EUR/USD
The EUR/USD pair trades with mild losses around 1.0410 during the Asian trading hours on Thursday. The Euro softens as US President Trump has threatened to impose tariffs on the Eurozone.
GBP/USD
GBP/USD remains subdued for the second successive session, trading around 1.2320 during the Asian hours on Thursday. The pair faces challenges as the US Dollar received support as President Donald Trump issued a memorandum instructing federal agencies to investigate and address ongoing trade deficits.
USD/JPY
The Japanese Yen (JPY) remains on the backfoot against its American counterpart for the second straight day and slides to over a one-week low during the Asian session. As investors digest the better-than-expected release of Trade Balance data from Japan, the underlying bullish tone across the global financial markets turns out to be a key factor undermining the safe-haven JPY. This, along with a modest US Dollar (USD) uptick, bolstered by a further recovery in the US Treasury bond yields, acts as a tailwind for the USD/JPY pair.
AUD/USD
The Australian Dollar (AUD) remains steady against the US Dollar (USD) on Thursday, as market concerns eased following news that the China-specific tariffs proposed under US President Donald Trump’s revised plan are significantly smaller than initially expected. This development helped calm investors’ nerves, especially given the strong trade ties between China and Australia, which make Australian markets sensitive to changes in China’s economic landscape.
NZD/USD
The NZD/USD pair trades in positive territory around 0.5670 during the early Asian session on Thursday. The New Zealand Dollar (NZD) edges higher following the announcement about fresh stimulus measures from China and New Zealand. Traders will keep an eye on the US weekly initial Jobless Claims data, which is due later on Thursday.
USD/CAD
The USD/CAD pair continues its upward trend for the third consecutive session, hovering around 1.4390 during Thursday’s Asian trading hours. Technically, the daily chart shows the pair moving within an ascending channel, suggesting a prevailing bullish outlook.
USD/CHF
The USD/CHF pair struggles to capitalize on the previous day’s modest bounce from the 0.9035-0.9030 area, or over a two-week low and oscillates in a narrow range during the Asian session on Thursday. Spot prices currently trade around the 0.9060 region, nearly unchanged for the day amid subdued US Dollar (USD) price action.
CRUDE OIL
Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand.
GOLD
Gold price retreats from a near three-month top amid an uptick in the US bond yields and the USD. Bets for further interest rate cuts by the Fed might hold back the USD bulls from placing fresh bets. Concerns about Trump’s tariff plans should further lend support to the safe-haven precious metal.
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