Silver (XAG/USD) defends the 100-day Simple Moving Average (SMA) support and stages a modest recovery from a four-week low touched during the Asian session on Friday.
AUD/JPY extended its downward trajectory on Thursday, marking a third consecutive day of losses and trading around its lowest levels since mid-September.
US stocks hit new lows as Nasdaq leads with a sharp drop of nearly 2%, breaking key support levels. Sellers gain control as momentum shifts, targeting downside levels at 18,595.36 and 18,346.78.
AUDUSD drops nearly 0.9% today, approaching crucial 50% retracement level at 0.6247 amid concerns over tariffs imposed by President Trump. Downside momentum could accelerate below this key technical point.
The EUR/USD pair suffered a sharp decline on Thursday, sinking to its lowest level in two weeks as sellers took control following yet another failure at the 100-day Simple Moving Average (SMA).
The 50% of the range since 2022 low and the 38.2% of the February trading range both come in near 1.0406. Key level that may give traders cause for pause.
Pound Sterling (GBP) is trading marginally higher against the USD on the session but Cable remains well below yesterday’s intraday high and the lack of new factors driving UK markets this morning suggests limited scope for gains to extend, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The EUR remains largely range-bound in rather featureless trade.Spanish core CPI fell to 2.1% in February, the lowest since December 2021, hinting at some potential progress in Eurozone inflation, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) is broadly firmer this morning but gains versus the majors are limited for the most part, leaving the currencies holding established trading ranges.
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