West Texas Intermediate (WTI) US Oil trades around $92.05 on Thursday at the time of writing, up 1.73% on the day, extending its positive bias despite a lack of strong bullish conviction.
The US Dollar (USD) maintains an immediate bullish tone against the Japanese Yen (JPY) on Thursday, extending its rebound from Monday’s lows at 158.00 to levels above 159.50 so far.
Gold price (XAU/USD) is down 2% to near $4,410 during the European trading session on Thursday.
The Euro (EUR) remains practically flat against the US Dollar (USD) at the time of writing on Thursday, consolidating losses from the previous two days.
UOB economist analysts Quek Ser Leang Lee and Sue Ann highlight that EUR/USD failed to sustain recent gains, slipping to 1.1554 as downside momentum picked up. Intraday, they see scope for a further drift toward 1.1530 while keeping 1.1480 intact as major support.
Danske Research Team notes that Riksbank Minutes show a divided board on handling supply shocks, with Seim and Thedéen favouring frontloaded rate hikes, while Jansson, Bunge and Hjelm prefer a gradual, wait-and-see stance.
Rabobank’s Senior FX Strategist Jane Foley notes that despite the Reserve Bank of Australia being the only G10 central bank to hike rates last week, the Australian Dollar has underperformed recently versus peers. She links this to prior outperformance and shifting G10 rate expectations.
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $68.17 per troy ounce, down 4.33% from the $71.25 it cost on Wednesday.
South Africa Producer Price Index (MoM) climbed from previous -0.2% to 0% in February
Societe Generale analysts note that USD/MXN has formed an interim low near 17.10 and is in a short-term rebound within a broad consolidation. The 18.00/18.20 area, aligned with the 200-DMA and January peak, is highlighted as key resistance.
South Africa Producer Price Index (YoY): 1.8% (February) vs previous 2.2%
Commerzbank analyst Volkmar Baur expects the South African Reserve Bank (SARB) to keep rates unchanged, despite inflation having fallen to its new 3% target and real rates remaining restrictive.
