Daily market news

EUR/JPY extends its losses for the second consecutive day, trading around 185.70 during the Asian hours on Friday. The currency cross is holding above both the nine-period and 50-period Exponential Moving Averages (EMAs), which reinforces a constructive near-term bias.

West Texas Intermediate (WTI) – the benchmark US crude oil price – edges higher during the Asian session on Friday, though it remains confined within a multi-day-old range.

Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.

Gold price (XAU/USD) is down 0.7% to near $4,030 during the European trading session on Thursday. The precious metal faces selling pressures as global inflation concerns remain intact amid elevated energy prices in the wake of widening military aggression between the United States (US) and Iran.

West Texas Intermediate (WTI), futures on NYMEX, trade 0.9% lower to near $79.00 during the European trading session on Thursday, but is closer to its monthly high of $80.61 posted on Tuesday.

XAG/USD extends its losses for the second consecutive day, trading around $56.80 per troy ounce during the European hours on Thursday.

The Euro (EUR) edges higher on Thursday, with the US Dollar (USD) on its back foot, as recent US inflation figures triggered a significant repricing of near-term rate hikes by the Federal Reserve (Fed).

The US Dollar (USD) holds marginal losses against the Japanese Yen (JPY) at Thursday’s European session opening, and approaches the 162.00 area at the time of writing. Recent price action shows a sequence of lower highs and higher lows, forming a triangle pattern.

The GBP/USD pair trades with mild losses around 1.3535 during the early European trading hours on Thursday.

The EUR/USD advances some 0.41% on Wednesday, trading at 1.1466 after US inflation data was softer than expected, weighing on the Greenback, as market participants expect a less hawkish Federal Reserve. Towards the end of the year.