EUR/USD
EUR/USD turns south after rejection at 1.0200 as risk-off flows dominate. US dollar finds demand, despite weaker yields and cautious Fed minutes. The euro looks vulnerable amid the deepening EU energy crisis and growth risks.
GBP/USD
The GBP/USD pair witnessed an intraday turnaround on Wednesday and plunged over 100 pips from the daily peak touched in reaction to hotter-than-expected UK consumer inflation figures. Bulls, however, struggled to capitalize on the move amid speculations that an economic downturn might force the UK central bank to adopt a gradual approach to raising interest rates. This, along with the emergence of fresh US dollar buying, exerted heavy downward pressure on the major.
USD/JPY
USD/JPY takes offers to renew intraday low near 134.90 as it consolidates weekly gains on Thursday’s Tokyo open. The yen pair’s latest weakness could be linked to the chatters surrounding the Japan-China ties and employment conditions in the Asian major. Also favoring the bears could be the latest Fed Minutes. However, fears of recession favor the pair bulls amid a sluggish session.
AUD/USD
AUD/USD bears the burden of another downbeat job number during Thursday’s Asian session, not to forget the fresh concerns surrounding Taiwan. That said, the Aussie pair remains pressured around 0.6935, after refreshing the daily low to 0.6924, by the press time.
NZD/USD
NZD/USD is trading at 0.6276 and flat for the day having ranged between 0.6274 and 0.6282 so far following some comments from the Reserve Bank of New Zealand’s governor, Adrian Orr.
USD/CAD
USD/CAD refreshes weekly highs around 1.2936 in the North American session, triggered by modestly positive US Retail Sales data, while a risk-off impulse in the markets added to overall US dollar strength, to the detriment of the Canadian dollar.
USD/CHF
USD/CHF renews its weekly high to 0.9515 as the US dollar buyers return to the table, after a brief absence the previous day. In doing so, the Swiss currency (CHF) pair rises for the third consecutive day by the press time of early European morning on Wednesday.
CRUDE OIL
Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
GOLD
Gold price is fading the early bounce this Thursday, as the US dollar is seeing renewed buying interest amid the extension of risk-off flows. Dire Chinese economic outlook combined with Fed’s caution on a potential downturn keep investors on the edge.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
