After erratic trading on Wednesday, the US dollar (USD) finds it difficult to generate demand as the European session begins on Thursday. A modification to the first-quarter GDP growth data for the Eurozone will be included in the European economic calendar. Market participants will be eagerly monitoring the US's weekly Initial Jobless Claims data, Retail Sales, and April Producer Price Index (PPI) later in the day. Jerome Powell, the chairman of the Federal Reserve (Fed), will also speak at the Thomas Laubach Research Conference in Washington, DC, about the Fed's framework review.
Price in US dollars This week
Following a steep decline in the first half of Wednesday, the USD Index turned around during the American session and ended the day essentially flat. The USD Index continues to decline early on Thursday, dropping toward 100.50 and losing over 0.3% for the day. A cautious approach by the market is reflected in the US stock index futures, which are down 0.3% to 0.5% in the European morning.
As anticipated, Australia's report earlier in the day revealed that the country's unemployment rate remained stable at 4.1% in April. Employment Change over this time was +89K, whereas the market expected it to be +20K. The AUD/USD pair maintains its position and moves upward toward 0.6450 on Thursday after ending the day in negative territory on Wednesday.
In the first quarter, the GDP grew at an annual rate of 1.3%, according to a report released Thursday by the UK's Office for National Statistics. This number exceeded the 1.2% market consensus and followed the 1.5% growth noted in the previous quarter. According to additional UK data, manufacturing and industrial production shrank by 0.8% and 0.7%, respectively, on a monthly basis in March. During the European session, the GBP/USD exchange rate gathers momentum and trades in positive territory close to 1.3300.
On Wednesday, gold fell more than 2% and dropped below $3,200. With a loss of about 1% for the day, XAU/USD continues its weeklong slide and closes below $3,150 in the morning European time, its lowest level since April 10. The precious metal appears to be suffering from easing geopolitical tensions. India has offered the US a trade agreement with "essentially zero tariffs," according to US President Donald Trump, who also stated on Thursday that the two countries are extremely close to achieving a nuclear agreement.
Following modest losses on Wednesday, the EUR/USD gathers momentum and trades above 1.1200. Along with the GDP revision, Eurostat will also release March Industrial Production and first-quarter Employment Change figures. Later in the day, many policymakers from the European Central Bank (ECB) will give presentations.
The USD/JPY is still under bearish pressure after a two-day slide, dropping more than 0.5% on the day below 146.00 in Thursday's European session. Q1 GDP figures will be released by Japan's Cabinet Office on Friday during the early Asian session.
Price in US dollars This week
Following a steep decline in the first half of Wednesday, the USD Index turned around during the American session and ended the day essentially flat. The USD Index continues to decline early on Thursday, dropping toward 100.50 and losing over 0.3% for the day. A cautious approach by the market is reflected in the US stock index futures, which are down 0.3% to 0.5% in the European morning.
As anticipated, Australia's report earlier in the day revealed that the country's unemployment rate remained stable at 4.1% in April. Employment Change over this time was +89K, whereas the market expected it to be +20K. The AUD/USD pair maintains its position and moves upward toward 0.6450 on Thursday after ending the day in negative territory on Wednesday.
In the first quarter, the GDP grew at an annual rate of 1.3%, according to a report released Thursday by the UK's Office for National Statistics. This number exceeded the 1.2% market consensus and followed the 1.5% growth noted in the previous quarter. According to additional UK data, manufacturing and industrial production shrank by 0.8% and 0.7%, respectively, on a monthly basis in March. During the European session, the GBP/USD exchange rate gathers momentum and trades in positive territory close to 1.3300.
On Wednesday, gold fell more than 2% and dropped below $3,200. With a loss of about 1% for the day, XAU/USD continues its weeklong slide and closes below $3,150 in the morning European time, its lowest level since April 10. The precious metal appears to be suffering from easing geopolitical tensions. India has offered the US a trade agreement with "essentially zero tariffs," according to US President Donald Trump, who also stated on Thursday that the two countries are extremely close to achieving a nuclear agreement.
Following modest losses on Wednesday, the EUR/USD gathers momentum and trades above 1.1200. Along with the GDP revision, Eurostat will also release March Industrial Production and first-quarter Employment Change figures. Later in the day, many policymakers from the European Central Bank (ECB) will give presentations.
The USD/JPY is still under bearish pressure after a two-day slide, dropping more than 0.5% on the day below 146.00 in Thursday's European session. Q1 GDP figures will be released by Japan's Cabinet Office on Friday during the early Asian session.
