Daily market news

The USD/JPY pair snapped three straight days of losses and climbed over 0.20% on Thursday late during the North American session. The Yen’s recent depreciation, despite falling US Treasury yields and amid the lack of a catalyst, could be attributed to traders booking profits ahead of the weekend.

The Australian Dollar (AUD) came under renewed pressure on Thursday as the US Dollar (USD) found its footing, with risk appetite fading and broader markets tilting defensively.

The British Pound (GBP) is navigating choppy price action against the US Dollar (USD) on Thursday, holding above the 1.3400 psychological mark to trade near 1.3410 during the American session, as traders digest the latest business activity data from both sides of the Atlantic.

The US Dollar (USD) continues to face pressure from broad-based macro concerns, including high fiscal deficits, prolonged elevated interest rates, and rising geopolitical tensions. 

The NZD/USD pair falls to near the round level of 0.5900 during North American trading hours on Thursday. The Kiwi pair slumps after the release of the stronger-than-projected United States (US) Purchasing Managers’ Index (PMI) data for May.

The EUR/GBP cross edges lower on Thursday, retreating after a three-day rally to trade near 0.8420 at the start of the American session as investors digest a mixed batch of economic data from both sides.

The British Pound Sterling (GBP) has been gaining steadily against the US Dollar (USD) since January, reflecting diverging economic conditions between the United Kingdom and the United States. 

The Australian Dollar (AUD) inches lower against the US Dollar (USD) on Thursday, erasing earlier gains. The AUD/USD pair is holding within a narrow range, down 0.50% at the time of writing, to trade around 0.6420 in the European trading hours.

EUR/USD faces selling pressure and falls to near 1.1300 during European trading hours on Thursday. The major currency pair drops as the Euro (EUR) underperforms after the release of the surprisingly weak preliminary Eurozone HCOB Purchasing Managers’ Index (PMI) data for May.

EUR/GBP ended the day higher following UK inflation data for April surprising significantly to the topside, relative to both consensus and BoE estimate, Danske Bank's FX analysts report.