The Canadian Dollar (CAD) faltered on Thursday, snapping a four-day winning streak and giving back ground to the US Dollar (USD).
The Australian Dollar (AUD) is pulling back after hitting an eight-month high against the US Dollar (USD) on Thursday. The pair reached a session high of 0.6625 before easing to trade near 0.6596 at the time of writing.
Sources revealed that European Central Bank (ECB) policymakers expect to keep rates unchanged, unless they see a deterioration in growth and inflation resumes its downward path, as two sources told Reuters.
Silver (XAG/USD) edges lower on Thursday after marking a fresh 14-year high of $39.53 on Wednesday, as improving global trade sentiment boosted risk appetite and dented demand for traditional safe-haven assets like precious metals.
United States 4-Week Bill Auction rose from previous 4.23% to 4.245%
The GBP/USD rally stalls as the Greenback stages a recovery, pushing the pair down over 0.24% after registering three straight days of gains that fell short of cracking the 1.3600 figure.
United States Kansas Fed Manufacturing Activity fell from previous 5 to -3 in July
Limited options ahead of UK’s autumn budget given tight borrowing headroom and political pressures. Government likely wants to wait for accurate OBR estimates as well as economic and political developments before committing to fiscal plans.
The Canadian Dollar (CAD) loses against the US Dollar (USD) on Wednesday as the Greenback finds its footing after a volatile start to the week.
EUR/GBP is edging higher on Thursday as traders digest economic data from both regions and a measured tone from the European Central Bank (ECB).At the time of writing, the pair is trading around 0.8685, holding just below key resistance at 0.8738, as attention turns to diverging growth signals and c
United States EIA Natural Gas Storage Change below forecasts (28B) in July 18: Actual (23B)
United States New Home Sales (MoM) below expectations (0.65M) in June: Actual (0.627M)
United States S&P Global Manufacturing PMI came in at 49.5, below expectations (52.5) in July
United States S&P Global Services PMI above forecasts (53) in July: Actual (55.2)
United States S&P Global Composite PMI rose from previous 52.9 to 54.6 in July
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
The Euro (EUR) is holding steady against the US Dollar (USD) on Thursday after the European Central Bank (ECB) left interest rates unchanged, as widely expected.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
Russia Central Bank Reserves $: $683.7B vs previous $685.3B
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance decreased to 217K for the week ending July 19.
The US Dollar (USD) takes a breather on Thursday after sliding to a two-week low on Wednesday as renewed optimism around global trade deals boosted market sentiment.
Canada Employment Insurance Beneficiaries Change (MoM) declined to -0.3% in May from previous 3.4%
United States Continuing Jobless Claims below expectations (1.96M) in July 11: Actual (1.955M)
United States Initial Jobless Claims registered at 217K, below expectations (227K) in July 18
United States Initial Jobless Claims 4-week average: 224.5K (July 18) vs previous 229.5K
Canada Retail Sales ex Autos (MoM) registered at -0.2% above expectations (-0.3%) in May
Canada Retail Sales (MoM) meets expectations (-1.1%) in May
United States Chicago Fed National Activity Index rose from previous -0.28 to -0.1 in June
Gold is extending losses for a second straight session on Thursday, pressured by a shift toward risk-on sentiment and a firmer US Dollar.
Eurozone ECB Rate On Deposit Facility meets forecasts (2%)
Eurozone ECB Main Refinancing Operations Rate in line with forecasts (2.15%)
Mexico 1st half-month Inflation came in at 0.15% below forecasts (0.27%) in July
Mexico 1st half-month Core Inflation came in at 0.15%, below expectations (0.21%) in July
NZD/USD is consolidating yesterday’s gains around 0.6050. RBNZ Chief Economist Paul Conway maintained a dovish tone, BBH FX analysts report.
Gold price (XAU/USD) trades almost 0.7% lower around $3,360 during the European trading session on Thursday.
The US Dollar is ticking higher against the Canadian Dollar on Thursday and has risen above 1.3600, although it remains close to one-year lows at the 1.3540 area, driven by risk-on markets, following the release of US preliminary PMIs and weekly Jobless Claims data.
The Japanese Yen (JPY) is entering Thursday’s NA session unchanged against the US Dollar (USD), having faded its early Asian session gains driven by the release of a mixed set of PMI’s, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
AUD/USD broke higher through key resistance level at 0.6600, reaching its highest level since August 2024.
The Pound Sterling (GBP) is weak, down 0.3% against the US Dollar (USD) and underperforming most of the G10 currencies with the exception of CHF, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD/JPY recovered above 146.00 after testing a two-week low yesterday around 145.86, BBH FX analysts report.
The Euro (EUR) is soft, down a modest 0.2% against the US Dollar (USD) as we head into Thursday’s NA session and the 8:15am ET ECB policy decision (followed by the 8:45am ET press conference), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Canadian Dollar (CAD) is modestly lower on the session, unable to find any lift today from the bid for its FX commodity cousins or global stocks, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The US Dollar (USD) is trading a little higher overall on the session but its performance is more mixed against the G10 currencies and it slipped to its lowest since November against the CNY in overnight trade, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Pound Sterling (GBP) is underperforming most major currencies, BBH's FX analysts report.
Wall Street futures anticipate a mixed opening on Thursday, as the enthusiasm about trade deals wears off. Dow Jones futures are trading 0.30% lower at the time of writing, while S&P 500 Index futures trade 0.10% higher and the Nasdaq Index advances 0.3%, pointing to new record highs.
Risk for US Dollar (USD) remains on the downside against Chinese Yuan (CNH); the significant support level at 7.1295 is probably out of reach for now. In the longer run, USD view is negative; it could drop to 7.1295, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR/USD pared back some of yesterday’s gains but is holding above 1.1700, BBH's FX analysts report.
The European Union (EU) continues to engage intensively with the United States (US) on tariffs and focuses on finding a negotiated outcome, a European Commission spokesperson said on Thursday, per Reuters.
US Dollar (USD) is likely to trade in a range of 145.95/146.95 against Japanese Yen (JPY). In the longer run, rapid increase in momentum indicates USD could weaken to 145.75, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD bounces after a string of losses, the MSCI All Country World Index surged to a record high, and global bond yields are drifting higher, BBH's FX analysts report.
The USD/JPY pair recovers its early losses and flattens around 146.50 during the European trading session on Thursday.
As long as New Zealand Dollar (NZD) holds above 0.6015 against US Dollar (USD), it may test 0.6060 before leveling off. In the longer run, NZD could continue to rise; the next level to watch is 0.6080, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
AUD/USD remains supported above its 50-DMA, with positive momentum pointing to further upside toward 0.6685 and beyond. Short-term support holds near 0.6500, Societe Generale's FX analysts report.
The Aussie is pulling back from the eight-month highs at 0.6625 hit earlier today, as the US Dollar pares some losses, but remains above 0.6600, consolidating gains after having rallied about 2% over the last five days.The trade deal between the US and Japan and hopes of an immediate agreement with
Australian Dollar (AUD) could continue to rise against US Dollar (USD); deeply overbought conditions suggest any advance may not reach 0.6625.
EUR/USD is recovering after finding support near 1.1555, but the pair faces a key test at 1.1830. A failure to break above this resistance could trigger a period of consolidation, Societe Generale's FX analysts report.
Pound Sterling (GBP) could test 1.3610 before leveling off; the next resistance at 1.3650 is unlikely to be threatened.
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.
While negative divergence is forming, Euro (EUR) could edge above 1.1795 against US Dollar (USD); the major resistance at 1.1830 is likely out of reach for now.
Expectations have intensified for the Turkish central bank (CBT) to resume cutting interest rates today: with analyst forecasts for a cut between 250bp and 350bp (majority expectation for 250bp).
The Turkish central bank is likely to return to the cutting cycle today after tightening conditions in March and April. We expect a 250bp cut to 43.50% in line with market surveys. However, expectations are tilted towards a larger rate cut.
USD/CHF edges higher for the second successive day, trading around 0.7940 during the European hours on Thursday.
The Euro is posting moderate gains on Thursday, after bouncing from 0.8640 on Wednesday, but remains trapped within the weekly range, with investors awaiting details of a widely expected trade deal with the US, and the outcome of the European Central Bank’s meeting.News reporting that Eurozone and U
Junko Koeda recently argued for the need to monitor second-round effects from rising rice costs. Another board member, Hajime Takata, said this month the BOJ must resume rate hikes after a temporary pause as Japan was on the cusp of achieving the bank's 2% target.
United Kingdom S&P Global Manufacturing PMI above expectations (48) in July: Actual (48.2)
United Kingdom S&P Global Services PMI came in at 51.2 below forecasts (53) in July
United Kingdom S&P Global Composite PMI below expectations (51.9) in July: Actual (51)
EUR/JPY loses ground after halting its five-day winning streak, trading around 172.20 during the European hours on Thursday. The currency cross remains subdued despite the release of improved HCOB Purchasing Managers’ Index (PMI) data from Eurozone.
The dollar didn’t suffer in the first half of July from trade tensions re-escalating. And it is equally finding no benefit from positive trade deal news.
Amidst all the discussions about potential trade deals with the US (see yesterday's article on Japan and today's article on the EU), one important point has been overlooked. Switzerland has not yet received a letter threatening tariffs from 1 August.
The Japanese Yen (JPY) has continued to strengthen overnight, remaining the best performer in G10 since the start of the week, up 1.8% against the US Dollar (USD), ING's FX analyst Francesco Pesole notes.
Following the announcement of the deal with Japan, it seems that negotiations with the EU are also gathering momentum. Yesterday, the US Treasury Secretary stated that the Japan deal was not a blueprint for the EU, as the latter had not yet presented any such 'innovative' ideas.
The ECB announces monetary policy today and is widely expected to keep rates on hold. Trade and the euro’s strength are the two hot topics in Frankfurt today.
The Eurozone manufacturing sector remained in contraction, while the services sector expanded in July, according to data from the HCOB's latest Purchasing Managers' Index (PMI) Survey, published on Thursday.
Eurozone HCOB Manufacturing PMI meets expectations (49.8) in July
Eurozone HCOB Services PMI came in at 51.2, above forecasts (50.8) in July
Eurozone HCOB Services PMI came in at 51, above expectations (50.8) in July
Eurozone HCOB Composite PMI above expectations (50.8) in July: Actual (51)
S&P Global will release on Thursday its preliminary July Purchasing Managers' Indices (PMIs) for the United States, based on surveys of top private sector executives, to provide an early indication of economic momentum.
Silver (XAG/USD) is trading lower for the second consecutive day on Thursday, as the risk-on mood weighs on demand for the safe-haven precious metals, but the pair has a significant support at the $38.75 area (July 22 lows), which is keeping the bullish structure in place so far.News that the EU is
The Pound Sterling (GBP) underperforms its major peers on Thursday ahead of the preliminary United Kingdom (UK) S&P Purchasing Managers’ Index (PMI) data for July, which will be published at 08:30 GMT.
The GBP/JPY pair trades 0.3% down to near 198.30 during the European trading session on Thursday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering losses in the previous four successive days and trading around 97.20 during European hours on Thursday.
The German manufacturing sector contraction eased in July while the services sector returned to expansion, the preliminary business activity report published by the HCOB survey showed on Thursday.
Germany HCOB Composite PMI came in at 50.3 below forecasts (50.7) in July
Germany HCOB Manufacturing PMI below expectations (49.4) in July: Actual (49.2)
Germany HCOB Services PMI above forecasts (50) in July: Actual (50.1)
France HCOB Manufacturing PMI in line with expectations (48.4) in July
France HCOB Services PMI registered at 49.7 above expectations (49.6) in July
France HCOB Composite PMI registered at 49.6 above expectations (49.3) in July
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.75 during the early European trading hours on Thursday.
NZD/USD extends its gains for the third successive session, trading around 0.6050 during the early European hours on Thursday.
Spain Unemployment Survey below forecasts (10.7%) in 2Q: Actual (10.29%)
The European Central Bank (ECB) is on track to leave its key interest rates unchanged after its July policy meeting, after having reduced rates at each of its last seven meetings. The decision will be announced on Thursday at 12:15 GMT.
France Business Climate in Manufacturing in line with expectations (96) in July
France Business Climate in Manufacturing registered at 96.5 above expectations (96) in July
Japan's top trade negotiator, Ryosei Akazawa, said on Thursday that the trade deal between Japan and the United States (US) is in line with the country's interests. Akazawa added that he had no discussion with US officials about how to implement the deal yet
The EUR/GBP cross trades in positive territory near 0.8670 during the early European session on Thursday, bolstered by optimism surrounding the European Union (EU) and the United States (US) trade deal. The European Central Bank (ECB) interest rate decision will take center stage later on Thursday.
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $65.24 per barrel, down from Wednesday’s close at $65.28.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $68.02 after its previous daily close at $68.06.
Here is what you need to know on Thursday, July 24:
Germany GfK Consumer Confidence Survey came in at -21.5 below forecasts (-19.2) in August
Chinese President Xi Jinping said on Thursday that the current challenges facing the European Union (EU) do not come from China, adding that he hopes that the bloc will keep trade and investment markets open, according to Xinhua.
The USD/CAD pair clings to losses near an almost three-week low around 1.3600 during the Asian trading session on Thursday.
The Indian Rupee (INR) opens on a positive note against the US Dollar (USD) on Thursday after a five-day losing streak.
The EUR/USD pair extends its upside to around 1.1775 during the early European session on Thursday. The Euro (EUR) edges higher against the US Dollar (USD) amid hope for the European Union (EU) and the United States (US) trade deal.
FX option expiries for Jul 24 NY cut at 10:00 Eastern Time via DTCC can be found below.
India HSBC Composite PMI: 60.7 (July) vs previous 61
India HSBC Manufacturing PMI: 59.2 (July) vs 58.4
India HSBC Services PMI: 59.8 (July) vs previous 60.4
The USD/CHF pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a range around the 0.7920 area, close to a three-week low touched the previous day.
GBP/USD remains steady after four days of gains, trading around 1.3580 during the Asian hours on Thursday.
Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.
The AUD/JPY cross declines to near 96.60 during the Asian trading hours on Thursday. The Australian Dollar (AUD) remains weak against the Japanese Yen (JPY) despite the hawkish remarks from the Reserve Bank of Australia (RBA) policymakers.
Gold price (XAU/USD) remains on the defensive during the Asian session on Thursday and looks to extend the previous day's sharp retracement slide from its highest level since June 16.
EUR/JPY breaks its five-day winning streak, trading around 171.90 during the Asian hours on Thursday. The bullish bias is strengthening as the technical analysis of the daily chart shows that the currency cross moves upwards within the ascending channel pattern.
Reserve Bank of Australia Governor Michele Bullock said on Thursday that the US Federal Reserve (Fed) is preserving its independence in challenging times. Bullock added that monthly job numbers pop up and down, and the board would have made the same rate decision.
Reserve Bank of Australia (RBA) Governor Michele Bullock is speaking at the Anika Foundation in Sydney on Thursday, with audience questions expected.
Silver price (XAG/USD) extends its losses for the second successive session, trading around $39.10 per troy ounce during the Asian hours on Thursday. The price of Silver struggles due to weakened safe-haven demand, driven by the optimism over further trade deals between the US and key partners.
The Japanese Yen (JPY) strengthens against its American counterpart for the fourth consecutive day and advances to a nearly three-week peak during the Asian session on Thursday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, extends the decline to around 97.15, the lowest since July 7, during the Asian trading hours on Thursday.
The Australian Dollar (AUD) advances against the US Dollar (USD) on Thursday, extending its gains for the fifth consecutive day. The AUD/USD pair is reaching fresh eight-month highs above 0.6600 following the release of Australia's preliminary Judo Bank Purchasing Managers Index (PMI) data.
Reserve Bank of New Zealand Chief Economist Paul Conway said on Thursday that tariffs will mean a weaker global economy and weaker demand and the country will constantly monitor data.
The NZD/USD pair trades in positive territory near 0.6055 during the early Asian session on Thursday, bolstered by improved risk sentiment. Traders will keep an eye on the prospects of US-China trade deals that could improve the global economic outlook.
On Thursday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1385 as compared to the previous day's fix of 7.1414.
Japan Jibun Bank Services PMI rose from previous 51.7 to 53.5 in July
Japan Jibun Bank Manufacturing PMI below expectations (50.2) in July: Actual (48.8)
US Treasury Secretary Scott Bessent said on Thursday that the announcement of a new Federal Reserve (Fed) Chair nominee is expected to occur in December or January next year, per Bloomberg.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.30 during the early Asian trading hours on Thursday. The WTI posts modest gains as a new US trade deal boosts market optimism.
GBP/USD climbed on Wednesday, posting strong gains for a third straight day and clawing back toward the 1.3600 handle.
The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) came in at 51.6 in July versus 50.6 prior, the latest data published by Judo Bank and S&P Global showed on Thursday.
The USD/CAD pair holds steady near 1.3600 during the early Asian session on Thursday. However, positive sentiment from a new US trade deal could improve the global economic outlook and lift the Canadian Dollar (CAD).
South Korea Gross Domestic Product Growth (QoQ) came in at 0.6%, above forecasts (0.5%) in 2Q
South Korea Gross Domestic Product Growth (YoY) registered at 0.5% above expectations (0.4%) in 2Q
Australia S&P Global Manufacturing PMI rose from previous 50.6 to 51.6 in July
Australia S&P Global Composite PMI increased to 53.6 in July from previous 51.6
Australia S&P Global Services PMI rose from previous 51.8 to 53.8 in July
The EUR/USD advanced during the North American session, up 0.16%, as rumors had grown that the United States and the European Union (EU) are about to sign a deal, similar to the one inked between Washington and Tokyo on Tuesday.
South Korea BOK Manufacturing BSI fell from previous 70 to 68 in August