EUR/USD is looking to stretch its recovery towards the immediate resistance of 1.0850 in the early European session. The major currency pair rebounded from 1.0830 as US Dollar Index (DXY) retreated amid positive market sentiment. A volatile action is highly expected from the shared currency pair ahead of the German Harmonized Index of Consumer Prices (HICP) data. (FXStreet)

USD/JPY prints mild losses around 132.60 heading into Thursday’s European session. In doing so, the Yen pair struggles to respect the upbeat US Dollar and Treasury bond yields amid mixed concerns about the Bank of Japan’s (BoJ) next move. Also weighing on the major currency pair are the talks of Japanese credit rating and the Federal Reserve (Fed) officials’ cautious optimism. It should be noted, however, that the geopolitical fears surrounding Russia, North Korea and China weigh on the market’s sentiment and allow the Yen to cheer its traditional haven status after rising heavily the previous day. (FXStreet)

The GBP/USD pair has gauged support near the round-level support of 1.2300 in the early European session. The Cable is aiming to extend recovery further amid a loss in the upside momentum in the US Dollar Index (DXY). The USD Index has failed to stretch its upside further above the previous day’s high at 102.78. It seems that the improved risk appetite of investors has weighed on the USD Index. (FXStreet)

USD/CHF bulls are back to the table, following the previous day’s retreat, as the quote grinds higher around 0.9200 during early Thursday. In doing so, the Swiss currency pair bounces off the 100-Hour Moving Average (HMA) while also justifying the upward-sloping RSI (14) line, not overbought. (FXStreet)

AUD/USD fades bounce off intraday low even as Chinese Premier tries to lure the bulls during early Thursday. The reason could be linked to the fresh Sino-American tension over Taiwan and the recently dovish concerns about the Reserve Bank of Australia’s (RBA) next moves. That said, the Aussie pair drops to 0.6670 during the two-day downtrend by the press time. (FXStreet)

USD/CAD reverses from intraday while paring the first daily gains in four around 1.3565 heading into Thursday’s European session. In doing so, the Loonie pair justifies hawkish comments from Bank of Canada (BoC) officials while paying a little heed to the lackluster prices of WTI crude Oil, Canada’s key export earner. (FXStreet)

The NZD/USD pair attracts fresh buying near the 0.6200 mark on Thursday and builds on its steady intraday ascent through the early European session. The pair is currently placed just below mid-0.6200s, up over 0.25% for the day, and for now, seems to have stalled the overnight rejection slide from a technically significant 50-day Simple Moving Average (SMA). (FXStreet)

EUR/CHF holds onto the previous day’s bearish bias while refreshing intraday low near 0.9945 during early Thursday morning in Europe. On Tuesday, the cross-currency pair marked the heaviest daily gains in 11 weeks but failed to surpass a downward-sloping resistance line from March 02. Not only the failure to cross the key resistance line but the overbought RSI (14) and the impending bear cross on the MACD also lures the EUR/CHF pair sellers during the second consecutive loss-making day. (FXStreet)

EUR/JPY licks its wounds around the intraday low of 143.50 as it consolidates the previous day’s heavy gains during early Thursday in Europe. The cross-currency pair rallied the most since early January 2023 before reversing from a downward-sloping trend line from March 07. The pullback moves also take clues from the RSI’s (14) retreat from the overbought territory. As a result, the quote’s short-term downside can’t be ruled out. (FXStreet)

The USD/MXN has witnessed a marginal decline to near 18.10 in the Asian session after a recovery move. The asset has defended the psychological support of 18.00 amid a recovery move by the US Dollar Index (DXY). The USD Index is juggling near the previous day's high around 102.77. The mighty USD is gathering strength to deliver a break above the same in hopes that the Federal Reserve (Fed) will hike rates one more time this year. (FXStreet)

The USD/INR pair is displaying a sideways performance in a narrow range above 82.20 in the Asian session. The asset registered a positive opening as investors discounted overnight recovery in the US Dollar Index (DXY). The USD Index rebounded firmly after sensing decent buying interest near 102.40. The US Dollar Index is looking to extend its recovery above 102.78 as odds for one more rate hike by the Federal Reserve (Fed) have strengthened. (FXStreet)

Further consolidation seems likely in USD/CNH around 6.8100 and 6.9200 for the time being, comment UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang. (FXStreet)

In the opinion of UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang, NZD/USD is still seen navigating within the 0.6160-0.6280 range in the near term. (FXStreet)

Gold price continues its comatose flatline in the $1,950s-60s in the early European session on Thursday. This comes in spite of the news that Federal Reserve Chairman Jerome Powell admitted privately that the Fed still sees one more rate hike this year. A market-based gauge of future rate hikes, however, is barely unchanged from the day before, and still shows odds favoring the Fed doing nothing in May. (FXStreet)

Silver catches fresh bids on Thursday, following the previous day's two-way/directionless price moves, and rallies to a nearly two-month high during the early European session. The white metal is currently placed around the $23.60-$23.65 region, up over 1% for the day, and seems poised to prolong its recent appreciating move from levels just below the $20.00 psychological mark, or the YTD low touched earlier this March. (FXStreet)

Prices of the WTI printed new weekly highs, although it ended Wednesday’s session in the negative territory. The downtick was in tandem with increasing open interest and suggests that extra losses may be in store for the commodity in the very near term. In the meantime, the recent peak past the $74.00 mark per barrel (March 29) emerges as the next hurdle of note. (FXStreet)

Natural Gas (XNG/USD) price seesaws around the intraday low of $2.23, fading the previous day’s corrective bounce off a five-week low heading into Thursday’s European session. In doing so, the energy instrument fails to cheer hopes of more demand from China amid fears of higher inflation and hawkish central bank actions, not to forget the firmer US Dollar. (FXStreet)

Bitcoin’s break earlier this month above a four-year moving average has raised the odds that the medium-term downward pressure is fading. However, the unwinding of a year-long slide could be prolonged and bumpy. (DailyFX)

Source: FXStreet, DailyFX

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