GBP/USD rallied on Thursday, climbing over nine-tenths of one percent and tapping the 1.2560 region after economic data came in broadly better-than-expected on both sides of the Atlantic.
The NZD/JPY pair took another step lower on Thursday, slipping to 86.65 as selling pressure intensified.
Silver's price advanced for the second consecutive day, registering gains of over 0.48%.
New Zealand Business NZ PMI increased to 51.4 in January from previous 45.9
The NZD/USD pair saw a mild increase on Thursday, rising to 0.5650 as buyers attempted to push the price higher.
South Korea Export Price Growth (YoY) fell from previous 10.7% to 8.5% in January
South Korea Import Price Growth (YoY) dipped from previous 7% to 6.6% in January
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday.
Gold climbed during the North American session on Thursday following the release of the Producer Price Index (PPI), which was mildly higher than expected.
The US Dollar accelerated its downtrend and hit two-week lows amid further evidence that the US inflation remained sticky in January and despite steady concerns over a global trade war.
Argentina Consumer Price Index (MoM) below forecasts (2.3%) in January: Actual (2.2%)
US President hit the wires on Thursday, revealing details of his concepts of a plan for reciprocal tariffs against all major trading partners of the US who impose tariffs and also non-tariffs on goods imported from the US.
The Canadian Dollar (CAD) caught a fresh bid on Thursday on the back of a weakening US Dollar (USD).
United States 30-Year Bond Auction: 4.748% vs previous 4.913%
The Mexican Peso (MXN) gained modestly against the US Dollar (USD) on Thursday as further inflation data shows that prices in the United States (US) remain above the Federal Reserve’s (Fed) 2% target.
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, struggles to hold onto gains following Wednesday’s inflation data.
The Dow Jones Industrial Average (DJIA) found a little bit of room on the high side on Thursday, rising around 120 points and testing the 44,500 level.
United States 4-Week Bill Auction remains unchanged at 4.25%
EUR/USD continued its recovery on Thursday, inching up to 1.0385 and reinforcing its breakout above the 20-day Simple Moving Average (SMA).
United States EIA Natural Gas Storage Change below expectations (-90B) in February 7: Actual (-100B)
The Pound Sterling registered solid gains versus the Greenback on Thursday after GDP figures in the UK surprisingly beat estimates.
Crude oil markets continue to sell off, with the prospects of a Russia-Ukraine deal further sapping energy supply risk premia over the last sessions, TDS' Senior Commodity Strategist Daniel Ghali notes.
The USD/JPY pair falls sharply to near 153.40 in Thursday’s North American session from its weekly high of 154.80, which it posed on Wednesday.
US citizens filing new applications for unemployment insurance rose to 213K for the week ending February 8, as reported by the US Department of Labor (DoL) on Thursday.
The Producer Price Index (PPI) for final demand in the US rose 3.5% on a yearly basis in January, the data published by the US Bureau of Labor Statistics showed on Thursday.
United States Producer Price Index (MoM) above expectations (0.3%) in January: Actual (0.4%)
United States Continuing Jobless Claims below expectations (1.88M) in January 31: Actual (1.85M)
United States Initial Jobless Claims registered at 213K, below expectations (215K) in February 7
United States Producer Price Index ex Food & Energy (YoY) above expectations (3.3%) in January: Actual (3.6%)
United States Initial Jobless Claims 4-week average: 216K (February 7) vs previous 216.75K
United States Producer Price Index ex Food & Energy (MoM) meets forecasts (0.3%) in January
United States Producer Price Index (YoY) registered at 3.5% above expectations (3.2%) in January
While yesterday’s release of stronger than expected US CPI inflation pushed back on Fed rate cut hopes and initially boosted the value of the USD, those gains proved to be short-lived, Rabobank's FX analyst Jane Foley notes.
We lower our 2025 growth forecast to 1.0% (from 1.3%) owing to the slowdown in H2-2024.
Russia Central Bank Reserves $ rose from previous $620.8B to $626.9B
United Kingdom NIESR GDP Estimate (3M) increased to 0.3% in January from previous 0%
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, has fallen to 107.50 so far on Thursday.
Brazil Retail Sales (MoM) below expectations (0%) in December: Actual (-0.1%)
In a recently shared social media post, US President Donald Trump pointed to an announcement of reciprocal tariffs.
LME Copper broke out from a base in the form of an Inverse Head and Shoulders pattern recently and marched towards 9530, BBH's FX analysts report.
The USD/CAD pair falls below the key level of 1.4300 in Thursday’s European session.
USD/CAD dropped to a two-month low around 1.4255 on broad USD weakness , BBH's FX analysts report.
EUR/CHF forms a series of higher peaks and troughs after defending the crucial graphical support of 0.9250/0.9210, Societe Generale's FX analysts report.
AUD/USD is trading just under its year-to-date high of 0.6330, BBH's FX analysts report.
The oil market edged lower with ICE Brent trading below $75/bbl this morning following the reports that US President Donald Trump and Russian President Vladimir Putin agreed to start negotiations to end the war in Ukraine.
US Dollar (USD) is expected to trade in a range between 7.3000 and 7.3200. In the longer run, outlook remains mixed, but USD is likely to trade in a narrower range of 7.2500/7.3300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD/USD is firmer on broad USD weakness, BBH's FX analysts report.
US Dollar (USD) is likely to consolidate between 153.30 and 154.85. USD could continue to rise; overbought conditions suggest that any advance may not reach 155.80, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
GBP/USD recovered above 1.2500 and fell below that point shortly after that, BBH's FX analysts report.
Eurozone’s industrial sector activity deteriorate in December, the latest data published by Eurostat showed on Thursday.
Eurozone Industrial Production w.d.a. (YoY) above forecasts (-3.1%) in December: Actual (-2%)
Eurozone Industrial Production s.a. (MoM) came in at -1.1% below forecasts (-0.6%) in December
Outlook is unclear; New Zealand Dollar (NZD) is likely to trade in a 0.5605/0.5675 range. In the longer run, for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Amid heightening speculations of Russia-Ukraine peace talks, the Kremlin came out with a statement on Thursday, noting that “there is a political will on both sides to engage in dialogue and search for a settlement.
Here are the thoughts of our UK economist, James Smith, on today's seemingly better-than-expected GDP figures, ING’s FX analysts Chris Turner notes.
In its monthly oil market report published on Thursday, the International Energy Agency (IEA) raised 2025 global oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.05 million bpd..
EUR/USD jumps to near 1.0440 in Thursday’s European trading session.
The People’s Bank of China (PBOC) released their fourth-quarter monetary policy implementation report on Thursday.
Gold’s price (XAU/USD) soars again and resumes its rally near $2,920 at the time of writing on Thursday, with Bullion traders shrugging off the United States (US) Consumer Price Index (CPI) data for January released on Wednesday.
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data.
We maintain our view of a 25bps rate cut by the Reserve Bank of Australia at the 18 February meeting. A tight labour market presents downside risk to our view of 100bps of RBA rate cuts in 2025. Swaps are pricing c.22bps of RBA cuts in February, which should limit AUD weakness due to the cuts.
Austalian Dollar (AUD) is expected to trade between 0.6250 and 0.6310. In the longer run, buildup in momentum is fading; a break below 0.6230 would mean that AUD is likely to trade in a range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Silver price (XAG/USD) holds onto gains near Wednesday’s high around $32.30 in Thursday’s European session.
The NZD/USD pair continues its decline for the second consecutive day, trading near 0.5640 during European hours on Thursday.
On a normal day in FX markets, yesterday's much-higher-than-expected US inflation print should have left the US Dollar (USD) stronger across the board and risk assets under pressure.
Pound Sterling (GBP) is expected to trade in a range between 1.2390 and 1.2490. In the longer run, for the time being, GBP is likely to trade in a 1.2310/1.2550 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD/CHF depreciates approximately 0.50%, trading around 0.9080 during the European hours on Thursday.
Despite the jump in short-dated US rates yesterday, EUR/USD has moved smartly higher on the back of the Trump-Putin story.
Chance for Euro (EUR) to retest the 1.0430 level; it is unlikely to break above the major resistance at 1.0450. In the longer run, outlook remains unclear; price movements are likely to stay within a 1.0250/1.0450 range for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
The Pound Sterling (GBP) strengthens in Thursday’s European session due to multiple tailwinds, such as upbeat United Kingdom (UK) data and a cheerful market mood.
West Texas Intermediate (WTI) Oil price continues its downward trend for the second straight day, trading around $70.60 per barrel during early European hours on Thursday.
West Texas Intermediate (WTI) Oil price falls on Thursday, according to FXStreet data.
Switzerland Consumer Price Index (YoY) meets forecasts (0.4%) in January
Switzerland Consumer Price Index (MoM) meets expectations (-0.1%) in January
The GBP/JPY cross builds on this week's goodish recovery move from the vicinity of the 187.00 mark, or its lowest level since September 2024, and gains some follow-through positive traction for the fourth straight day on Thursday.
The EUR/GBP cross loses momentum to near 0.8340 during the early European session on Thursday.
Here is what you need to know on Thursday, February 13: The US Dollar (USD) struggles to find demand early Thursday after having failed to capitalize on January inflation data on Wednesday.
United Kingdom Total Trade Balance rose from previous £-4.757B to £-2.82B in December
The UK economy expanded 0.1% QoQ in the three months to December 2024 after showing no growth in the third quarter.
United Kingdom Index of Services (3M/3M) above expectations (0.1%) in December: Actual (0.2%)
United Kingdom Goods Trade Balance registered at £-17.447B above expectations (£-18.4B) in December
United Kingdom Trade Balance; non-EU up to £-6.098B in December from previous £-7.72B
Germany Consumer Price Index (YoY) in line with expectations (2.3%) in January
Turkey Current Account Balance came in at $-4.65B, below expectations ($-4B) in December
Germany Harmonized Index of Consumer Prices (YoY) in line with forecasts (2.8%) in January
United Kingdom Total Business Investment (YoY) down to -0.7% in 4Q from previous 5.8%
Germany Harmonized Index of Consumer Prices (MoM) in line with forecasts (-0.2%) in January
Germany Consumer Price Index (MoM) meets forecasts (-0.2%) in January
United Kingdom Goods Trade Balance registered at £-17.45B above expectations (£-18.4B) in December
United Kingdom Gross Domestic Product (YoY) above forecasts (1.1%) in 4Q: Actual (1.4%)
United Kingdom Gross Domestic Product (QoQ) came in at 0.1%, above expectations (-0.1%) in 4Q
United Kingdom Manufacturing Production (YoY) came in at -1.4%, above expectations (-1.9%) in December
United Kingdom Industrial Production (YoY) came in at -1.9%, above expectations (-2.1%) in December
United Kingdom Total Business Investment (QoQ) below forecasts (1.1%) in 4Q: Actual (-3.2%)
United Kingdom Manufacturing Production (MoM) came in at 0.7%, above forecasts (-0.1%) in December
United Kingdom Gross Domestic Product (MoM) above expectations (0.1%) in December: Actual (0.4%)
United Kingdom Industrial Production (MoM) above forecasts (0.2%) in December: Actual (0.5%)
FX option expiries for Feb 13 NY cut at 10:00 Eastern Time via DTCC can be found below.
European Central Bank (ECB) policymaker Boris Vujčić noted on Thursday that the market is pricing in three more rate cuts this year and added that those expectations are not unreasonable, per Reuters.
AUD/JPY remains steady after registering gains in the previous three sessions, trading around 97.00 during Asian hours on Thursday.
The USD/CHF pair weakens to near 0.9110, snapping the fifth-day winning streak during the early European session on Thursday.
Netherlands, The Consumer Price Index n.s.a (YoY) declined to 3.3% in January from previous 4.1%
Bank of England (BoE) Chief Economist Huw Pill told Reuters on Thursday that he “urges caution on interest rate cuts.” Further comments I do expect we can cut rates further.
Japanese Prime Minister (PM) Shigeru Ishiba said Thursday that he “won't comment when asked whether FX was discussed during the meeting with US President Donald Trump.” He noted that there is “no plan to review the government - Bank of Japan (BoJ) accord at this point.” Related news BoJ’s Ueda says will conduct monetary policy appropriately for 2% inflation target Japan's Kato sees inflation pressure continuing to rise Japanese Yen remains on the front foot against USD; lacks bullish conviction .
The USD/CAD pair continues its losing streak for the third successive session, trading around 1.4260 during the Asian hours on Thursday.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, extends the previous day's retracement slide from over a one-week high and drifts lower through the Asian session on Thursday.
The EUR/JPY cross trades in positive territory for the fourth consecutive day near 161.00 during the Asian session on Thursday.
Gold prices rose in India on Thursday, according to data compiled by FXStreet.
The EUR/USD pair continues its upward momentum for the third straight session, hovering around 1.0430 during Asian trading hours on Thursday.
Gold price (XAU/USD) trades with a mild positive bias during the Asian session on Thursday and looks to build on the previous day's goodish bounce from the $2,864 area touched in reaction to hotter US consumer inflation figures.
GBP/USD extends its winning streak for the third consecutive day, trading around 1.2460 during Thursday’s Asian session.
South Korea Money Supply Growth dipped from previous 5.6% to 5.1% in December
NZD/USD continues to decline for the second consecutive day, trading around 0.5640 during Thursday’s Asian session.
The Japanese Yen (JPY) attracts some buyers following the release of stronger-than-expected Japan's Producer Price Index (PPI) on Thursday, which reaffirms bets that the Bank of Japan (BoJ) will hike rates further.
Silver price (XAG/USD) edges higher to $32.25 during the Asian trading hours on Thursday.
The Australian Dollar (AUD) continues to decline against the US Dollar (USD) on Thursday, struggling despite a rise in Australia’s Consumer Inflation Expectations, which increased to 4.6% in February from 4.0% previously.
New Zealand's (NZ) inflation expectations were a mixed bag on a 12-month and a two-year time frame for the first quarter of 2025, the Reserve Bank of New Zealand’s (RBNZ) latest monetary conditions survey showed on Thursday.
New Zealand RBNZ Inflation Expectations (QoQ) declined to 2.06% in 1Q from previous 2.12%
New Zealand RBNZ Inflation Expectations (QoQ) increased to 2.15% in 1Q from previous 2.12%
The Indian Rupee (INR) weakens on Thursday, pressured by the renewed US Dollar (USD) demand.
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1719 as compared to the previous day's fix of 7.1710 and 7.3000 Reuters estimates.
Australia Consumer Inflation Expectations rose from previous 4% to 4.6% in February
United Kingdom RICS Housing Price Balance below expectations (27%) in January: Actual (22%)
WTI attracts some sellers to around $71.10 in Thursday’s early Asian session.
Japan Producer Price Index (MoM) meets expectations (0.3%) in January
Japan Producer Price Index (YoY) came in at 4.2%, above expectations (4%) in January
EUR/USD churned on Wednesday, testing the low end through most of the intraday session before breaking higher after investors tried to shake up an unexpected upswing in US Consumer Price Index (CPI) inflation.
The GBP/JPY rose sharply during Wednesday’s session, posting gains of over 1.22% or 230 plus pips after a hot US inflation report sent the Greenback higher and pushed the Japanese Yen (JPY) lower against most G8 FX currencies.
GBP/USD is coiled around 1.2450, churning the charts near middling technical ground as Pound Sterling traders await the UK’s latest Gross Domestic Product (GDP) growth figures.
The White House said late Wednesday that US President Donald Trump could announce his reciprocal tariff plan before he meets with Indian Prime Minister Narendra Modi on Thursday, per CNBC.
The USD/CAD pair trades on a stronger note near 1.4305 during the late American session on Wednesday.
The NZD/USD pair saw mild losses on Wednesday, retreating to 0.5650 as selling pressure returned after Tuesday’s attempt to regain higher ground.
The Australian Dollar (AUD) extends its sideways consolidation as AUD/USD softens to around 0.6260 in Wednesday’s session, falling 0.30% on the day.