EUR/USD
EUR/USD trades modestly flat below 1.0850 in the early European session on Thursday. The pair shrugs off a broadly subdued US Dollar amid a risk-off market environment. Traders look to Germany’s IFO survey and US Q2 GDP data for fresh directives.
GBP/USD
GBP/USD holds lower ground below 1.2900 in the European trading hours on Thursday. Traders remain wary and refrain from placing fresh bets amid resurfacing China’s slowdown concerns and ahead of the high-impact US Q2 growth numbers.
USD/JPY
The Japanese Yen (JPY) extends its upward trend against the US Dollar (USD) for the fourth straight session, hovering near its 12-week high of 152.22 set on Thursday. This strength in the Yen is likely due to traders unwinding carry trades ahead of the Bank of Japan’s (BoJ) policy meeting next week.
AUD/USD
The Australian Dollar (AUD) continues its losing streak for the ninth consecutive day on Thursday, primarily due to declining prices of oil, iron ore, and copper. As Australia is a net exporter of energy and metals, its currency is particularly sensitive to fluctuations in commodity prices.
NZD/USD
The NZD/USD pair remains under some selling pressure for the sixth successive day on Thursday and trades around the 0.5920 area during the Asian session, just above its lowest level since early May touched the previous day.
USD/CAD
The USD/CAD pair builds on its recent upward trajectory witnessed over the past two weeks or so and continues to gain traction for the seventh successive day on Thursday. This also marks the tenth day of a positive move in the previous eleven and lifts spot prices to the highest level since April 17, around the 1.3820 region during the Asian session.
USD/CHF
The USD/CHF pair trades down in the 0.8850s on Wednesday, driven by growing expectations that the US Federal Reserve (Fed) will cut interest rates in September. Such a move would weaken the US Dollar (USD), as lower interest rates tend to attract less foreign capital inflows.
CRUDE OIL
Oil prices eased on Thursday as concerns over weak demand in China, the world’s largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories.
GOLD
Gold price is licking its wound, having seen a dramatic fall to near $2,365 in Asian trading after the $2,400 threshold gave way. Gold sellers refuse to give up, anticipating the advance US second-quarter Gross Domestic Product data due later on Thursday.
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