Gold (XAU/USD) price recovers on Thursday, up by almost 1% as the Greenback drops despite inflation data suggesting that a ‘higher-for-longer' scenario favors the Federal Reserve (Fed) holding rates steady, despite US President Donald Trump’s desires for lower interest rates.
NZD/USD pauses a six-day losing streak on Thursday as the US Dollar (USD) eases following the latest US Personal Consumption Expenditures (PCE) data, which broadly matched market expectations. At the time of writing, the pair trades around 0.5650, virtually unchanged near seven-month lows.
The USD/JPY pair trades within the historical intervention zone at 161.80 on Thursday, holding near multi-decade highs as the Japanese Yen remains slightly under pressure amid wide United States-Japan yield differentials.
West Texas Intermediate (WTI) crude Oil edges higher on Thursday, snapping a three-day losing streak as short covering lifts prices following the recent selloff to a more than three-month low. At the time of writing, WTI is trading around $71.50, up more than 2% on the day.
The EUR/USD pair elevated slightly near 1.1380 trades with mild gains on Thursday, as the US Dollar (USD) loses momentum despite a fresh batch of United States (US) economic data showing sticky inflation, stronger growth, and resilient labor market conditions.
United States 7-Year Note Auction down to 4.26% from previous 4.29%
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a constructive view on USD/SGD after the pair briefly touched 1.2991 before closing near 1.2980.
The Dow Jones Industrial Average (DJIA) printed a fresh intraday record near 52,650 on Thursday before easing back toward 52,200, and the temptation is to read that high as a broad vote of confidence. It was nothing of the sort.
Silver (XAG/USD) rebounds on Thursday, trading around $58.65 at the time of writing, up 2.16% on the day.
TD Securities commodity strategists Ryan McKay and Bart Melek note that crude Oil flows through the Strait of Hormuz are gradually normalizing, but around 10–11m b/d of Middle East production remains offline.
USD/JPY trades slightly lower on Thursday as the US Dollar (USD) eases after the latest US Personal Consumption Expenditures (PCE) data broadly matched market expectations. Still, the Japanese Yen (JPY) remains pinned near its 40-year lows. At the time of writing, the pair trades around 161.75.
Gold (XAU/USD) shows signs of stabilization on Thursday as traders digest the latest US Personal Consumption Expenditures (PCE) Price Index, which came broadly in line with market expectations.
