EUR/USD
The EUR/USD pair recovers some lost ground to near 1.0425 during the early European trading hours on Thursday. The weakening of the US Dollar provides some support to the major pair. However, tariff concerns from US President Donald Trump and geopolitical tension might cap its upside.
GBP/USD
GBP/USD holds ground after registering losses in the previous two successive days, hovering around 1.2590 during the Asian session on Thursday. However, the pair faces pressure as concerns over tariffs from US President Donald Trump lent support to the US Dollar (USD). Trump has confirmed that a 25% tariff on pharmaceutical and semiconductor imports will take effect in April. Additionally, he reaffirmed that auto tariffs will remain at 25%, further escalating global trade tensions.
USD/JPY
USD/JPY remains heavy near fresh YTD lows, eyeing 150.00 early Thursday. BoJ’s rate hike plan continues to push JGB yields higher, further underpinning the Japanese Yen. Markets weigh renewed US tariff talks, keeping the downside intact in the pair. US jobs data and Fedspeak are next in focus.
AUD/USD
The Australian Dollar (AUD) holds gains against the US Dollar (USD) following the release of domestic employment data and China’s interest rate decision on Thursday. However, the AUD/USD pair faced headwinds as risk aversion increased due to concerns over the latest tariffs from US President Donald Trump and a cautious tone in the Federal Open Market Committee (FOMC) Minutes from January’s policy meeting.
NZD/USD
The NZD/USD pair trades on a negative note around 0.5695 during the Asian trading hours on Thursday. Traders brace for the US weekly Initial Jobless Claims, the CB Leading Economic Index and the Philly Fed Manufacturing Index reports, which are due later on Thursday.
USD/CAD
USD/CAD remains steady after two successive days of gains, trading around 1.4230 during the Asian hours on Thursday. The upside of the pair is attributed to concerns over tariffs from US President Donald Trump, who has confirmed that a 25% tariff on pharmaceutical and semiconductor imports will take effect in April. Additionally, Trump reaffirmed that auto tariffs will remain at 25%, further escalating global trade tensions.
USD/CHF
The USD/CHF pair meets with some supply during the Asian session on Thursday and for now, seems to have snapped a three-day winning streak to the weekly top, around the 0.9055 area touched the previous day. Spot prices currently trade near the lower end of the daily range, around the 0.9025 region, and seem vulnerable to sliding further.
CRUDE OIL
Oil prices edged lower on Thursday after an industry report showing a build in U.S. crude stockpiles weighed on sentiment, falling back from gains made in the previous session on worries over supply disruptions in Russia.
Gold price retains its bullish bias amid worries about Trump’s tariffs and a global trade war. Sliding US bond yields weigh on the USD and lend additional support to the precious metal. The Fed’s hawkish outlook could cap the XAU/USD pair amid slightly overbought conditions.
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