EUR/USD
EUR/USD continues to lose ground for the fourth successive day, trading around 1.0350 during the Asian hours on Thursday. The Euro faces challenges as the European Central Bank maintains dovish guidance on interest rates policy for this year.
GBP/USD
The GBP/USD pair remains on the defensive around 1.2510 on Thursday during the Asian session, pressured by the stronger US Dollar broadly. The prospect that the Federal Reserve will slow the easing cycle this year supports the Greenback against the Pound Sterling.
USD/JPY
The USD/JPY pair gains ground to around 157.30 during the early Asian trading hours on Thursday. The anticipation of the US interest rates staying higher for longer lifts the US dollar (USD) against the Japanese Yen (JPY). Markets in Japan are closed for the rest of the week. On Friday, the US S&P Global Manufacturing PMI for December will be closely watched.
AUD/USD
The Australian Dollar (AUD) gains ground against the US Dollar (USD) after the Caixin Manufacturing Purchasing Managers’ Index (PMI) from China was released on Thursday. As close trade partners, any fluctuations in China’s economy tend to impact Australian markets. Looking ahead, the US weekly Initial Jobless Claims and S&P Global Manufacturing PMI for December will be eyed later in the North American session.
NZD/USD
The NZD/USD pair trades with mild losses near 0.5635 amid thin trading during the early Asian session on Thursday.
USD/CAD
USD/CAD halts its two days of gains, trading around 1.4370 during the Asian hours on Thursday. This downside of the pair could be attributed to the downward correction in the US Dollar. The US Dollar Index (DXY), which tracks the value of the US Dollar against six major currencies, trades around 108.30 after pulling back from its multi-year high of 108.58, reached on Tuesday.
USD/CHF
The USD/CHF pair softens to near 0.9030, snapping the two-day winning streak during the early European session on Thursday. The cautious mood and geopolitical risks could boost the safe-haven currency like the Swiss Franc (CHF). Trading conditions remain choppy following the New year.
CRUDE OIL
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth.
GOLD
Gold price is trading on the front foot, kicking off 2025 on Thursday. Gold buyers appear defiant amidst a broad-based US Dollar strength, targeting $2,650 on an extended rebound from the $2,600 key level.
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