Daily market news

EUR/USD continues to lose ground for the third consecutive day, trading around 1.1550 during the European hours on Thursday. Daily chart technical analysis indicates a persistent bearish bias as the pair moves downwards within a descending channel pattern.

GBP/USD extends its losses for the third successive session, trading around 1.3380 during the early European hours on Thursday.

UOB strategists Quek Ser Leang and Peter Chia highlight a strong USD/JPY rally to just under 159.00, driven by higher US yields. Intraday, they see scope for a test of 159.45 while warning that deeply overbought conditions make further gains difficult.

West Texas Intermediate (WTI) Crude Oil prices trim a part of strong intraday gains to the $94.75-$94.80 region on Thursday, though the downside seems limited amid supply disruption fears.

The AUD/USD pair attracts some sellers during the Asian session on Thursday, and for now, seems to have snapped a four-day winning streak to its highest level since June 2022, around the 0.7185 region, touched the previous day.

Silver (XAG/USD) rebounds following the Asian session slide to sub-$84.00 levels, though it lacks follow-through buying and remains below the 100-hour Exponential Moving Average (EMA).

US intelligence showed that Iran's leadership is still mostly intact and is not at risk of collapse any time soon after over two weeks of nonstop US and Israeli bombardment, Reuters reported on Wednesday.

The EUR/USD tumbles for the second straight day after clashing with the 200-day Simple Moving Average (SMA) at 1.1672 on Tuesday, due to overall US Dollar strength.

The conflict between the United States (US), Israel and Iran continues apace after Iran's military commented that the world should be prepared for Oil to hit $200 a barrel. Iran has kept the Strait of Hormuz closed and attacked three vessels near it on Wednesday.