NZD/USD remains weaker for the seventh successive day, trading around 0.5650 during the Asian hours on Thursday. Technical analysis of the daily chart suggests the spot price is moving downwards within the descending channel, reflecting a persistent bearish bias.
West Texas Intermediate (WTI), futures on NYMEX, is down 0.7% to near $69.00 during the late Asian trading session on Thursday.
Germany GfK Consumer Confidence Survey registered at -29.2, below expectations (-27.5) in July
The EUR/GBP cross declines to around 0.8620 during the early European trading hours on Thursday. Dovish remarks from the European Central Bank (ECB) policymakers weigh on the Euro (EUR) against the British Pound (GBP).
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note EUR/USD’s slide extended to 1.1324 before a rebound, with the pair now seen consolidating between 1.1330 and 1.1385 in the very near term.
Danske Research Team notes global equities ended slightly lower, with energy and materials dragging, but sector dispersion remained wide. Lower Oil prices are seen as a relief for consumers, while strong Micron results reinforced confidence in technology earnings.
Silver (XAG/USD) posts moderate losses on Thursday, trading at seven-month lows around $57.00 at the time of writing, after a nearly 12% sell-off in the previous two days.
The USD/JPY pair edges lower during the Asian session on Thursday, albeit it lacks follow-through and finds support ahead of the 161.50 level.
EUR/JPY pares its daily losses, remaining in the negative territory and trading around 183.80 during the Asian hours on Thursday.
The EUR/USD pair trades in positive territory around 1.1370 during the early European session on Thursday. A surprisingly hawkish message from Kevin Warsh as the new Federal Reserve (Fed) chair last week has traders pricing a US hike as soon as September.
XAG/USD depreciates for the third successive day, trading around $56.90 per troy ounce during the Asian hours on Thursday. Silver price is facing steady headwinds as market expectations shift toward tighter monetary policy from the Federal Reserve (Fed).
The US Dollar (USD) reflects a subdued performance ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for May, which will be published at 12:30 GMT.
