AUD/USD is trading little changed on Thursday, shrinking near the 0.7050s below the multi-week high reached on Wednesday near 0.7091. The pair holds its ground after US data pointed to cooling price pressure, keeping the US Dollar (USD) stagnant.
ING’s Warren Patterson and Ewa Manthey highlight that European gas prices have firmed, with TTF above EUR 60/MWh, even as positioning data show funds trimming net longs.
The Dow Jones Industrial Average trades near 53,700 on Thursday, roughly 75 points and a tenth of a percent lower, on a morning when the S&P 500 prints a fresh record intraday high and the Nasdaq Composite runs close to a percent higher.
NZD/USD trades around 0.5850 on Thursday at the time of writing, down 0.15% on the day.
The Japanese Yen (JPY) struggles to gain traction against the US Dollar (USD) on Thursday, even as the Greenback weakens modestly following softer-than-expected US Producer Price Index (PPI) data. The Yen strengthened immediately after the release, briefly pushing USD/JPY toward 159.
The Pound Sterling (GBP) registers modest gains versus the Greenback on Thursday as US inflation data in the producer side came in below or in line with estimates, showing that the disinflation process continues. At the time of writing, the GBP/USD pair trades at 1.3503, up 0.06%.
OCBC’s Sim Moh Siong and Christopher Wong note that in-line United States (US) inflation and a modestly lower probability of a September Federal Reserve (Fed) hike have left the US Dollar (USD) broadly range-bound while risk assets continue to rally.
TD Securities reports that United Kingdom (UK) Gross Domestic Product (GDP) for June surprised to the upside at 0.3% m/m, driven by a strong services sector expanding 0.4% m/m. May was revised to flat, leaving June as the only positive month in Q2.
ING’s Adam Antoniak explains that Poland’s July CPI rose mainly due to higher fuel prices after VAT normalization, removal of the fuel cap and increased Oil costs following the US–Iran MoU collapse.
Standard Chartered strategists have raised its FY27 Consumer Price Index (CPI) inflation forecast to 4.9% from 4.5%, citing higher food and retail fuel prices. They now expect broader price pressures, excluding Gold and Silver, with food and beverage CPI seen at 6.3%.
Geoff Yu at BNY argues that the loss of some U.S. exceptionalism has not translated into a broad exodus from U.S. assets. Cross-border investors maintain high U.S. equity allocations, supported by technology and AI themes, while trimming Treasury holdings as curve steepening raises duration risk.
USD/CAD trades around 1.3940 on Thursday at the time of writing, virtually unchanged on the day. The pair remains caught between two opposing forces: the US Dollar (USD) weakens following softer-than-expected US data, while the Canadian Dollar (CAD) struggles amid falling Oil prices.
Societe Generale’s Sam Cartwright notes United Kingdom (UK) Gross Domestic Product (GDP) rose 0.4% qoq in 2Q26, driven mainly by business investment and resilient consumer spending.
EUR/GBP is trading sideways on Thursday near the 0.8540 level, with the Euro (EUR) steadying after three consecutive days of losses despite the Pound Sterling (GBP) gaining support from UK economic growth data that was broadly in line with expectations.
Royal Bank of Canada (RBC) analysts Rachel Battaglia and Abbey Xu note Canadian consumers kept spending in Q2 despite weak real wage gains and higher energy costs.
EUR/USD holds modest gains on Thursday as softer-than-expected US Producer Price Index (PPI) data fails to trigger a strong reaction in the pair. At the time of writing, EUR/USD trades around 1.1537 after recovering from an intraday low of 1.1511, its lowest level in more than a week.
Brown Brothers Harriman’s (BBH) Elias Haddad reports Norwegian Krone weakness after Norges Bank left rates at 4.25% but softened its hawkish bias. Forward guidance shifted from a likely hike to a more conditional stance, dropping an explicit call for tighter policy.
Rabobank's Senior FX Strategist Jane Foley analyzes the US Dollar’s (USD) evolving relationship with Oil and its safe haven role.
Standard Chartered’s Christopher Graham and Emily Ashford highlight that Europe’s record heat and drought in 2026 are disrupting refiners, power generation, inland waterways and agriculture.
India’s Consumer Price Index (CPI) inflation accelerated slightly to 4.45% year-on-year in July from 4.38% in June, primarily propelled by rising food costs.
Deutsche Bank’s Sanjay Raja notes that the UK economy remained strong over spring, with UK GDP rising 0.4% q/q and annualised growth in the first half reaching 2%.
Nomura economists note Norges Bank kept its policy rate at 4.25% in August despite softer CPI-ATE inflation. The bank still flags a possible further hike, but they now expect a November move, with risks tilted to no additional increase and no rate cuts projected until September 2027.
Commerzbank's Dr. Marco Wagner analyzes how Donald Trump’s past and potential future attacks on the Federal Reserve (Fed) affect its independence.
DBS Group Research economist Philip Wee notes that softer US CPI and labour data kept DXY locked in a 99.4–100.1 range after the USD/JPY sell-off linked to joint US-Japan interventions. Markets sharply reduced the implied probability of a September Federal Reserve hike.
Richmond Federal Reserve (Fed) President Thomas Barkin highlighted on Thursday the persistent uncertainty surrounding the US inflation outlook and monetary policy.
Rabobank's Senior FX Strategist Jane Foley discusses EUR/USD dynamics in light of shifting Fed rate hike expectations and Oil-related safe haven flows into the Dollar.
Brown Brothers Harriman’s (BBH) Elias Haddad highlights USD/JPY trading just below 160.00 as Japan’s government signals support for faster Bank of Japan (BoJ) rate hikes, reinforcing narrowing US–Japan differentials and a lower USD/JPY case.
Commerzbank FX analyst Tatha Ghose highlights persistent inflation pressures and renewed current account deterioration as key drivers for continued weakness in the Turkish Lira against the Dollar.
Producer inflation in the United States (US) cooled more than expected in July, adding to evidence that inflationary pressure is gradually easing after Wednesday's Consumer Price Index (CPI) data.
Gold (XAU/USD) trades under pressure on Thursday after hitting a fresh two-month high of $4,449 during Asian trading hours. The metal fails to capitalise on softer-than-expected US Producer Price Index (PPI) data, even as the US Dollar and Treasury yields edge lower.
Exclusive insights, trading signals, and real-time updates for registered users.