US Dollar (USD) during the Asian trading hours on Thursday. However, the weakening of the Greenback might be limited amid the cautious stance of the Federal Reserve (Fed). Traders will keep an eye on the US weekly Initial Jobless Claims on Thursday ahead of the highly anticipated Nonfarm Payrolls (NFP) data.
USD/CAD
The USD/CAD pair edges higher to near 1.4075 during the early Asian session on Thursday. The rising bets of the Bank of Canada (BoC) rate cut and a decline in crude oil prices continue to undermine the commodity-linked Canadian Dollar (CAD). The Canadian November Ivey PMI and US weekly Initial Jobless Claims are due later on Thursday.
USD/CHF
The USD/CHF pair flat lines around 0.8860 on Thursday during the early European trading hours. Traders prefer to wait on the sidelines ahead of the key US events this week. On Friday, the attention will shift to the US November employment data, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings data.
CRUDE OIL
Oil prices were mostly stable on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.
GOLD
Gold price ticks lower on Thursday amid a modest rebound in the US bond yields. Geopolitical risks and trade war fears could help limit losses for the XAU/USD. The USD bulls remain on the sidelines ahead of the key US NFP report on Friday.
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