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Publish Date: Thu, 08 Jun 2023, 10:23 AM
The EUR/USD pair attracts some buying following the overnight pullback from the weekly high and climbs back above the 1.0700 mark during the Asian session on Thursday. (FXStreet)
The GBP/USD pair has sensed selling pressure around 1.2450 in the early European session. The strength in the Cable seems waned as the US Dollar Index (DXY) attempted a recovery after a correction below 104.00. (FXStreet)
USD/CHF remains pressured around the intraday low near 0.9090, despite the latest corrective bounce off the day’s low heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair drops for the first day in three. (FXStreet)
The USD/JPY pair has shown some recovery after dropping to near 139.66 in the early London session. The asset is expected to recapture the crucial resistance of 140.00 as investors are hoping that the Federal Reserve (Fed) will raise interest rates further to bring down sticky United States inflation. (FXStreet)
The AUD/USD pair has extended its recovery and is marching toward the round-level resistance of 0.6700 in the European session. The Aussie asset has resumed its upside journey as the US Dollar Index (DXY) has extended its downside. (FXStreet)
The NZD/USD pair stages a solid bounce from the 0.6030-0.6025 region, or a one-week low touched this Thursday and builds on its momentum through the early part of the European session. Spot prices climb to the 0.6075-0.6080 area in the last hour and have now reversed the previous day's downfall. (FXStreet)
USD/CAD fades bounce off intraday low as it drops to 1.3360 heading into Thursday’s European session, after refreshing the monthly bottom at 1.3320 the previous day. In doing so, the Loonie pair cheers the US Dollar weakness while paying little heed to the mildly offered WTI crude oil price, which is Canada’s main export earner. (FXStreet)
The EUR/JPY pair is continuously trading sideways below the psychological resistance of 150.00 in the European session. The cross is trading non-directionally as investors are preparing for the interest rate decisions by the European Central Bank (ECB) and the Bank of Japan (BoJ). (FXStreet)
The AUD/JPY pair showed a V-shape recovery from the critical support of 93.00 in the London session. The risk barometer has stretched its V-shape recovery to near 93.40 as the street is hoping that the Reserve Bank of Australia (RBA) is going to raise interest rates further. (FXStreet)
The EUR/CAD cross prolongs its recent downtrend witnessed over the past week or so and remains under some selling pressure for the third straight day on Thursday - also marking the sixth day of a negative move in the previous seven. The cross maintains its offered tone through the early European session and drops to the 1.4285-1.4280 region, its lowest level since February 13 in the last hour. (FXStreet)
The GBP/JPY cross struggles to capitalize on the previous day's goodish recovery of over 175 pips from the 172.65 area, or a one-and-half-week low and edges lower on Thursday. Spot prices remain on the defensive heading into the European session and currently hover near the lower end of the narrow intraday trading band, just above the 174.00 mark. (FXStreet)
USD/MXN takes offers to refresh the intraday low near 17.34 during the early hours of Thursday’s European session. In doing so, the Mexican Peso (MXN) pair fades late Wednesday’s corrective bounce off the lowest levels since May 2016 while printing a four-day losing streak. (FXStreet)
USD/INR justifies the Reserve Bank of India (RBI) inaction during early Thursday as it reverses the initial losses around 82.60 after the Indian central bank’s monetary policy decision. In doing so, the Indian Rupee (INR) fails to justify the US Dollar’s weakness amid mixed market sentiment. (FXStreet)
The USD/TRY pair eases from the 24.00 neighbourhood, or a fresh all-time high touched during the Asian session on Thursday, though any meaningful corrective decline still seems elusive. Spot price currently trades around the 23.30 area, down just over 0.10% for the day. (FXStreet)
USD/CNH remains on the front foot at the highest levels in six months, mildly bid near 7.1530 during early Thursday, as fears of the Federal Reserve’s (Fed) rate hikes contrast with the concerns that the People’s Bank of China will cut the benchmark rates. That said, the market’s fears of economic slowdown also weigh on the offshore Chinese Yuan (CNH). (FXStreet)
West Texas Intermediate (WTI), futures on NYMEX, are oscillating in a limited range above $72.00 in the late Asian session. The oil price is taking sufficient time required to digest demand catalysts belonging to the United States and China. Apart from that, investors are preparing for the Federal Reserve’s (Fed) interest rate policy for June. (FXStreet)
Natural Gas (XNG/USD) Price eases from the weekly top, paring intraday gains, as the energy instrument buyers fail to cross the 200-SMA amid early Thursday. With this, the XNG/USD prints mild losses of around $2.38 by the press time. (FXStreet)
Gold price (XAU/USD) attempted a recovery after dropping to near $1,940.00. The precious metal has extended its rebound move to near $1,950.00 as the US Dollar Index (DXY) has dropped sharply. Broader choppiness in the USD Index has kept investors on their toes. An absence of potential triggers this week has bounded the USD Index in a limited territory. (FXStreet)
Silver regains positive traction on Thursday and stalls the previous day's retracement slide from over a three-week high - levels just above the $24.00 round-figure mark. The white metal builds on its steady intraday ascent heading into the European session and hits a fresh daily top, around the $23.65 region in the last hour. (FXStreet)
Source: FXStreet
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