Gold price bounced off weekly lows of $3,245 and rose past $3,300 on Thursday, helped by a softer jobs report in the United States (US), while markets cheered a US court decision to block US President Donald Trump’s tariffs. At the time of writing, XAU/USD trades at $3,318 and gains 0.94%.
The Indian Rupee (INR) is showing signs of stability against the US Dollar (USD) on Thursday, with the USD/INR pair trading near 85.41. This level reflects consolidation within a broader correction range following the volatile price action in May.
The Mexican Peso (MXN) has strengthened against the US Dollar (USD) on Thursday after a combination of weak US employment data, the release of Banxico Minutes and renewed selling pressure on the Greenback limited earlier gains.
Japanese Yen (JPY) is underperforming the G10 currencies with a modest 0.2% decline vs. the US Dollar (USD), entering Thursday’s NA session with an impressive recovery from earlier sentiment-driven losses related to headlines on trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Pound Sterling (GBP) is also entering Thursday’s NA session flat vs. the USD, trading in tandem with its G10 peers and responding headline risk related to trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Euro (EUR) is entering Thursday’s NA session nearly flat against the US Dollar (USD), having recovered from sizeable Asian session losses driven by headlines related to trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) has picked up—marginally—on the back of the latest twist in the tariff saga but the gains are minimal relative to yesterday’s close.
Increase in momentum is likely to lead to US Dollar (USD) advance, potentially to 7.2130. In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) is expected to strengthen; the significant resistance at 147.50 is unlikely to come under threat. In the longer run, price action suggests further USD upside; too early to tell whether 147.50 is within reach, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New Zealand Dollar (NZD) is expected to continue to trade sideways, most likely in a range of 0.5925/0.5975. In the longer run, upward momentum has faded; NZD is likely to trade in a range between 0.5900 and 0.6000 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Australian Dollar (AUD) could edge below 0.6400 against US Dollar (USD); the next support at 0.6380 is unlikely to come under threat. In the longer run, for the time being, AUD is expected to trade in a range of 0.6380/0.6485, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
One might have expected EUR/CHF to trade a little higher on this tariff ruling and the decent rally in equity markets, ING's FX analyst Chris Turner notes.
The Reserve Bank of New Zealand (RBNZ) cut the OCR by 25bps to 3.25%, aligning with market expectations. However, the tone of the meeting suggests a shift away from a dovish stance.
FX markets should focus on two themes today: the US Court of International Trade ruling that the majority of President Trump's tariffs are illegal, and insights from the minutes of the 7 May FOMC meeting, which suggest that dollar selling in April was driven by hedging rather than outright sales of
Shorts in USD/JPY continued to get squeezed, from month-end USD buy flows to US trade court’s ruling on Trump tariffs partially helped to restore some credibility to the system, which has been undermined by the unpredictability of Trump’s tariffs.
US Dollar's (USD’s) rebound found momentum from a US court ruling, saying that Trump’s unilateral imposition of 'Liberation Day tariffs' under the International Emergency Economic Powers Act (IEEPA) is invalid.
EUR/USD is understandably lower on the US tariff news in that it slightly re-appraises US growth prospects and the risk premium attached to the US Dollar (USD), ING's FX analyst Chris Turner notes.
Euro (EUR) continued to drift lower amid broad US Dollar (USD) rebound. Pair was last at 1.1250 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Further weakness is not ruled out; it is unclear whether Euro (EUR) can break and hold below 1.1200 against US Dollar (USD). In the longer run, to continue to decline, EUR must first close below 1.1200, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Silver prices (XAG/USD) are showing moderate gains on Thursday, after bouncing up from the support area, at $32.60-32.70 but the broader picture remains mixed with price action contained within recent ranges.The fundamental background is unsupportive today.
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The GBP/JPY cross prolonged its weekly uptrend for the fourth straight day on Thursday and climbed to the 196.30 area during the Asian session, back closer to a multi-month peak touched earlier this May.
Silver price (XAG/USD) halts its two-day losing streak, trading around $33.20 per troy ounce during the Asian hours on Thursday. Technical analysis of the daily chart indicates a neutral bias, as the price of the precious metal consolidates within a rectangular pattern.
The Mexican Peso (MXN) is holding broadly steady against the US Dollar (USD) on Wednesday, remaining close to year-to-date highs, as investors await the release of the Federal Reserve’s (Fed) May Federal Reserve Open Markets Committee (FOMC) meeting minutes.
Euro (EUR) is entering Wednesday’s NA session with a marginal 0.1% gain vs. the US Dollar (USD), a mid-performer among the G10 in generally quiet trade, Scotiabank's Chief FX Strategist Shaun Osborne notes, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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