Daily market news

The USD/CHF pair trades near the top trendline of a bearish flag pattern on Thursday, holding steady at around 0.8134 after the release of softer inflation data on the producer side.

West Texas Intermediate (WTI) Oil trades modestly lower on Thursday as traders weigh weaker demand forecasts from OPEC and the International Energy Agency (IEA) against supply disruptions in the Middle East. At the time of writing, WTI trades around $80.50 per barrel, down 1.35% on the day.

Gold (XAU/USD) posts marginal losses on Thursday, after meeting resistance at the $4,450 area, yet with price action holding just above previous highs around $ 4,380 at the time of writing.

The US Dollar (USD) remains practically flat against the Japanese Yen (JPY) on Thursday, as fading hopes of a Federal Reserve (Fed) interest rate hike in September have undermined speculative demand for the Greenback.

The New Zealand Dollar (NZD) underperforms its major currency peers, trading 0.45% down at around 0.5830 against the US Dollar (USD) during the European trading session on Thursday.

West Texas Intermediate (WTI), futures on NYMEX, trades 0.5% higher at around $82.10 during the European trading session on Thursday. The oil price reflects strength as fears of a prolonged energy supply disruption continue to act as a key tailwind for oil prices.

The EUR/USD pair holds steady near 1.1520 during the early European trading hours on Thursday. US inflation cooled on a ‌year-over-year basis for a second straight month, easing pressure on the US Federal Reserve (Fed) to raise interest rates as soon as next month.

The GBP/USD pair trades with a negative bias for the second consecutive day and trades below the 1.3500 psychological mark during the Asian session on Thursday amid modest US Dollar (USD) strength.

Silver price (XAG/USD) trades in a tight range at around $65.40 during the Asian trading session on Thursday. The Silver price struggles for a direction; however, an expected slowdown in United States (US) inflationary pressures in July has improved its outlook.

The United States (US) and Iran remain at ​loggerheads over efforts to agree a permanent end to the war in the Middle East, Reuters reported on Wednesday.