NZD/USD depreciates nearly 0.8% after two days of gains, trading around 0.5710 during the European hours on Thursday. The technical analysis of the daily chart signals a persistent bearish bias as the pair remains within a descending channel pattern.
Here is what you need to know on Thursday, April 2:
The US Dollar (USD) is trading higher against the Swiss Franc (CHF) on Thursday. The pair bounced up from lows near 0.7900 on Wednesday, but it is struggling to confirm above the 0.8000 psychological level, despite the release of softer-than-expected Swiss inflation figures.
ING’s Chris Turner highlights that Bank of England (BoE) Governor Andrew Bailey pushed back against aggressive tightening expectations, warning markets are overpricing rate hikes that hurt confidence.
The EUR/USD pair is down 0.5% to near 1.1530 in the European session on Thursday, resuming its decline after a two-day recovery move. The major currency pair faces intense selling pressure as the US Dollar (USD) strengthens due to fears that the Middle East war is far from over.
The GBP/JPY cross meets with a fresh supply on Thursday and reverses a part of the previous day's goodish recovery from the 209.70-209.65 area, or the vicinity of a nearly four-week low.
Silver price (XAG/USD) slumps to around $70.60 during the early European session on Thursday. The white metal faces some selling pressure after comments from US President Donald Trump on the Iran conflict.
France Budget Balance fell from previous €-9.72B to €-32.12B in February
France Budget Balance: €-32.1B (February) vs previous €-9.72B
Rabobank’s Senior Market Strategist Benjamin Picton notes that Australia entered the conflict period with solid momentum, as the February trade surplus beat expectations and Q1 job vacancies rose.
The USD/JPY pair is up 0.4% to near 159.50 in the early European trade on Thursday. The pair recovers strongly after a two-day corrective move as the safe-haven demand of the US Dollar (USD) has revived, following threats that the United States (US) will hit Iran extremely hard in the coming weeks.
Switzerland Consumer Price Index (MoM) below expectations (0.5%) in March: Actual (0.2%)
