ING’s Frantisek Taborsky notes that the Czech National Bank (CNB) blackout period has started, with Deputy Governor Zamrazilova signalling a preference to keep rates unchanged at next week’s meeting.
MUFG’s Lee Hardman notes that the US Dollar has softened over summer as the US Treasury’s announcement to at least double long-term bond buybacks undermined confidence while inflation risks rise.
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $66.68 per troy ounce, down 0.93% from the $67.31 it cost on Wednesday.
Deutsche Bank’s Henry Allen and colleagues note Brent Oil has broken above $100 per barrel for the first time since July as US-Iran strikes escalate and concerns grow over the Strait of Hormuz reopening.
Societe Generale’s Kenneth Broux expects a second 25bp ECB depo rate hike, stressing that wage dynamics and updated staff forecasts will determine how far tightening goes.
EUR/CAD trades around 1.6060 on Thursday at the time of writing, virtually unchanged on the day. The cross consolidates as investors refrain from taking large positions ahead of the European Central Bank’s (ECB) monetary policy decision, due at 12:15 GMT.
GBP/USD remains stronger for the fourth successive day, trading around 1.3550 during the European hours on Thursday. The pair is maintaining a modest bullish bias as it holds above both the nine- and 50-day Exponential Moving Averages (EMAs).
The USD/JPY pair seesaws between tepid gains and minor losses through the first half of the European session on Thursday, consolidating its recent heavy losses to a nearly seven-month low, touched earlier this week.
The Swiss Franc (CHF) has given back previous daily gains against the US Dollar (USD) in a calm trading session on Thursday, as the USD/CHF pair returned above 0.8100, although it remains halfway through the weekly trading range.
The Euro (EUR) trades in a tight range at around 1.1640 against the US Dollar (USD) during the European trading session on Thursday. The major currency pair consolidates as investors await the European Central Bank’s (ECB) monetary policy decision, which will be announced at 12:15 GMT.
ING’s Frantisek Taborsky expects the Central Bank of the Republic of Türkiye (CBRT) to keep its policy rate at 37% for now, after normalising liquidity and lowering the effective funding rate.
AUD/JPY extends its losing streak for the fourth consecutive day, trading around 110.70 during European hours on Thursday. The currency cross depreciates as the Australian Dollar (AUD) faces challenges amid escalating Middle East tensions that have weighed heavily on global risk sentiment.
The EUR/JPY cross struggles to capitalize on its modest intraday gains and trades around the 178.75 region during the first half of the European session on Thursday.
UOB’s Quek Ser Leang and Lee Sue Ann keep a range-trading view on USD/CHF around 0.8100, after the pair held between 0.8065 and 0.8109 and closed near 0.8099. They now expect a slightly narrower 0.8060–0.8135 band to contain moves in the coming weeks.
Commerzbank’s Michael Pfister notes that markets fully price today’s ECB rate hike and see around 85 basis points of additional tightening by mid-2027, heavily driven by Oil dynamics.
Here is what you need to know on Thursday, September 10:
Dow Jones futures advance by 0.36% to trade above 52,600 during European hours on Thursday. Meanwhile, S&P 500 futures gain by 0.22% to trade above 7,650, while Nasdaq 100 futures inch lower by 0.04% to trade near 29,430.
The New Zealand Dollar (NZD) nudges higher against a depressed US Dollar (USD) on Thursday, but keeps its near-term bearish trend intact as high Oil prices and surging global yields keep market sentiment subdued.
The European Central Bank (ECB) is expected to raise the interest rate on the Main Refinancing Operations and the Deposit Facility by 25 basis points (bps) to 2.65% and 2.50%, respectively. The ECB will announce the decision on Thursday at 12:15 GMT.
BNY’s Geoff Yu notes that Japanese Yen (JPY) strength is reshaping APAC (Asia-Pacific) FX dynamics by easing prior effective exchange rate pressures and allowing more nominal appreciation in regional currencies.
The Australian Dollar (AUD) trades in a tight range at around 0.7215 against the US Dollar (USD) 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 losing ground for the fourth successive day and trading around 98.70 during the European hours on Thursday.
Deutsche Bank reports that rising Oil and natural gas prices are pushing European yields to multi‑year highs and prompting markets to price a more hawkish European Central Bank path.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $93.20 during the early European trading hours on Thursday. WTI falls as traders book some profits.
Silver (XAG/USD) struggles to capitalize on a modest intraday uptick to the $68.00 neighborhood and trades near the lower end of its daily range during the early European session on Thursday.
USD/IDR gains after two days of losses, trading around 17,570 during the early European hours on Thursday. The pair gains upward momentum as the Indonesian Rupiah (IDR) faces pressure from elevated oil prices, which strain fiscal conditions given Indonesia's status as a net oil importer.
The Euro (EUR) is trading sideways in a 15-pip range, roughly between 0.8580 and 0.8595 against the British Pound (GBP) on Thursday.
Danske Research Team reports that global equities fell as higher energy prices, rising bond yields and a smaller-than-hoped US Treasury buyback weighed on sentiment.
The Indian Rupee (INR) extends its losing run against the US Dollar (USD) for the third trading day on Thursday. The USD/INR pair posts a fresh 10-day high at 95.31 as the ongoing rally in oil prices continues to batter the Indian currency.
Gold (XAU/USD) struggles to capitalize on a modest intraday uptick on Thursday and trades just above the $4,400 mark during the early European session. Moreover, the commodity holds comfortably above a one-week low, set on Wednesday, as traders keenly await the release of US inflation figures.
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