UOB economist analysts Quek Ser Leang Lee and Sue Ann report that GBP/USD traded softer, closing at 1.3366 after a narrower 1.3359–1.3436 range than expected. They see mild downward pressure intraday, though a move to 1.3320 is unlikely.
Spain Gross Domestic Product (YoY) registered at 2.7% above expectations (2.6%) in 4Q
Spain Gross Domestic Product (QoQ) meets expectations (0.8%) in 4Q
The AUD/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow range, just above the lowest level since early February, touched on Monday. Spot prices trade around mid-0.6900s during the early European session, nearly unchanged for the day.
Silver (XAG/USD) is trading lower for the second consecutive day on Thursday, testing levels below the $70.00 psychological level at the time of writing.
France Consumer Confidence meets expectations (89) in March
France Business Climate in Manufacturing came in at 99 below forecasts (100) in March
EUR/JPY halts its four-day winning streak, trading around 184.20 during the European hours on Thursday. The currency cross holds losses as the Japanese Yen (JPY) draws support from rising expectations of a near-term rate hike by the Bank of Japan (BoJ).
Rabobank’s Philip Marey and Kan Ji argue that higher global Oil prices from the Iran conflict will push US inflation higher and keep it more persistent.
Here is what you need to know on Thursday, March 26:
The USD/JPY pair trades sideways around 159.40 during the European trading session on Thursday. The pair seems to be following the footprints of the US Dollar (USD), which clings to the previous day’s high amid uncertainty surrounding the war in the Middle East.
Commerzbank analyst Michael Pfister notes that the central bank of Norway, Norges Bank is set to decide policy after previously signalling only gradual cuts, making a rate reduction unlikely, especially following the Iran war.
