EUR/USD keeps trading back and forth on Wednesday, and holds marginal gains on the daily chart at 1.1670, after hitting the highest levels in more than six weeks, at 1.1682.
European Central Bank (ECB) executive board member Piero Cipollone said in an interview with Nikkei during the European trading session on Thursday that monetary policy adjustments would be required if economic conditions don’t act in line with expectations.
USD/JPY remained largely unchanged as markets await further guidance from the BoJ, with a December hike already largely priced in. Pair was last seen at 155.06 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The US Dollar (USD) fell as risk sentiment stabilized and soft ADP data reinforced expectations of a Fed rate cut next week. Despite potential short-term stabilization, the dollar faces continued downside pressure from overvaluation and seasonal trends, ING's FX analyst Francesco Pesole notes.
The Australian Dollar (AUD) continued climbing against the US Dollar (USD), supported by firm technicals and favourable external drivers as the currency approaches key resistance levels. AUD/USD was last at 0.6615 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Sweden’s inflation slowed more than expected in November, but the Riksbank is unlikely to shift dovish given improved growth and cautious guidance, ING's FX analyst Francesco Pesole notes.
The US Dollar (USD) drifted lower after weak ADP and ISM services prints, while broader risk sentiment stayed supported. DXY was last seen at 98.90 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Analysts maintain EUR/USD targets at 1.170 for next week’s Fed meeting and 1.180 by year-end, noting the pair remains modestly undervalued. Russia-Ukraine negotiations show little progress, ING's FX analyst Francesco Pesole notes.
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $59.21 per barrel, up from Wednesday’s close at $58.93.
The USD/CHF pair trades in positive territory around 0.8010 during the early European trading hours on Thursday. The Swiss Franc (CHF) weakens against the US Dollar (USD) on softer Swiss inflation data. Traders brace for the US weekly Initial Jobless Claims report, which is due later on Thursday.
The Bank of Japan (BoJ) is anticipated to hike interest rates in December, with the government expected to tolerate such a decision, according to three government sources familiar with the talks, Reuters reported on Thursday.
Silver price (XAG/USD) trades 0.8% lower to near $58.00 during the late Asian trading session on Thursday from its all-time high around $59.00 posted on Wednesday.
The AUD/JPY cross gathers strength to around 102.75 during the early European session on Thursday. Diminishing odds for more policy easing by the Reserve Bank of Australia (RBA) could provide some support to the Aussie against the Japanese Yen (JPY) in the near term.
The Indian Rupee (INR) bounces back against the US Dollar (USD) after sliding to record lows near 90.75 during afternoon trading hours in India on Thursday. The Indian currency snaps six-day losing streak against the US Dollar (USD) after dollar sales from multiple foreign banks, Reuters reported.
The EUR/USD pair edges lower during the Asian session on Thursday and erodes a part of the previous day's strong gains to its highest level since October 17. Spot prices currently trade around the 1.1660-1.1655 region, though the downside seems limited amid a supportive fundamental backdrop.
The EUR/JPY cross trades on a flat note near 181.10 during the early European session on Thursday. Hawkish expectations of the Bank of Japan (BoJ) rate hike could provide some support to the Japanese Yen (JPY) against the Euro (EUR) in the near term.
Gold (XAU/USD) recovers slightly from the daily low, though it keeps the red below the $4,200 mark through the first half of the European session on Thursday amid mixed fundamental cues.
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.
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