The GBP/JPY cross remains under some selling pressure around 193.85 during the early European session on Thursday. The Japanese Yen (JPY) edges higher against the Pound Sterling (GBP) amid the prospect that the Bank of Japan (BoJ) will hike rates again.
The USD/CAD pair struggles to capitalize on the previous day's goodish rebound from the 1.3900 mark and attracts fresh sellers during the Asian session on Thursday. Spot prices, however, lack bearish conviction and currently trade around the 1.3865 area, down less than 0.10% for the day.
Silver price (XAG/USD) is extending its losses for the second successive session, trading around $31.90 per troy ounce during the Asian hours on Thursday.
The GBP/JPY retreated on Wednesday, losing over 0.82% after hitting a weekly high of 196.39 earlier during the Asian session. As Thursday's Asian session begins, the GBP/JPY trades at 194.48 flat.
Silver price fell 2% on Wednesday amid elevated US Treasury bond yields as investors seemed confident that the US Federal Reserve would not reduce interest rates. At the time of writing, the XAG/USD trades at $32.20, unchanged as the Asian session begins.
The AUD/NZD pair held near the 1.0900 zone on Wednesday, reflecting a steady bullish tone as the market heads into the Asian session. Price action remains close to the top of its daily range, suggesting that buyers maintain control despite some mixed momentum signals.
The NZD/JPY cross is trading near the 86.50 zone on Wednesday, down approximately 1% as it approaches the lower end of its daily range ahead of the Asian session.
Gold price plummeted for the second day out of three on Wednesday, driven mainly by an improvement in risk appetite following positive trade news linked to the United States (US).
The EUR/USD pair traded near the 1.1200 zone on Wednesday after the European session, reflecting a cautiously bullish tone as the market approaches the Asian session. Price action remains within the middle of its daily range, indicating balanced sentiment despite a mixed technical backdrop.
USD/CAD is holding steady near 1.3975 in the American session on Wednesday, with bulls attempting to reclaim control after a strong bounce from the 1.3900 zone earlier in the day.
The EUR/CHF pair is trading around the 0.9400 zone on Wednesday, reflecting a slightly bullish tone with minor gains as the pair remains within the mid-range of its recent fluctuation.
The EUR/JPY pair is trading near the 164.00 zone ahead of the Asian session on Wednesday, reflecting a slightly bullish tone despite minor losses on the day.
The Pound Sterling (GBP) erases some of its earlier gains on Wednesday after reaching a weekly high of 1.3359, and edges down 0.03% amid a lack of catalysts as traders brace for the release of GDP figures for the United Kingdom (UK). At the time of writing, GBP/USD trades at 1.3293.
The EUR/GBP exchange rate is staging a modest rebound on Wednesday, recovering from a week-long decline as investors respond to stable German inflation figures and cautious commentary from both the European Central Bank (ECB) and Bank of England (BoE) officials.
Gold prices remain under pressure as investors reassess the interest rate outlook and digest mixed signals from recent US economic data. At the time of writing, XAU/USD is down 2.23% on the day, trading below $3,200, extending a week-to-date decline of 4.26%.
The Euro (EUR) is entering Wednesday’s NA session with a decent 0.5% gain, a mid-performer among the G10 in the context of a broadly weaker US Dollar (USD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is up marginally vs. the US Dollar (USD) and continuing to underperform its G10 peers for a second consecutive session, trading with the broader trend but with moves of a smaller magnitude, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) is weakening broadly into Wednesday’s NA session, extending Tuesday’s CPI driven-decline and retracing most of its US/China-trade related relief gains from the start of the week, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The GBPUSD is more bullish from a technical perspective. What are the key technical levels in play for the 3 major currency pairs to start the US session for May 14.
The Mexican Peso (MXN) posts a second consecutive day of gains on Wednesday against the US Dollar (USD), slipping below 19.40 ahead of key commentary from Federal Reserve (Fed) officials that could influence the monetary policy outlook.
EUR/USD is back to trading close to the 1.120 mark, entirely driven by the swings in the dollar following the US-China deal and CPI numbers, ING's FX analyst Francesco Pesole notes.
Another 25bp rate cut by the Reserve Bank of New Zealand on 28 May seems likely. Markets are fully pricing it in, following the RBNZ’s previous indications that growth remains a major concern, ING's FX analysts Francesco Pesole and Chris Turner note.
US Dollar (USD) is likely to trade sideways between 7.1850 and 7.2100. In the longer run, renewed downward momentum suggests 7.1700 is back in sight, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD and the Australian dollar are the biggest beneficiaries in G10 from a de-escalation in US-China trade tensions, ING's FX analysts Francesco Pesole and Chris Turner note.
US Dollar (USD) is likely to trade in a range between 146.70 and 148.20. In the longer run, further USD strength is likely, but it could first trade in a range for a few days; the level to monitor is 149.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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