Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data. Palladium (XPD) changes hands at $954.32 a troy ounce, with the XPD/USD pair easing from its previous close at $972.85.
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $62.22 per barrel, up from Wednesday’s close at $61.95.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $65.34 price posted on Wednesday, and trading at $65.54.
The USD/CAD pair strengthens to near 1.3885 during the early European session on Thursday. Hawkish remarks from Federal Reserve (Fed) Chair Powell and stronger Retail Sales provide some support for the Greenback. Trading volume is likely to be lightened ahead of the Good Friday holiday.
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, is slightly stronger, hovering around 99.50, buoyed by solid consumer spending data.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to lower key rates by 25 basis points at the April policy meeting and responds to questions from the press.
Despite looming tariff uncertainty, the US Dollat attempts a bounce heading toward Good Friday, fuelling a mild retreat in Comex Gold price from all-time highs of $3,358 reached early Thursday.
The EUR/GBP cross attracts some sellers to around 0.8590 during the early European trading hours on Thursday. The Euro (EUR) weakens against the Pound Sterling (GBP) as the European Central Bank (ECB) is anticipated to deliver a 25 basis points (bps) rate cut later in the session.
The NZD/USD pair retreats from the vicinity of mid-0.5900s, or a fresh year-to-date high touched during the Asian session this Thursday, in reaction to stronger-than-expected consumer inflation figures from New Zealand.
The USD/CHF pair is attempting to recover from recent losses registered in the previous session, trading around 0.8160 during Thursday’s Asian hours. However, it remains close to the 0.8099 mark—its lowest level since September 2011, touched on April 11.
The EUR/USD pair attracts some sellers to around 1.1365 during the early European session on Thursday. Traders might prefer to wait on the sidelines ahead of the European Central Bank (ECB) interest rate decision later on Thursday.
Gold price (XAU/USD) remains depressed below a fresh all-time peak touched earlier this Thursday and touches a daily low, around the $3,314 area during the first half of the European session. Hopes of US trade negotiations trigger a modest recovery in the global risk sentiment.
West Texas Intermediate (WTI) crude Oil price extends its gains for a second consecutive day, trading around $62.40 per barrel during Asian hours on Thursday. The rally is fueled by concerns over tighter global supply following new US sanctions on Iran.
GBP/USD snaps its seven-day winning streak, easing to around 1.3230 during Thursday’s Asian session after retreating from a six-month high of 1.3292 reached on Wednesday.
The Reserve Bank of New Zealand (RBNZ) published its Sectoral Factor Model Inflation gauge for the first quarter of 2025, following the release of the official Consumer Price Index (CPI) by the NZ Stats early Thursday.
The Indian Rupee (INR) gains ground on Thursday, bolstered by prospects of foreign equity inflows. The Indian benchmark indices have recovered all losses sparked by Trump’s reciprocal tariffs earlier this month.
The Japanese Yen (JPY) retains its negative bias heading into the European session on Thursday, which, along with a modest US Dollar (USD) strength, assists the USD/JPY pair to hold steady above mid-142.00s.
The USD/CAD pair trades in positive territory near 1.3880 during the early Asian session on Thursday. However, the upside for the pad might be limited amid the escalating trade uncertainties. Traders brace for the developments surrounding US trade talks with trading partners.
Bank of Japan (BoJ) board member Junko Nagakawa said on Thursday that “if the outlook for economic activity and prices is realised, the BoJ will continue to raise interest rate and adjust degree of monetary accommodation.”
China’s Foreign Ministry said in a statement on Thursday that if the United States (US) continues to play the tariff numbers game, China will pay no attention.
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