The GBP/USD pair loses ground to around 1.3330 during the Asian trading hours on Thursday. The major pair retreats from nearly a two-month high amid renewed US Dollar (USD) demand. However, the rising bets of a Federal Reserve (Fed) rate cut next week might cap its downside.
The stellar auction suggests long-duration demand remains resilient, offering some relief after recent yield volatility. A tighter tail and high bid-cover ratio may help anchor Japan’s long end as markets weigh the BOJ’s next policy move.
The USD/CAD pair attracts some buyers during the Asian session on Thursday, and for now, seems to have snapped a two-day losing streak back closer to the 1.3940-1.3935 region, or a nearly one-month low, touched last week.
The Japanese Yen (JPY) extends its sideways consolidative price move against the broadly rebounding US Dollar (USD) through the early European session on Thursday amid mixed cues. A generally positive tone around the equity markets is seen acting as a headwind for the safe-haven JPY.
The NZD/USD pair edges lower to near 0.5765 during the early Asian trading hours on Thursday, bolstered by renewed US dollar (USD) demand. Nonetheless, the potential downside for the pair might be limited amid the prospect of the US interest rate cut next week.
The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 7.0733 compared to the previous day's fix of 7.0754 and 7.0554 Reuters estimate.
Gold price (XAU/USD) posts modest gains near $4,210 during the early Asian trading hours on Thursday. The precious metal edges higher amid growing expectations of a US interest rate cut next week.
The AUD/USD pair prolongs its strong uptrend witnessed over the past two weeks or so and advances to a fresh high since late October during the Asian session on Thursday.
The latest figures reinforce intensifying competitive pressure on Tesla in Europe. Rising Chinese EV penetration and softer UK demand could weigh on Tesla’s regional margins and fuel investor concerns about price cuts, inventory build-up and long-term market share dynamics.
The USD/JPY pair attracts some sellers to around 155.25 during the early Asian session on Thursday. The US Dollar (USD) softens against the Japanese Yen (JPY) on weaker-than-expected US jobs data and expectations of further US rate cuts.
Australia’s Trade Surplus widened to 4,385M MoM in October versus 3,707M (revised from 3,938M) in the previous reading, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.
Silver price retreats late in the North American session on Wednesday even though the US Dollar weakens after data reaffirmed investors intentions that the Federal Reserve would cut rates next week. At the time of writing, XAG/USD trades at $58.49 down 0.14%.
EUR/USD surges over 0.40% on Wednesday after economic data in the US reinforced bets that the Federal Reserve would cut rates at the December 9-10 meeting. The pair trades at 1.1668 after bouncing off daily lows of 1.1617.
The Dow Jones Industrial Average (DJIA) rose 420 points on Wednesday, sparked by renewed market optimism that the US economy is performing so poorly that the Federal Reserve (Fed) will be forced to deliver a third straight interest rate cut in December.
The US Dollar (USD) remained well on the defensive on Wednesday, receding to levels last seen in late October amid mounting bets for another interest rate cut by the Federal Reserve at its meeting next week.
West Texas Intermediate (WTI) edges higher on Wednesday after a brief dip as traders digest the latest US Energy Information Administration (EIA) crude inventory report. At the time of writing, WTI is trading near $59.10, up nearly 1.00% on the day.
United States (US) Treasury Secretary Scott Bessent said that he would, going forward, press for the Federal Reserve's (Fed) Board of Governors to veto appointments of candidates who have not satisfied the threshold of living in their respective districts for at least three years.
European Central Bank (ECB) President Christine Lagarde said that growth in economic activity should benefit from increased household spending and a resilient labor market, testifying before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels on Wednesday.
GBP/USD rallies on Wednesday during the North American session, surpassing the 1.3300 figure as market participants price in a more dovish Federal Reserve (Fed), as rumors grow that the White House economic adviser Kevin Hassett could become the next Chair, taking Jerome Powell’s reins.
The Euro (EUR) trades on the front foot against the US Dollar (USD) on Wednesday as the Greenback remains under sustained selling pressure amid dovish Federal Reserve expectations, while traders digest the latest US services sector data.
The Japanese Yen (JPY) is strengthening again, up 0.3% against the US Dollar (USD) as USD/JPY moves back toward Monday’s lows and threatens a broader retracement of its mid-November weakness, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Pound Sterling (GBP) is the day’s top G10 performer after Norwegian Krone (NOK), with sentiment-driven buying pushing GBP higher as risk reversals recover to late-August levels, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
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