EUR/USD attempts to consolidate Wednesday’s strong pullback. Construction PMI in Germany retreated markedly to 42.9 in March. US Initial Jobless Claims next on tap in the NA session. (FXStreet)

GBP/USD seesaws between tepid gains/minor losses through the early European session. A combination of factors acts as a headwind for the USD and lends support to the major. The uncertainty over the BoE’s rate-hike path holds back bulls from placing fresh bets. (FXStreet)

EUR/GBP retreats from intraday high during six-day downtrend. German Industrial Production YoY for February arrives better than expected and prior. Brexit optimism, comparatively upbeat UK data and hawkish BoE talks previously teased bears. ECB policymakers keep advocating further rate hikes even as recession fears loom. (FXStreet)

The index adds to Wednesday’s uptick and approaches 102.00. The downtrend in US yields remain unabated for the time being. Initial Jobless Claims will be in the limelight later in the NA session. The greenback, when measured by the USD Index (DXY), maintains the bid tone for the second session in a row and trades closer to the 102.00 neighbourhood on Thursday. (FXStreet)

USD/CAD extends recovery from seven-week low, grinds higher of late. Convergence of previous support line from June 2022, 100-day EMA challenges Loonie pair’s recovery. 38.2% Fibonacci retracement level, five-month-old ascending trend line lures sellers. Canada’s monthly employment data for March bears downbeat forecasts and can weigh on prices. (FXStreet)

USD/JPY portrays bearish consolidation during four-day downtrend, picks up bids of late. Fears of economic slowdown underpin US Dollar rebound despite downbeat data, yields stay pressured at weekly low. Hawkish BoJ concerns contradict dovish shift in Fed bets to weigh on Yen price. Second-tier US employment data eyed ahead of Friday’s key Nonfarm Payrolls. (FXStreet)

USD/CHF picks up bids to extend the previous day’s rebound from 22-month low. Upside break of weekly resistance line, looming bull cross on MACD favor Swiss Franc sellers. Two-month-old previous support line appears crucial for USD/CHF bulls; 100-SMA acts as the last defense of bears. (FXStreet)

USD/CNH is demonstrating volatile moves amid escalating tensions between the United States and China. Chinese spokesperson cited that the economy will take resolute and effective measures to safeguard territorial integrity. Caixin Services PMI has remained upbeat in March, landing higher at 57.8. (FXStreet)

NZD/USD retreats further from a nearly two-month high amid some follow-through USD buying. Looming recession fears benefit the safe-haven Greenback and weigh on the risk-sensitive Kiwi. Bets for an imminent Fed rate-hike pause could cap the buck and help limit losses for the major. (FXStreet)

AUD/USD has surrendered the immediate support of 0.6700 as US-China tension has strengthened the risk-off mood. Federal Reserve to remain steady amid deepening US recession fears and cooling US labor market. Reserve Bank of Australia has kept doors open for more rate hikes in case Australian inflation continues to remain persistent. AUD/USD is auctioning in a Rising Channel chart pattern, however, weak momentum could weaken the Australian Dollar. (FXStreet)

USD/INR has scaled sharply above 82.00 as the RBI has kept its first bi-monthly policy unchanged. Considering the contagion risk from global banking jitters and uncertainty, a steady policy has been chosen. Geopolitical tensions between the United States and China are keeping risk-sensitive assets on their toes. (FXStreet)

Crude oil prices gave away some gains on Wednesday amidst rising open interest, which is suggestive that further retracement appears likely in the very near term. Against that, it remains to be seen whether the WTI could fill Monday’s upside gap in response to the OPEC+ decision. On this, the next support is seen at $75.68 (daily high March 31).

Prices of natural gas added to the previous session’s gains on Wednesday amidst rising open interest and is supportive of extra gains in the very near term. However, the persistent decline in volume could remove strength to that view and should leave the ongoing consolidation theme well in place for the time being. (FXStreet)

Silver edges lower for the second successive day, albeit lacks follow-through selling. The technical setup favours bullish traders and supports prospects for further gains. Dips could be seen as a buying opportunity near the $24.40-30 resistance breakpoint. (FXStreet)

Source: FXStreet, DailyFX

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