West Texas Intermediate (WTI) Crude Oil rebounds sharply on Thursday, rising more than 8% on the day, as ongoing tensions in the Middle East continue to keep a geopolitical risk premium embedded in prices amid supply disruptions through the Strait of Hormuz.
TD Securities’ Robert Both argues that higher Oil prices will support Canada’s 2026 GDP, but export bottlenecks limit the upside.
United States 4-Week Bill Auction remains at 3.62%
The British Pound retreats during the North American session after US President Donald Trump escalated the conflict, hinting that it will at least extend for two to three weeks. At the time of writing, the GBP/USD trades at 1.32144, down 0.40%.
Lorie Logan, President of the Federal Reserve (Fed) Bank of Dallas, said that the Fed should not let balance sheets distract them from their main mission. Logan also claimed that central bank balance sheet growth isn’t bad if it meets the public's need during a speech at her bank on Thursday.
Gold (XAU/USD) stages a rebound on Thursday and trims most of its intraday losses as sellers fail to sustain a move below the $4,600 level, while easing US Dollar (USD) and Treasury yields provide additional support.
BNY's EMEA Macro Strategist Geoff Yu argues that the National Bank of Poland’s (NBP) March rate cut underestimated inflation risks linked to the regional conflict.
Commerzbank’s Tatha Ghose notes that improving PMIs in Poland, Czech Republic and Hungary had signalled a potential upswing, helped by Germany’s earlier recovery signs.
EUR/GBP edges higher on Thursday, though it lacks strong follow-through buying, as choppy price action persists amid heightened volatility across the FX space.
United States EIA Natural Gas Storage Change came in at 36B, below expectations (38B) in March 27
Royal Bank of Canada (RBC) analysts point out that recent and prospective tariff changes, higher energy prices and CUSMA renewal talks will shape Canada’s macro backdrop, relevant for the Canadian Dollar (CAD).
The AUD/USD fell to near the 0.6890 price region on Thursday, as markets turned sour amid escalating Middle East fighting and a surge in the safe-haven US Dollar (USD).
