Gold price tanked close to $70, or 2%, on Thursday as risk appetite improved during the North American session. Trade tensions between the United States (US) and its counterparts eased, keeping investors optimistic for the remainder of the week. At the time of writing, XAU/USD trades at $3,226.
The EUR/JPY pair extended its rally on Thursday, pushing toward the 164.00 zone after a strong advance during the European session. The pair sits near the top of the day’s range as it enters the Asian session, reflecting sustained demand despite a flattening in momentum indicators.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is rising above the 100.00 level as markets absorb softer-than-expected labor and manufacturing data.
The Dow Jones Industrial Average (DJIA) rallied over 100 points, or 0.24%, on Thursday after big tech companies posted strong earnings reports, ignoring surveys that underscored the ongoing economic slowdown in the United States.
United States EIA Natural Gas Storage Change below forecasts (111B) in April 25: Actual (107B)
What you need to take care of on Friday, May 2:
The USD/CHF is trading with gains, extending its recovery into the upper 0.8900s after a busy Thursday filled with US economic data and renewed Fed rate cut speculation.
The EUR/GBP pair saw slight weakness on Thursday, trading near the 0.8500 zone after the European session. Despite today’s marginal drop, the overall structure remains supportive of a bullish bias, backed by a firm base of longer-term moving averages.
The Pound Sterling edges lower against the US Dollar on Thursday, with most European markets closed during Labor Day. The release of manufacturing activity data on both sides of the Atlantic and US trade policies continued to drive the financial markets.
The EUR/USD pair is holding a bearish tone on Thursday, after retreating modestly following the European session. Price action is contained within a mid-range zone around the 1.1300 mark, reflecting a brief pause in upward momentum.
United States 4-Week Bill Auction: 4.24% vs 4.22%
Silver price (XAG/USD) recovers a majority of its early gains and returns to near $32.50 during North American trading hours on Thursday.
The USD/CAD pair edges higher to near 1.3820 during North American trading hours on Thursday. The Loonie pair moves slightly higher despite the US Dollar (USD) has attracted significant bids after the release of the United States (US) ISM Manufacturing Purchasing Managers’ Index (PMI) data.
The business activity in the United States (US) manufacturing sector continued to contracted in April, with the ISM Manufacturing Purchasing Managers Index (PMI) edging lower to 48.7 from 49 in March. This reading came in better than the market expectation of 48.
United States ISM Manufacturing Prices Paid registered at 69.8, below expectations (70.3) in April
United States ISM Manufacturing New Orders Index up to 47.2 in April from previous 45.2
United States ISM Manufacturing PMI above forecasts (48) in April: Actual (48.7)
United States Construction Spending (MoM) came in at -0.5% below forecasts (0.2%) in March
United States ISM Manufacturing Employment Index up to 46.5 in April from previous 44.7
United States S&P Global Manufacturing PMI below forecasts (50.7) in April: Actual (50.2)
Canada S&P Global Manufacturing PMI dipped from previous 46.3 to 45.3 in April
There were 241,000 initial jobless claims in the week ending April 26, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week's print of 223,000 (revised from 222,000) and came in worse than the market expectation of 224,000.
United States Initial Jobless Claims above forecasts (224K) in April 25: Actual (241K)
United States Continuing Jobless Claims above expectations (1.86M) in April 18: Actual (1.916M)
United States Initial Jobless Claims 4-week average up to 226K in April 25 from previous 220.25K
Uncertainty may be a prevailing theme of the Trump presidency, but over the past month a number of lessons have been learnt which will likely have an ongoing impact on both the behaviour of politicians as well as investors.
The Japanese Yen (JPY) is weak, down 0.9% against the US Dollar (USD) and underperforming all the G10 currencies in response to the BoJ’s latest policy meeting, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Pound Sterling (GBP) is entering Thursday’s NA session flat against the US Dollar (USD), outperforming all the G10 currencies with the exception of Euro (EUR), Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) has slipped a little overnight after briefly probing sub-1.38 levels late yesterday. President Trump commented that PM Carney will visit Washington shortly and anticipated a 'great relationship' with Canada, Scotiabank's Chief FX Strategist Shaun Osborne notes.
United States (US) Treasury Secretary Scott Bessent told Fox Business Network on Thursday the fact that the two-year US Treasury bond yield is below the federal funds rate is a signal that the Federal Reserve (Fed) should cut rates, per Reuters.
Euro (EUR) is entering Thursday’s NA session unchanged from Wednesday’s close, finding modest support following a short-lived dip below 1.1300, Scotiabank's Chief FX Strategist Shaun Osborne notes.
It feels like a fairly 'normal' day is unfolding across markets for once. US stock futures are higher on the back of solid earnings data from the tech sector while hopes for progress on trade are also supporting sentiment, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The USD/JPY pair surges almost 0.8% to near 144.80 during European trading hours on Thursday. The pair strengthens as the Japanese Yen (JPY) underperforms across the board, with the Bank of Japan (BoJ) indicating delay in plans of more interest rate hikes.
United States Challenger Job Cuts: 105.441K (April) vs previous 275.24K
The AUD/USD pair is down 0.3% to near 0.6380 in Thursday’s European session. The Aussie pair trades back-and-forth around 0.6400 from over a week, with investors seeking clarity on when the United States (US)-China trade war will resolve.
The US has become the EU’s dominant trade partner in the last decade; tariffs could end that dominance. The UK offers the biggest near-term opportunity to boost trade flows via TCA renegotiation.
The US dollar has continued to rebound ahead of tomorrow’s nonfarm payrolls report for April. It has resulted in the dollar index rising back above the 100.00-level overnight although US dollar gains are mainly against the yen.
EUR/USD recovers its initial losses after sliding to near 1.1285 and flattens around 1.1330 during European trading hours on Thursday.
The yen has weakened overnight following the BoJ’s latest policy meeting. It has helped to lift USD/JPY back above 144.50 as the pair moves further above the low of 139.89 set on 22nd April.
Former US Treasury Secretary Janet Yellen said on Thursday that US President Donald “Trump’s tariffs to have a 'tremendously adverse' impact on the economy.”
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.
The Canadian Dollar (CAD) is outperforming most major currencies, BBH FX analysts report.
As was widely expected, the Bank of Japan (BOJ) left the policy rate unchanged at 0.50%. The decision was unanimous. The BOJ also reiterated its hawkish guidance that it will continue to raise the policy rate if the outlook for economic activity and prices will be realized.
USD/JPY pushed higher after the Bank of Japan held policy steady and delivered a dovish message, but we continue to expect gradual JPY appreciation as safe haven demand and domestic inflows persist despite near-term positioning risks, Société Générale's FX analysts note.
Silver price (XAG/USD) is extending its losses for the third successive session, trading around $32.30 per troy ounce during the European session on Thursday.
JPY still a safe haven as policy uncertainty supports demand
The EUR/JPY cross catches aggressive bids on Thursday and rallies to a fresh weekly high, around the mid-163.00s during the first half of the European session amid the dovish Bank of Japan (BoJ)-inspired selling around the Japanese Yen (JPY).
In the UK today, we have local council elections. These normally present an opportunity for voters to punish the ruling party. However, in today's case, the opposition Conservative party seemingly has more to lose, given it has far more councillors up for re-election.
EUR/USD remains confined within the 1.13-1.14 range, as has been the case for most of the second half of April, Danske Bank's FX analysts report, Danske Bank's FX analysts report.
USD/JPY climbed above 144 as a dovish Bank of Japan cut its growth and inflation forecasts, amplifying downside risks and sending JGB yields lower, while the broader risk environment continued to weigh on the US Dollar, ING's FX analyst Chris Turner notes.
Whether it has been the approach of public holidays or some real improvement in the global geopolitical environment, cross-market measures of financial volatility continue to fall.
West Texas Intermediate (WTI) crude Oil price is extending its losing streak for a fourth consecutive session on Thursday, trading around $57.20 per barrel during European hours.
United Kingdom M4 Money Supply (YoY): 3.4% (March) vs previous 3.8%
United Kingdom Net Lending to Individuals (MoM) above expectations (£4.4B) in March: Actual (£13.8B)
United Kingdom M4 Money Supply (MoM) above expectations (0.2%) in March: Actual (0.3%)
United Kingdom S&P Global/CIPS Manufacturing PMI came in at 45.4, above forecasts (44) in April
United Kingdom Consumer Credit came in at £0.875B, below expectations (£1.2B) in March
United Kingdom Mortgage Approvals below expectations (64.8K) in March: Actual (64.309K)
A week ago, we were thinking that EUR/USD could retrace to the 1.1250 area, and it's taken some time, but we may get there after all, ING's FX analyst Chris Turner notes.
The USD/CAD pair retraces its losses registered in the previous session, trading around 1.3810 during the European hours on Thursday.
The Pound Sterling (GBP) corrects further, trading slightly below 1.3300 against the US Dollar (USD) during European trading hours on Thursday and extending the decline from its three-year high of 1.3445 posted on Tuesday.
Here is what you need to know on Thursday, May 1:
The NZD/USD pair has trimmed its daily gains and is depreciating, trading near 0.5920 during the early European session on Thursday. The New Zealand Dollar (NZD) faces pressure as expectations mount for further monetary easing by the Reserve Bank of New Zealand (RBNZ).
Indian Rupee (INR) crosses trade mixed at the start of Thursday, according to FXStreet data.
The GBP/JPY cross gains ground to near 191.95 during the early European session on Thursday. The Japanese Yen (JPY) softens against the Pound Sterling (GBP) after the Bank of Japan (BoJ) kept interest rates steady and slashed its growth forecasts on Thursday.
Bank of Japan (BoJ) Governor Kazuo addresses a press conference on Thursday, explaining the Bank’s decision to maintain the interest rate at 0.50% for the second consecutive meeting.
Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data.
Switzerland Real Retail Sales (YoY) registered at 2.2% above expectations (1.9%) in March
Australia RBA Commodity Index SDR (YoY): -6.1% (April) vs -6.5%
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $57.89 per barrel, down from Wednesday’s close at $57.97.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $61.01 after its previous daily close at $61.05.
EUR/USD: EUR amounts
The EUR/USD pair weakens to around 1.1295 during the early European session on Thursday, pressured by the renewed US Dollar (USD) demand. The optimism over the potential de-escalation of the US-China trade war provides some support to the Greenback and creates a headwind for the major pair.
EUR/GBP holds ground for a second consecutive session, trading around the 0.8500 mark during the Asian session on Thursday.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers for the third straight day and climbs to a two-week high, around the 99.70-99.75 region during the Asian session on Thursday.
Japan Consumer Confidence Index registered at 31.2, below expectations (34) in April
The USD/CHF pair holds ground for the third successive session, trading around 0.8270 during the Asian hours on Thursday. The daily chart suggests a neutral market bias, with the pair consolidating within a recently established rectangular pattern.
Gold prices fell in India on Thursday, according to data compiled by FXStreet.
Netherlands, The Retail Sales (YoY): 1.8% (March) vs -0.5%
Silver (XAG/USD) drifts lower for the third straight day – also marking the fourth day of a negative move in the previous five – and drops to over a two-week low during the Asian session on Thursday.
EUR/JPY halts its three-day losing streak, rebounding to around 162.50 during Asian trading hours on Thursday. The recovery in the currency cross comes as the Japanese Yen (JPY) weakens across the board, following the Bank of Japan’s (BoJ) widely expected decision to maintain its policy rate.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.80 during the Asian trading hours on Thursday.
Gold price (XAU/USD) remains under some selling pressure for the third successive day and drops to a two-week low, around the $3,230-$3,229 area during the Asian session on Thursday.
The AUD/JPY cross gains traction to near 91.90 during the Asian trading hours on Thursday. The Japanese Yen (JPY) trades slightly weaker against the Aussie after the Bank of Japan (BoJ) decided to keep its policy rate unchanged at its May meeting on Thursday.
Japan BoJ Interest Rate Decision meets forecasts (0.5%)
The USD/CAD pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a narrow band below the 1.3800 mark, near its lowest level since October 2025 touched the previous day.
The GBP/USD pair continues its downward trajectory for the third straight day, trading around 1.3310 during Thursday’s Asian session.
The NZD/USD pair posts modest gains near 0.5935 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) strengthens against the Greenback amid hope for a US-China trade deal.
The Japanese Yen (JPY) snaps a two-day losing streak against its American counterpart as traders opt to move to the sidelines and wait for the crucial Bank of Japan (BoJ) policy decision this Thursday.
The Australian Dollar (AUD) is extending its gains against the US Dollar (USD) on Thursday. The AUD/USD pair appreciates following the release of Trade Balance data from Australia.
Australia’s trade surplus rose to 6,900M MoM in March versus 3,130M expected and 2,852M (revised from 2,968M) in the previous reading, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.
Australia Trade Balance (MoM) came in at 6900M, above forecasts (3130M) in March
Australia Exports (MoM) rose from previous -3.6% to 7.6% in March
Australia Imports (MoM) down to -2.2% in March from previous 1.6%
Australia Import Price Index (QoQ) registered at 3.3% above expectations (0.3%) in 1Q
Australia Export Price Index (QoQ): 2.1% (1Q) vs previous 3.6%
In a NewsNation Town Hall interview early Thursday, US President Donald Trump said there is a “very good probability we'll reach a deal with China.”
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand.
Japan Jibun Bank Manufacturing PMI came in at 48.7, above expectations (48.5) in April
South Korea Trade Balance declined to $4.88B in April from previous $4.92B
A bipartisan measure that sought to undo the sweeping tariffs that US President Donald Trump imposed on most countries earlier in April failed in the GOP-led Senate on Wednesday, per NBC.
Ireland Purchasing Manager Index Manufacturing rose from previous 51.6 to 53 in April
US trade representative Jamieson Greer said late Wednesday that US President Donald Trump’s administration expects to conclude initial tariff deals with some US trading partners within weeks.
The EUR/USD pair trades with mild losses near 1.1325 during the early Asian session on Thursday, pressured by renewed US Dollar (USD) demand. The US Dollar Index (DXY) advanced further and reached two-day highs around 99.70.
Australia Judo Bank Manufacturing PMI in line with forecasts (51.7) in April
The Bank of Japan (BoJ) will announce its decision on monetary policy after a two-day meeting on Thursday, and market participants widely anticipate policymakers will keep the benchmark interest rate on hold at 0.50%.
The Mexican Peso lost some ground against the US Dollar and edged down over 0.31% late during the North American session due to fears that the US could face an economic recession, as revealed by data.
New Zealand ANZ – Roy Morgan Consumer Confidence: 98.3 (April) vs 93.2
The AUD/NZD pair is trading with a slight downside bias on Wednesday as it hovers near the mid-1.0800s, showing mild losses for the day ahead of the Asian session.
US President Donald Trump spoke at the White House during the Investing in America event. He said there’s an individual at the Federal Reserve that I am not a big fan of and insisted that interest rates should be lower.
The USD/JPY is trading with modest losses, hovering near the mid-143.00s after disappointing US growth data and lackluster Japanese economic reports fueled diverging sentiment around both currencies.
The US President Donald Trump speaks at the White House on the Investing in America event.
The EUR/JPY pair moved modestly lower on Wednesday, holding near the 162.00 area as it heads into the Asian session. Price action remained contained within a tight daily range, reflecting indecision among traders.
Mexico Fiscal Balance, pesos: -24.6B (March) vs -95.31B