Daily market news

The Yen remains on its back foot on Thursday, despite market expectations that the BoJ will hike interest rates on Friday.

NZD/USD extends its losses for the second successive session, trading around 0.5760 during the early European hours on Thursday. The pair weakens as the New Zealand Dollar (NZD) comes under pressure, even after data revealed stronger-than-expected economic growth.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $56.30 during the early European trading hours on Thursday. The WTI price declines amid a modest rebound in the US Dollar (USD) and signs of weak Chinese energy demand. 

EUR/USD remains flat after two days of small losses, trading around 1.1740 during the Asian hours on Thursday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.

EUR/JPY holds ground after registering 0.51% gains in the previous session, trading around 182.90 during the Asian hours on Thursday. The currency cross holds steady as the Japanese Yen (JPY) remains under pressure amid worries about Japan’s weakening fiscal outlook.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $56.00 during the Asian trading hours on Thursday. The WTI price edges lower amid optimism over a peace agreement between Russia and Ukraine.

The NZD/USD pair remains weak near 0.5770 during the early Asian trading hours on Thursday. The New Zealand Dollar (NZD) edges lower against the Greenback despite a stronger-than-expected New Zealand Gross Domestic Product (GDP) report.

EUR/USD hovers around its Wednesday’s opening price at around 1.1750 virtually unchanged amid a scarce economic docket in the US that witnessed a Dollar recovery. Meanwhile, inflation figures from the Eurozone (EZ) and business confidence deterioration in Germany, kept the single currency pressured.