EUR/USD
EUR/USD is holding higher ground above 1.1100 in the early European session on Thursday. The pair is underpinned by the renewed US Dollar retreat, as traders digest the Fed’s dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
GBP/USD
GBP/USD sustains the recovery above 1.3200 in early Europe on Thursday, having found buyers near 1.3150. A fresh US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements.
USD/JPY
The Japanese Yen (JPY) has trimmed its intraday losses but remains weaker against the US Dollar (USD) on Thursday. Despite the US Federal Reserve’s (Fed) aggressive 50 basis point (bps) interest rate cut on Wednesday, the risk-sensitive JPY continued to depreciate.
AUD/USD
The Australian Dollar (AUD) recovered its daily losses and continues its winning streak against the US Dollar (USD), following the labor market report released on Thursday. Additionally, traders continue to assess the Federal Reserve’s (Fed) 50 basis points (bps) interest rate cut on Wednesday. The People’s Bank of China’s (PBoC) Monetary Policy Committee (MPC) is scheduled to hold its quarterly basis meeting on Friday to review its loan prime rate (LPR).
NZD/USD
NZD/USD trades around 0.6210 during the Asian session on Thursday. On the daily chart, the pair is consolidating within an ascending channel pattern, indicating a bullish bias. However, a break below the lower boundary of the channel could diminish this bullish sentiment.
USD/CAD
The USD/CAD pair struggles to capitalize on the Asian session move up to the 1.3645-1.3650 region, or a one-month top and drops to the lower end of its daily range in the last hour. Spot prices currently trade around the 1.3600 mark and for now, seem to have stalled a goodish rebound from a nearly two-week low touched on Wednesday.
USD/CHF
USD/CHF holds its gains around 0.8480 during Thursday’s Asian hours following a volatile session on Wednesday due to the US Federal Reserve’s (Fed) interest rate decision. Despite the Fed’s aggressive 50 basis point (bps) rate cut, the US Dollar (USD) recovered its daily losses due to the remarks made by Fed Chair Jerome Powell.
CRUDE OIL
Oil prices were little changed on Thursday as lingering concerns over demand capped the potential benefits of a larger-than-expected Federal Reserve interest rate cut.
GOLD
Gold price is defending $2,550 early Thursday, catching a breath after intense volatility witnessed in the aftermath of the all-important US Federal Reserve monetary policy announcements and Fed Chairman Jerome Powell’s press conference.
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