AUD/USD came under further downside pressure on Thursday, adding to Wednesday's retracement and briefly dipping below the key support at 0.6400 the figure. The pair's pullback came despite decent losses in the Greenback and firmer Australian labour market report. AUD/USD slipped under renewed selling pressure despite a continued softening in the US Dollar (USD) on Thursday. The Australian Dollar (AUD) continued to fade part of Tuesday's sharp rebound, this time retreating below its critical 200-day Simple Moving Average (SMA) near 0.6460. Traders appear increasingly focused on the...
EUR/USD whipsawed on Thursday, briefly dipping back below the 50-day Exponential Moving Average (EMA) and tapping the 1.1000 level for the second time in a week. A late recovery pushed Fiber bids back to where they started the trading day, near the 1.1200 handle. Pan-European Gross Domestic Product (GDP) figures for the first quarter ticked slightly lower on the near end of the curve, dipping to 0.3% QoQ. Annualized GDP still held steady at 1.2% YoY, but a soft patch in the Q1 data is still giving Fiber traders a reason to pause. In the US, the Producer Price Index (PPI) inflation decreased...
Gold is retracing some of the steep losses it suffered earlier this week, after bond yields plunged on weak U.S. economic data that raised bets on further Federal Reserve interest rate cuts. Bullion edged up to trade near $3,245 an ounce, following a 2% gain on Thursday boosted by a report showing U.S. producer prices unexpectedly fell by the most in five years, while separate data showed retail sales barely rose. Treasury yields fell on signs of waning economic activity and fading inflation, raising expectations for monetary easing. Lower borrowing costs and yields tend to benefit...