Brown Brothers Harriman’s (BBH) Elias Haddad notes NZD/USD briefly dipped below its 200-day moving average as the Reserve Bank of New Zealand (RBNZ) Q3 inflation expectations survey showed mixed but well-anchored readings near the 2% midpoint.
EUR/GBP edges higher on Thursday as the Euro (EUR) draws support from hawkish European Central Bank (ECB) expectations, overshadowing stronger-than-expected UK Gross Domestic Product (GDP) data that would otherwise have supported the British Pound (GBP).
Gold (XAU/USD) posts marginal losses on Thursday, after meeting resistance at the $4,450 area, yet with price action holding just above previous highs around $ 4,380 at the time of writing.
Alvin Liew of UOB outlines expectations for the Federal Funds Rate following the July US CPI release. Market pricing for a September hike has fallen, and UOB’s base case is an extended pause through 2026.
Commerzbank’s Dr. Marco Wagner assesses how political pressure threatens the European Central Bank’s (ECB) independence using a Central Bank Pressure Index based on AI analysis of politicians’ statements.
Silver (XAG/USD) trades lower around $64.90 on Thursday at the time of writing, down 0.64% on the day. The white metal consolidates after its recent advance as investors refrain from taking large positions ahead of the release of US producer inflation data.
Nomura strategists expects the Riksbank to keep its policy rate at 1.75% in August, with no change through 2026.
Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD trading directionless near 1.3500 as United Kingdom (UK) Q2 and June Gross Domestic Product (GDP) data show encouraging activity. Growth was driven by investment and consumption, with government spending a drag.
The British Pound (GBP) claws back its early losses against the US Dollar (USD) and flattens at around 1.3495 during the European trading session on Thursday.
TD Securities’ Norges Bank analysis notes the policy rate was left unchanged at 4.25% in August, with a less hawkish tone than in June.
The US Dollar (USD) remains practically flat against the Japanese Yen (JPY) on Thursday, as fading hopes of a Federal Reserve (Fed) interest rate hike in September have undermined speculative demand for the Greenback.
Gold (XAU/USD) comes under selling pressure on Thursday, erasing all the gains recorded in the previous day after hitting a fresh two-month high of $4,449 during Asian trading hours. At the time of writing, the precious metal trades around $4,386, down 0.52% on the day.
According to a Reuters poll, the European Central Bank (ECB) will hike its deposit rates by 25 basis points (bps) to 2.50% in September, said 57 of 69 economists.
AUD/USD trades around 0.7055 on Thursday at the time of writing, little changed on the day.
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY closed little changed at 159.41 after briefly dipping to 158.58 and rebounding to 159.54. Intraday, the pair is expected to trade between 158.70 and 159.70.
Lee Hardman at MUFG reports that the US Dollar’s initial post-CPI weakness quickly reversed, with the dollar index returning to around 100.00 as markets trimmed but did not abandon expectations for a September Fed hike.
Societe Generale strategists note USD/BRL has formed a higher low and is testing its 200-day moving average near 5.22, with upside projections toward 5.34–5.38.
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $64.48 per troy ounce, down 1.30% from the $65.32 it cost on Wednesday.
ING’s Francesco Pesole keeps a constructive stance on EUR/USD after recent US data, based on a view that the Federal Reserve is unlikely to deliver further tightening.
UOB’s Alvin Liew assesses United States (US) inflation and Federal Reserve (Fed) policy after the July Consumer Price Index (CPI) report. Liew notes headline and core CPI remain above the Fed’s 2% target but sees inflation gradually easing, with headline CPI averaging 3.5% and core 2.8% in 2026.
USD/CHF depreciates after three days of gains, trading around 0.8130 during the European hours on Thursday. The pair holds losses as the Swiss Franc (CHF) remains stronger following Swiss Producer and Import Prices data for July.
MUFG’s Lee Hardman notes the Japanese Yen has strengthened modestly as markets anticipate a faster pace of Bank of Japan policy tightening.
The Eurozone industrial sector activity remained flat in June, while it was expected to decline 0.1%, according to data published by Eurostat. In May, Industrial production contracted by 0.3%, revised lower from -0.2%.
The EUR/USD pair drops to a one-and-a-half-week low during the first half of the European session, though it manages to recover a few pips from the vicinity of the 1.1500 psychological mark.
Commerzbank’s Michael Pfister argues Canada’s recent economic improvement is not solely driven by higher Oil and gas prices linked to the Iran conflict.
EUR/CAD halts its six-day losing streak, trading around 1.6080 during the European hours on Thursday. The currency cross gains ground as the Euro (EUR) receives support as the macroeconomic picture in the Eurozone continues to support the European Central Bank's (ECB) hawkish stance.
The New Zealand Dollar (NZD) underperforms its major currency peers, trading 0.45% down at around 0.5830 against the US Dollar (USD) during the European trading session on Thursday.
ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the Dollar strengthened after an in-line US CPI, as markets had positioned for a hotter print.
Michael Wan at MUFG reports that India’s July Consumer Price Index (CPI) rose to 4.45% year-on-year, slightly below consensus but above June’s 4.38%, driven mainly by higher food prices.
The Indian Rupee (INR) is under pressure against the US Dollar (USD) on Thursday. The USD/INR pair rises to near 95.44 after a corrective move the previous day, even as the US Dollar and oil prices trade lower.
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