Forex News Timeline

12:10 Gold price snaps selling off after fresh Trump comments on tariffs
Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.

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US President Trump backtracks on earlier statements, China may receive a new tariff rate in the next two to three weeks. Markets are back to square one with equities on the back foot and safe-haven Gold being bid. Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday. United States (US) President Donald Trump released more comments from the Oval Office late Wednesday, signaling that China may receive a new tariff rate in the next “two to three weeks” while countries that are currently in the negotiation phase might see reciprocal tariffs come in if negotiations are not going the way Trump wants, Bloomberg reports. Meanwhile, US Treasury Secretary Scott Bessent said on Wednesday that President Trump’s earlier comments were not an offer to take down US tariffs on China on a unilateral basis. When asked if there was no unilateral offer from the president to de-escalate, Bessent said “not at all”, Bloomberg reports. The Treasury Secretary said that the administration is looking at multiple factors, not just tariffs, but including non-tariff barriers and government subsidies for China. Daily digest market movers: SNB books gain on Gold rushThe Swiss National Bank (SNB) has reported that its Gold holdings allowed the central bank to report a profit for the first quarter. The SNB notched up a gain of 6.7 billion Swiss Francs (CHF) from January through March, the central bank said in a statement on Thursday, Bloomberg reports.Gold futures in Shanghai followed the recent sell-off in Gold and priced the largest intraday drop since 2013. Chinese investors rushed to take profit on the assumption that a China-US trade deal was imminent after comments from US President Donald Trump on Tuesday and Wednesday. Several trading firms are still signaling healthy buying taking place in Gold. “The temporary reprieve from Trump has fizzled out,” said Priyanka Sachdeva, a Singapore-based analyst at Philip Nova Pte. “Investors who missed the dip-buying wagon earlier in April drove the rise today.”, Bloomberg reports. Gold Price Technical Analysis: Half-bakedBullion is seeing a slight recovery on Thursday and trades again above $3,300 after a quite harsh correction. Technical traders, though, might not be that rejoicing when looking at the daily price action, with Gold rejected on the topside at $3,367 earlier in the day, which roughly coincides with the daily R1 resistance at $3,363. Looking at technical levels, the daily Pivot Point at $3,311 has already been recovered in early Asian trading, with the R1 intraday resistance already tested and rejected at $3,363. Further up, Gold price could extend the rally to the R2 resistance at $3,438.On the downside, a floor is being formed near $3,245 (April 11 high) as an important technical pivotal level, with the S1 support at $3,236 just underneath it. In case that area does not hold, the S2 support at $3,185 and the technical pivotal level at $3,167 (April 3 high) should hold any downside pressure. XAU/USD: Daily Chart Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

12:08 Copper: Risk-on mode – ING
Copper prices extended gains as easing US-China trade tensions and assurances over Fed leadership boosted market sentiment. Trump’s mention of “substantial” tariff cuts sparked a risk-on rally, driving speculative net longs in Copper to a record high.

Copper prices extended gains as easing US-China trade tensions and assurances over Fed leadership boosted market sentiment. Trump’s mention of “substantial” tariff cuts sparked a risk-on rally, driving speculative net longs in Copper to a record high. Meanwhile, supply concerns added support after a major Peruvian mine was shut down due to a fatal incident, ING's commodity experts Ewa Manthey and Warren Patterson note.Copper rally gains momentum on trade optimism"Copper and other industrial metals continued to rise yesterday amid hopes of a de-escalation in trade tensions between the US and China. This was after President Trump floated “substantial” tariff cuts. Also, Trump claiming he has no intention of firing Federal Reserve Chair Jerome Powell added to the risk-on tone in broader financial markets." "On the LME, speculators increased their net long in Copper by 33,352 contracts to 98,765 contracts, according to exchange data. The net-long position was the most bullish on record going back to January 2018. As for Copper supply, the Antamina Copper-zinc mine in Peru was shut down for safety reasons following a fatal incident."

12:04 USD: Turning tide on the options market – Commerzbank
Signs of skepticism can still be seen on the options market.

Signs of skepticism can still be seen on the options market. The latest statements by US President Trump regarding a de-escalation of the tariff conflict with China and the denial that he intends to fire Fed Chair Jay Powell have only slightly reduced the risks for the US dollar in the view of most market participants. Insurance against a sharp fall in the US dollar against the euro (EUR/USD risk reversals) remained at elevated levels yesterday despite the attempts at appeasement. This is accompanied by elevated implied volatility, Commerzbank's FX analyst Thu Lan Nguyen notes. US economy may not overcome the current crisis easily"The options market has thus also seen a clear break since 'Liberation Day'. The risks for EUR-USD have clearly shifted from a market perspective. The chart below shows the relationship between the 3-month implied volatility and the risk reversals for EUR/USD. Before Liberation Day, higher exchange rate volatility generally went hand in hand with higher risks for the euro. However, this has systematically changed since April 2. An increase in volatility has recently been accompanied by rising risks for the greenback.""This once again demonstrates the extent to which the status of the US dollar is being undermined by the Made in Washington political chaos. Whereas investors had previously bet on an outperformance of the dollar against the euro in uncertain times, i.e. when stronger exchange rate fluctuations were to be expected, it is now the other way round. It may be obvious why this is the case: the undeniable source of the current uncertainty is located in the US." "Let's remember the Great Financial Crisis of 2008/2009, which also originated in the US. Back then the US dollar appreciated significantly against the euro at times, acting as a safe haven. This was due not least to the belief in US exceptionalism, i.e. the ability of the US economy to overcome crises of all kinds more quickly than other economic areas. However, this is probably no longer the case, thanks to a US government that is prepared to inflict massive damage on the US economy. And as long as this is the case, USD investors must be prepared for rising hedging costs in times of increasing uncertainty."

11:55 Gold eases from record highs – ING
Gold prices have pulled back from recent record highs above $3,500/oz, as a softer tone from Trump on China and the Fed eased market tension.

Gold prices have pulled back from recent record highs above $3,500/oz, as a softer tone from Trump on China and the Fed eased market tension. Despite the dip, gold remains up over 25% year-to-date, bolstered by persistent volatility, shifting US policies, and strong demand from both ETFs and central banks, ING's commodity experts Ewa Manthey and Warren Patterson note.Gold remains strong on volatility and safe-haven Demand"In precious metals, gold fell from a record high above $3,500/oz reached earlier in the week on Trump’s softer stance on China and the Fed. Prices are still up by more than 25% so far this year, supported by market volatility and ever-changing US policies. The rally has also been supported by increased flows into gold ETF holdings and central bank buying."

11:54 AUD/JPY bounces off daily low, trades with mild negative bias around 91.00 mark
The AUD/JPY cross struggles to capitalize on the previous day's strong move up to the 91.60 area or a nearly three-week high, and attracts some sellers on Thursday.

11:53 GBP: High deficit and weak real economy – Commerzbank
Britain's fiscal challenges are mounting, with the latest data revealing a wider-than-expected budget deficit and deteriorating growth indicators.

Britain's fiscal challenges are mounting, with the latest data revealing a wider-than-expected budget deficit and deteriorating growth indicators. As government spending faces further cuts and the services sector slips into contraction, pressure is building on the Bank of England to loosen policy—potentially weighing further on the pound, Commerzbank's FX analyst Michael Pfister notes. UK budget deficit widens amid weak growth"Yesterday's figures showed once again why the UK is in a difficult situation at the moment. It started with the net borrowing figures for March, which were again slightly higher than expected. For the full fiscal year 2024-2025, which ended in March, borrowing was almost £24bn higher than estimated in October and £14bn higher than estimated in March. Net borrowing is likely to be higher than originally thought.""In an initial analysis, the OBR identified two reasons for the widening deficit: firstly, public sector pay has continued to rise recently, pushing up spending. Second, the weak real economy has significantly reduced revenues. This is not a good sign as it points to a contraction in the real economy.""At this point, you may be wondering why this is relevant to the pound, as developed market currencies tend not to react too strongly to fiscal news. However, the UK's recent growth has been almost entirely based on the public sector. So, not a good sign for the pound: less growth and more rate cuts at the same time."

11:50 ECB’s Rehn: ECB shouldn't rule out a larger interest rate cut
European Central Bank (ECB) policymaker Olli Rehn said on Thursday that the ECB shouldn't rule out a larger interest rate cut.

11:45 USD: Does Bessent care about a dollar rebound? – ING
The dollar recovery is extending thanks to a broader de-escalation by the Trump administration on both US protectionism and Fed independence.

The dollar recovery is extending thanks to a broader de-escalation by the Trump administration on both US protectionism and Fed independence. There is probably a feeling from market participants that they have regained some 'control' on the US government, and can somehow force a more friendly stance on key topics. That assumption is however far from a guarantee. Risk assets were already wrongfooted once by Trump's 90-day tariff pause only to get hit with substantial hikes in Chinese duties shortly after, ING's FX analyst Francesco Pesole notes. Dollar climbs on Trump’s softer tone"As highlighted in recent commentaries, there isn't a G10 currency with a higher positive beta to news of tariff de-escalation than the dollar. What we have seen in the past few weeks is a clear skew towards bearish USD sentiment which mirrored a lack of trust in the US as an investment environment. Markets will be highly tempted to sell the dollar in the rallies at the slightest indication that Trump's more conciliatory tone on China and the Fed is changing. In other words, investors will be seeking confirmation of the more optimistic stance on US assets to justify further dollar gains.""Alongside indications from Trump that China will soon get a new tariff rate, a lot of focus was on yesterday's comments by Treasury Secretary Scott Bessent at an IIF event. We think it's quite relevant that he again reiterated the US has a 'strong dollar policy'. We have suspected that the plans for a weaker dollar would have only come after an initial positive USD response to tariffs had helped shield US consumers from protectionism-led inflation. If Bessent sounded at ease with some reserve flows heading to the euro, he also affirmed that the haven status of the dollar won't be dented.""We sense the Treasury has been unhappy with the sudden loss of confidence in the greenback, and Bessent has appeared to offer some verbal support in back-to-back remarks on Tuesday and Wednesday. So far, it has worked. The dollar rebounded from Monday’s selloff, but – as discussed – we think Trump needs to keep feeding markets with positive news to fuel further dollar gains from here. Already this morning, we are seeing a tendency to sell the dollar rallies, with USD/JPY more than half a percent off overnight the 143.50 peak."

11:39 Energy: OPEC+ struggles – ING
While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord. ICE Brent settled almost 2% lower on the day amid concerns about aggressive supply hikes from OPEC+.

While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord. ICE Brent settled almost 2% lower on the day amid concerns about aggressive supply hikes from OPEC+. This comes after Kazakhstan said that it’s unable to lower oil output and plans to prioritise domestic interests over OPEC+ obligations, ING's commodity experts Ewa Manthey and Warren Patterson note.OPEC+ members are pushing for aggressive supply hikes in June"Kazakhstan has been pumping well above its production target following an expansion project at the Tengiz field. This led to reports that other OPEC+ members are pushing for aggressive supply hikes in June. Earlier this month, OPEC+ surprised the market by increasing supply by 411k b/d in May, more than the 138k b/d planned. This larger-than-expected increase comes as demand estimates are being cut amid ongoing trade tensions. Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war.""However, the prompt ICE Brent timspread remains well supported. It’s trading at a backwardation of near US$1/bbl, suggesting tightness in the spot market. Energy Information Administration data yesterday showed a modest increase in crude oil inventories, with stocks growing by 244k barrels over the last week." "This was significantly at odds with the 4.75m barrel decline that the American Petroleum Institute reported the previous day. Inventory changes for refined products were more constructive, with gasoline and distillate stocks falling by 4.48m barrels and 2.35m barrels, respectively. The move was driven by stronger implied demand as gasoline demand increased by 952k b/d week on week. Gasoline inventories have fallen for eight consecutive weeks, leaving them at the lowest level since December. The RBOB crack moved higher on the back of this release."

11:26 EUR: Don't dismiss downside potential – ING
As investors breathe a sigh of relief after Trump reassured them he is not seeking to remove Fed Chair Powell, the upside potential for EUR/USD has shrunk, EUR/USD has more room to fall, ING's FX analyst Francesco Pesole notes.

As investors breathe a sigh of relief after Trump reassured them he is not seeking to remove Fed Chair Powell, the upside potential for EUR/USD has shrunk, EUR/USD has more room to fall, ING's FX analyst Francesco Pesole notes. A break below 1.130 can open the door for a bigger leg lower "Our view is that a still fragile dollar requires a constant flow of positive headlines to find additional support. That is no guarantee, but if the US administration is indeed seeking to fuel a market recovery." "After all, our model still shows the pair is trading close to 3.5% above its short-term fair value. That is, the excess risk premium applied to the dollar after rate and equity differentials are taken into account. An important disclaimer is that the model looks at one-year rolling correlations, and high volatility tends to reduce the explanatory power. That said, we have little doubt the dollar retains a risk premium. Incidentally, positioning data has indicated the euro is the most overbought currency in the G10 after the yen.""We repeatedly warned our readers that picking a top in EUR/USD throughout this historical rally was risky. We know think the dollar recovery potential shouldn't be underestimated. The 1.130 area is key: in the past couple of weeks, attempted EUR/USD corrections faced heavy buying interest around that level. A decisive break below 1.130 can open the door for a bigger leg lower and probably signal a shift in interest to rebuild some strategic dollar longs."

11:26 NZD/USD advances to near 0.6000 ahead of US Initial Jobless Claims data
NZD/USD edges higher after two consecutive sessions of losses, trading near 0.5980 during European hours on Thursday.

11:06 German IFO Business Climate Index improved slightly to 86.9 in April vs. 85.2 expected
Business sentiment in Germany improved slightly in April, with the IFO Business Climate Index rising to 86.9 in April from 86.7 in March. This reading came in above the market expectation of 85.2.

11:01 Germany IFO – Expectations came in at 87.4, above expectations (85) in April
Germany IFO – Expectations came in at 87.4, above expectations (85) in April

11:00 Germany IFO – Business Climate above expectations (85.2) in April: Actual (86.9)
Germany IFO – Business Climate above expectations (85.2) in April: Actual (86.9)

11:00 Germany IFO – Current Assessment came in at 86.4, above forecasts (85.5) in April
Germany IFO – Current Assessment came in at 86.4, above forecasts (85.5) in April

10:52 EUR/GBP rises above 0.8550 due to optimism over potential US-China trade negotiations
EUR/GBP edges higher after two consecutive sessions of losses, trading near 0.8560 during early European hours on Thursday. The currency cross gains traction as the Euro (EUR) finds support amid renewed optimism over potential US-China trade negotiations.

10:49 EUR/USD finds support as US Dollar struggles to extend recovery
EUR/USD finds cushion near 1.1300 during European trading hours on Thursday after a two-day correction. The major currency pair tests ground as the US Dollar (USD) faces pressure as it attempts to extend its recent recovery.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD attracts some bids near 1.1300 as the US Dollar faces downward pressure after a two-day recovery.Washington has shown openness to reach a trade deal with China.ECB Nagel warns that the German economy could enter a mild recession.EUR/USD finds cushion near 1.1300 during European trading hours on Thursday after a two-day correction. The major currency pair tests ground as the US Dollar (USD) faces pressure as it attempts to extend its recent recovery. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, struggles to break above the immediate high around 100.00.Despite Thursday’s mild losses, financial market participants seem to be pricing in a further recovery in the US Dollar in the near term amid increasing hopes of a de-escalation in the trade war between the United States (US) and China. Washington has shown a willingness to get to the table with Beijing, but these can’t proceed without a reduction in critically higher tariff rates.Currently, the US has imposed additional 145% tariffs on Chinese products, inclusive of a 20% fentanyl levy, and Beijing has increased duties by 125% on imports from the US. "Neither side believes that these are sustainable levels,” US Treasury Secretary Scott Bessent said on Wednesday. The Wall Street Journal (WSJ) reported on Wednesday that the administration could reduce additional tariffs on China to between roughly 50% and 65%.On Tuesday, US President Donald Trump also signaled that “discussions with Beijing are going well” and added that he thinks “they will reach a deal”. Trump further added that tariffs on China would not be as high as “145%, but they wouldn’t be zero”.However, in the longer term, investors still doubt the strength of the US Dollar as domestic business activity has been hit hard by fears of a potential economic slowdown. The flash S&P Global Purchasing Managers’ Index (PMI) report showed on Wednesday that tariffs are causing companies to “hike their selling prices at a pace not seen for over a year”. The agency warned that these higher prices will “inevitably feed through to higher consumer inflation, potentially limiting the scope for the Federal Reserve (Fed) to reduce interest rates at a time when a slowing economy looks in need of a boost”.Daily digest market movers: EUR/USD rebounds slightly as Euro gainsA slight recovery move in the EUR/USD pair is also driven by brief strength in the Euro (EUR). The major currency gains even though traders have become increasingly confident that the European Central Bank (ECB) will cut interest rates in the June policy meeting. The reason behind accelerating ECB dovish bets is officials’ confidence that inflation will return to the central bank’s target of 2% this year.On Wednesday, ECB policymaker and Bundesbank President Joachim Nagel reiterated that he expects “Eurozone inflation to return to 2% over the course of this year”, even when the “level of uncertainty is extraordinarily high”, Reuters reports. Nagel warned that the German economy could see a mild “recession” for the third year in a row in the face of tariffs announced by US President Trump. Apart from ECB monetary policy expectations, the major trigger for the Euro is negotiations between the European Union (EU) and Washington. Though both nations have shown openness to have a deal and maintain healthy trade relations, there has not been much progress since April 7, when EU trade commissioner Maros Sefcovic stated that the administration has offered the US “zero-for-zero tariffs” for cars and all industrial goods.Also, German Finance Minister (FM) Joerg Kukies indicated that he is hopeful of having a trade agreement with the US while interviewed by Deutschlandfunk broadcaster on Wednesday. Kukies answered diplomatically and drew scenarios. "The position is very simple: Plan A is that we want an agreement and the tariffs should go down instead of going up, and Plan B is if this doesn’t work, we will use countermeasures.”, he said.Technical Analysis: EUR/USD gauges ground near 1.1300EUR/USD strives to gain ground after a two-day correction to near 1.1300 on Thursday. The major currency pair had shown a strong rally in the last few weeks after a breakout above the September 25 high of 1.1215. Advancing 20-week Exponential Moving Average (EMA) near 1.0850 suggests a strong upside trend.The 14-week Relative Strength Index (RSI) climbs near overbought levels above 70.00, which indicates a strong bullish momentum, but chances of some correction cannot be ruled out.Looking up, the round-level figure of 1.1600 will be the major resistance for the pair. Conversely, the July 2023 high of 1.1276 will be a key support for the Euro bulls. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

10:30 Chinese Foreign Ministry: China and the US are not yet in talks on tariffs
Guo Jiakun, a Chinese Foreign Ministry spokesperson, noted on Thursday, “China and the US are not yet in talks on tariffs.”

10:28 China’s Commerce Ministry: There have not been economic and trade talks between China and US
The Chinese Commerce Ministry said on Thursday that “there have not been economic and trade negotiations between China and the US.”

10:11 Forex Today: Easing geopolitical tensions support USD ahead of mid-tier data
Here is what you need to know on Thursday, April 24:

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The weekly Initial Jobless Claims figures, Durable Goods Orders and Existing Home Sales data for March will be featured in the US economic calendar. Investors will continue to assess the latest developments surrounding the US-China trade conflict and pay close attention to comments from central bankers. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD 0.31% 0.12% 0.33% 0.00% 0.11% -0.62% 1.22% EUR -0.31% -0.34% 0.00% -0.33% -0.39% -0.96% 0.88% GBP -0.12% 0.34% 0.51% 0.00% -0.05% -0.62% 1.23% JPY -0.33% 0.00% -0.51% -0.34% -0.34% -0.82% 0.92% CAD -0.01% 0.33% -0.00% 0.34% -0.01% -0.62% 1.24% AUD -0.11% 0.39% 0.05% 0.34% 0.00% -0.56% 1.28% NZD 0.62% 0.96% 0.62% 0.82% 0.62% 0.56% 1.89% CHF -1.22% -0.88% -1.23% -0.92% -1.24% -1.28% -1.89% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). The Wall Street Journal reported on Wednesday that the White House was considering slashing tariffs on Chinese goods to de-escalate the trade conflict. Later in the day, United States (US) Treasury Secretary Scott Bessent noted that President Donald Trump has not offered to lower tariffs on China unilaterally but said that current tariff levels are not sustainable for either, adding that he would not be surprised if they were to come down in a mutual way. Wall Street's main indexes ended the day decisively higher on Wednesday and the USD Index closed in positive territory. Meanwhile, the data from the US showed that the private sector's business activity continued to expand, albeit at a softening pace in April, with the S&P Global Composite PMI declining to 51.2 from 53.5. Early Thursday, US stock index futures trade marginally lower and the USD Index consolidates its gains at around 99.50.Following Tuesday's sharp decline, EUR/USD held steady during the first half of the day on Wednesday before losing its footing during the American trading hours. After losing nearly 1% on the day, EUR/USD stages a technical correction and trades in positive territory at around 1.1350 in the European morning on Thursday. IFO sentiment data from Germany will be watched closely by investors later in the session. Several European Central Bank (ECB) policymakers will be delivering speeches as well.GBP/USD extended its decline on Wednesday and registered its lowest daily close in a week below 1.3250. The pair edges higher in the early European session but remains below 1.3300. While speaking at the International Monetary Fund (IMF) event, Bank of England (BoE) Governor Andrew Bailey said that the central bank must take the risk to economic growth from global trade disruption very seriously.Gold failed to shake off the bearish pressure on Wednesday and lost more than 2.5% on the day. After dropping all the way to $3,260, XAU/USD regained its traction and reclaimed $3,300. At the time of press, the precious metal was trading at around $3,320, rising about 1% on the day.USD/JPY gathered bullish momentum and gained more than 1% on Wednesday. The pair corrects lower and trades below 143.00 in the European morning on Thursday. In the Asian session on Friday, market participants will pay close attention to Tokyo Consumer Price Index data for April. US-China Trade War FAQs What does “trade war” mean? Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. What is the US-China trade war? An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. Trade war 2.0 The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.

10:05 EUR/INR today: Indian Rupee cross rates edge higher at the start of the European session
Indian Rupee (INR) crosses trade on the front foot at the beginning of Thursday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 97.05, with the EUR/INR pair rising from its previous close at 96.57.

09:46 France Consumer Confidence above forecasts (91) in April: Actual (92)
France Consumer Confidence above forecasts (91) in April: Actual (92)

09:40 US Dollar Index loses ground as uncertainty persists over Trump’s tariff policy
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges lower to near 99.60 on Thursday amid mitigating concerns over potential tariff threats by US President Donald Trump.

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Tariff uncertainty is raising costs in the US, according to the Fed’s Beige Book. US business activity slowed to a 16-month low in April.The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges lower to near 99.60 on Thursday amid mitigating concerns over potential tariff threats by US President Donald Trump. Businesses dealing with the early stages of Trump’s tariffs are looking for ways to pass increasing costs onto consumers, according to the Federal Reserve’s (Fed) Beige Book report on Wednesday. Companies reported receiving alerts from suppliers about increased prices, and they looked to find ways not to absorb the increases while noting uncertainty over the ability to pass them along to customers. The cloudy US economic outlook triggered by Trump's tariff threats could weigh on the USD against its rivals in the near term. US Treasury Secretary Scott Bessent said on Tuesday that the ongoing tariff showdown against China is unsustainable, and he expects a “de-escalation” in the trade war between the world’s two largest economies in the near future. However, the Trump administration noted late Wednesday that the US will set tariffs for China over the next two to three weeks, and it depends on China how soon tariffs can come down. Investors will closely watch the developments surrounding US-China trade talks. Any signs of renewed escalation could contribute to the USD’s downside.Data released on Wednesday revealed that the S&P Global's Flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, eased to 51.2 in April versus 53.3 prior. This figure registered the lowest level since December 2023. Meanwhile, the Manufacturing PMI rose to 50.7 in April from the previous reading of 50.2, better than the estimation of 49.4. The Services PMI declined to 51.4 in April from 54.4 in March, below the market consensus of 52.8. On the other hand, the hawkish remarks from the Fed officials might help limit the USD’s losses. Fed Chair Jerome Powell said last week that the US central bank was in no rush to move on interest rates but cautioned Trump's tariff policies risked pushing inflation and employment further from the Fed's goals. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

09:39 Palladium price today: Rare metals advance at the start of the European session
Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Thursday, according to FXStreet data.

09:12 Crude Oil price today: WTI price bearish at European opening
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $62.04 per barrel, down from Wednesday’s close at $62.13.

09:09 China’s President Xi: Willing to work with other countries to uphold international trade rules
“China is willing to work with other countries to uphold international trade rules,” the country’s President Xi Jinping said on Thursday.

08:29 EUR/JPY breaks below 162.00 as safe-haven demand lifts Yen amid trade uncertainty
EUR/JPY retraces its recent gains registered in the previous session, trading around 161.90 during the Asian hours on Thursday. The currency cross depreciates as the Japanese Yen (JPY) strengthens, as investors flock to safe-haven assets amid renewed concerns over global trade tensions.

08:20 GBP/USD Price Forecast: Bullish outlook remains in play above 1.3250
The GBP/USD pair drifts higher to around 1.3270, snapping the two-day losing streak during the early European trading hours on Thursday. Mitigating concerns over potential tariff threats by US President Donald Trump exerts some selling pressure on the US Dollar (USD).

07:56 PBOC Governor Pan: There are no winners in trade wars and tariff wars
People's Bank of China (PBOC) Governor Pan Gongsheng said on Thursday, “there are no winners in trade wars and tariff wars.”

07:44 USD/CHF trade with mild negative bias below 0.8300; downside seems cushioned
The USD/CHF pair fails to capitalize on a two-day-old recovery from the lowest level since September 2011 and attracts some sellers during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}USD/CHF ticks lower on Thursday and snapped a two-day winning streak to a nearly two-week high.The uncertainty over Trump’s trade policies and Fed rate cut bets weigh on the USD and the pair.A positive risk tone undermines demand for the safe-haven CHF and limits losses for spot prices.The USD/CHF pair fails to capitalize on a two-day-old recovery from the lowest level since September 2011 and attracts some sellers during the Asian session on Thursday. Spot prices, however, lack bearish conviction and currently trade just below the 0.8300 mark, down 0.25% for the day and close to a nearly two-week high touched on Wednesday.Despite easing fears about the Federal Reserve's (Fed) independence, the US Dollar (USD) bulls remain on the sidelines amid the weakening confidence in the US economy on the back of the uncertainty about US President Donald Trump's trade policies. Apart from this, the prospects for more aggressive policy easing by the Fed fail to assist the USD to build on this week's bounce from a multi-year low, which, in turn, acts as a headwind for the USD/CHF pair.Meanwhile, US Treasury Secretary Scott Bessent tempered market expectations for a quick resolution to the US-China trade standoff. However, signs of easing trade tensions between the world's two largest economies remain supportive of a generally positive tone around the equity markets. This is seen undermining demand for the safe-haven Swiss Franc (CHF) and lending some support to the USD/CHF pair, warranting some caution for bearish traders. Traders now look forward to the US economic docket – featuring the release of the usual Weekly Initial Jobless Claims, Durable Goods Orders, and Existing Home Sales data later during the early Norther American session. Apart from this, trade-related developments will influence the USD price dynamics, which, along with the broader risk sentiment, should provide short-term impetuses to the USD/CHF pair. Swiss Franc FAQs What key factors drive the Swiss Franc? The Swiss Franc (CHF) is Switzerland’s official currency. It is among the top ten most traded currencies globally, reaching volumes that well exceed the size of the Swiss economy. Its value is determined by the broad market sentiment, the country’s economic health or action taken by the Swiss National Bank (SNB), among other factors. Between 2011 and 2015, the Swiss Franc was pegged to the Euro (EUR). The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc (CHF) is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks. Turbulent times are likely to strengthen CHF value against other currencies that are seen as more risky to invest in. How do decisions of the Swiss National Bank impact the Swiss Franc? The Swiss National Bank (SNB) meets four times a year – once every quarter, less than other major central banks – to decide on monetary policy. The bank aims for an annual inflation rate of less than 2%. When inflation is above target or forecasted to be above target in the foreseeable future, the bank will attempt to tame price growth by raising its policy rate. Higher interest rates are generally positive for the Swiss Franc (CHF) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken CHF. How does economic data influence the value of the Swiss Franc? Macroeconomic data releases in Switzerland are key to assessing the state of the economy and can impact the Swiss Franc’s (CHF) valuation. The Swiss economy is broadly stable, but any sudden change in economic growth, inflation, current account or the central bank’s currency reserves have the potential to trigger moves in CHF. Generally, high economic growth, low unemployment and high confidence are good for CHF. Conversely, if economic data points to weakening momentum, CHF is likely to depreciate. How does the Eurozone monetary policy affect the Swiss Franc? As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland’s main economic partner and a key political ally, so macroeconomic and monetary policy stability in the Eurozone is essential for Switzerland and, thus, for the Swiss Franc (CHF). With such dependency, some models suggest that the correlation between the fortunes of the Euro (EUR) and the CHF is more than 90%, or close to perfect.

07:44 FX option expiries for Apr 24 NY cut
FX option expiries for Apr 24 NY cut at 10:00 Eastern Time via DTCC can be found below.

FX option expiries for Apr 24 NY cut at 10:00 Eastern Time via DTCC can be found below.EUR/USD: EUR amounts1.1250 1.1b1.1300 723m1.1370 984m1.1430 800m1.1450 1.1b1.1500 1.3bGBP/USD: GBP amounts 1.2950 610mUSD/JPY: USD amounts 140.00 1.9b141.55 1b143.00 905m145.00 1.5bUSD/CHF: USD amounts 0.8350 530mUSD/CAD: USD amounts 1.3950 563mNZD/USD: NZD amounts0.5700 560mEUR/GBP: EUR amounts 0.8340 701m

07:35 India Gold price today: Gold rises, according to FXStreet data
Gold prices fell in India on Thursday, according to data compiled by FXStreet.

.fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Gold prices fell in India on Thursday, according to data compiled by FXStreet. The price for Gold stood at 9,166.56 Indian Rupees (INR) per gram, down compared with the INR 9,053.70 it cost on Wednesday. The price for Gold decreased to INR 106,916.50 per tola from INR 105,600.60 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 9,166.56 10 Grams 91,665.22 Tola 106,916.50 Troy Ounce -1.00 2025 Gold Forecast Guide [PDF] Download your free copy of the 2025 Gold Forecast Daily Digest Market Movers: Gold price attracts safe-haven flows amid persistent trade uncertainties US Treasury Secretary Scott Bessent denied reports that the White House is considering unilaterally slashing tariffs on Chinese imports. Bessent added that high duties imposed by both sides need to come down mutually before talks can begin, tempering hopes for a quick resolution to the US-China trade standoff and reviving demand for the traditional safe-haven Gold price. The Federal Reserve's Beige Book showed that pervasive uncertainty over US President Donald Trump’s shifting tariff plans threatens to curtail growth in the months ahead. The report further revealed that consumer spending remains mixed, while the labor market has shown signs of cooling after stalling or edging lower in many Fed districts, pointing to a gloomy outlook. On the economic data front, a preliminary reading of S&P Global’s Composite PMI indicated US business activity expanded at a slower pace in April. The data revealed a diverging performance across sectors, with manufacturing activity continuing to grow modestly, while the non-manufacturing PMI pointed to signs that demand in the services sector may be losing steam. The US Dollar erodes a part of its recovery gains registered over the past two days amid bets that the Federal Reserve will resume its rate-cutting cycle in June and lower borrowing costs at least three times by the end of this year. This turns out to be another factor that benefits the non-yielding yellow metal, though a generally positive risk tone might cap any further gains. Meanwhile, signs of easing trade tensions between the world's two largest economies and receding fears that the Fed could lose its autonomy boosted investors' appetite for riskier assets. This might hold back bulls from placing fresh bets around the XAU/USD as traders now look to the US macro data – Jobless Claims and Durable Goods Orders – for short-term impetuses. FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. (An automation tool was used in creating this post.)

07:30 EUR/USD Price Forecast: Rises toward 1.1350 after finding support at near nine-day EMA
EUR/USD pauses its two-day decline, hovering near 1.1340 during Thursday’s Asian session. Daily chart technical analysis indicates a weakening bullish bias, as the pair has slipped below the ascending channel pattern.

07:14 Silver Price Forecast: XAG/USD bulls have the upper hand while above $33.00 hurdle breakpoint
Silver (XAG/USD) attracts some sellers after hitting a nearly three-week top near the $33.70 region during the Asian session on Thursday and erodes a part of the previous day's strong move up.

06:43 WTI remains above $62.00, downside risks persist due to potential increase in OPEC+ supply
West Texas Intermediate (WTI) Oil price recovers its daily losses, trading around $62.20 per barrel during Thursday’s Asian hours.

06:39 Gold price bulls could regain control amid fading US-China trade deal optimism
Gold price (XAU/USD) attracts fresh buyers during the Asian session on Thursday, reversing the previous day's heavy losses and snapping a two-day losing streak to the $3,260 area or the weekly low.

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US Treasury Secretary Scott Bessent's remarks on Wednesday suggest the current trade standoff between the US and China could continue for a while longer. This comes on top of heightened uncertainty over US President Donald Trump's tariffs and their impact on the global economy, which helps revive demand for the safe-haven bullion. Meanwhile, the US Dollar (USD) struggles to capitalize on a two-day-old recovery move from a multi-year low and turns out to be another factor underpinning the Gold price. Apart from this, the prospects for a more aggressive policy easing by the Federal Reserve (Fed) offer additional support to the non-yielding yellow metal. Meanwhile, investors remain hopeful about a possible US-China trade deal. This, along with easing fears about the Fed's independence, remains supportive of a positive risk tone and could act as a headwind for the XAU/USD. Daily Digest Market Movers: Gold price attracts safe-haven flows amid persistent trade uncertaintiesUS Treasury Secretary Scott Bessent denied reports that the White House is considering unilaterally slashing tariffs on Chinese imports. Bessent added that high duties imposed by both sides need to come down mutually before talks can begin, tempering hopes for a quick resolution to the US-China trade standoff and reviving demand for the traditional safe-haven Gold price. The Federal Reserve's Beige Book showed that pervasive uncertainty over US President Donald Trump’s shifting tariff plans threatens to curtail growth in the months ahead. The report further revealed that consumer spending remains mixed, while the labor market has shown signs of cooling after stalling or edging lower in many Fed districts, pointing to a gloomy outlook.On the economic data front, a preliminary reading of S&P Global’s Composite PMI indicated US business activity expanded at a slower pace in April. The data revealed a diverging performance across sectors, with manufacturing activity continuing to grow modestly, while the non-manufacturing PMI pointed to signs that demand in the services sector may be losing steam.The US Dollar erodes a part of its recovery gains registered over the past two days amid bets that the Federal Reserve will resume its rate-cutting cycle in June and lower borrowing costs at least three times by the end of this year. This turns out to be another factor that benefits the non-yielding yellow metal, though a generally positive risk tone might cap any further gains.Meanwhile, signs of easing trade tensions between the world's two largest economies and receding fears that the Fed could lose its autonomy boosted investors' appetite for riskier assets. This might hold back bulls from placing fresh bets around the XAU/USD as traders now look to the US macro data – Jobless Claims and Durable Goods Orders – for short-term impetuses.Gold price needs to strengthen back above the 23.6% Fibo. level for bulls to regain near-term controlFrom a technical perspective, the precious metal showed some resilience below the 38.2% Fibonacci retracement level of the latest leg up from the vicinity of mid-$2,900s or the monthly swing low. The subsequent move up, however, falters near the 23.6% Fibo. level, around the $3,367-3,368 region, which should now act as a key pivotal point. Given that oscillators on the daily chart are still holding comfortably in positive territory, some follow-through buying should allow the Gold price to reclaim the $3,400 mark. The momentum could extend further towards the $3,425-3,427 intermediate hurdle, above which bulls could make a fresh attempt to conquer the $3,500 psychological mark.On the flip side, the $3,300 mark, followed by the $3,288 zone (38.2% Fibo. level) and the overnight swing low, around the $3,260 area, could offer support to the XAU/USD. A convincing break below the latter could drag the Gold price further toward the 50% retracement level, around the $3,225 region. Some follow-through selling, leading to a subsequent slide below the $3,200 mark, will suggest that the precious metal has topped out in the near term and pave the way for an extension of this week's retracement slide from the all-time peak. US-China Trade War FAQs What does “trade war” mean? Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. What is the US-China trade war? An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. Trade war 2.0 The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.

06:17 USD/INR holds positive ground amid tensions over Kashmir
The Indian Rupee (INR) faces some selling pressure on Thursday as terrorist attacks in Kashmir, India, weighed on sentiment. Furthermore, rising crude oil prices undermine the Indian currency, as India is the world's third-largest oil consumer.

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The attacks on Kashmir created a negative sentiment, weighing on the INR. The US weekly Initial Jobless Claims will be published later on Thursday. The Indian Rupee (INR) faces some selling pressure on Thursday as terrorist attacks in Kashmir, India, weighed on sentiment. Furthermore, rising crude oil prices undermine the Indian currency, as India is the world's third-largest oil consumer. However, the weaker US Dollar might help limit the INR’s losses. Investors will keep an eye on the US weekly Initial Jobless Claims due later on Thursday. Also, the Chicago Fed National Activity Index, Durable Goods Orders, and Existing Home Sales are due later on Thursday. Indian Rupee softens as risk sentiment soursLate Wednesday, US President Donald Trump's administration stated that it has spoken to 90 countries regarding tariffs already. The administration noted that the US will set tariffs for China over the next two to three weeks, and it depends on China how soon tariffs can come down.At least 28 people were killed and many wounded on Tuesday when terrorists opened fire in a picturesque meadow near the resort town of Pahalgam in J&K, marking the deadliest attack since 2019.India has vowed to retaliate against the terror attack in the northern Indian region of Jammu and Kashmir. The US, China, and other nations also strongly condemned the attack on Wednesday.The HSBC India Manufacturing Purchasing Managers Index (PMI) improved to 58.4 in April from 58.1 in March. The Indian Services PMI rose to 59.1 in April versus 58.5 prior. Finally, the Composite PMI climbed to 60.0 in April from 59.5 in March.A preliminary reading of US S&P Global’s Composite PMI fell to 51.2 in April from 53.5 in March. Meanwhile, the Manufacturing PMI rose to 50.7 in April from the previous reading of 50.2, better than the estimation of 49.4. The Services PMI eased to 51.4 in April versus 54.4 prior, below the market consensus of 52.8. According to the Federal Reserve’s (Fed) Beige Book report on Wednesday, businesses dealing with the early stages of Trump’s tariffs are looking for ways to pass increasing costs onto consumers. Federal Reserve Bank of Cleveland President Beth Hammack said on Wednesday that conditions still support ongoing reductions in the central bank's balance sheet. USD/INR’s bearish bias holds despite intraday gainsThe Indian Rupee weakens on the day. However, in the longer term, the bearish outlook of the USD/INR pair remains intact as the price is below the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The downward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands below the midline near 44.35.The initial support level for USD/INR is located at 84.85, the lower limit of the descending trend channel. Extended losses could expose 84.22, the low of November 25, 2024. The next downside target is seen at 84.08, the low of November 6, 2024. In the bullish case, the immediate resistance level for the pair emerges at 85.85, the 100-day EMA. Further north, the next hurdle to watch is 86.45, the upper boundary of the trend channel. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference. What macroeconomic factors influence the value of the Indian Rupee? Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee. How does inflation impact the Indian Rupee? Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.

06:11 Japan’s Kato: US tariffs are highly disappointing
Speaking at the G7 Summit, Japanese Finance Minister Katsunobu Kato said on Thursday that “US tariffs are highly disappointing.”

Speaking at the G7 Summit, Japanese Finance Minister Katsunobu Kato said on Thursday that “US tariffs are highly disappointing.”Additional quotesUS tariffs, countermeasures are creating uncertainties in financial market.Stressed that free trade regime promotion important.Constructive policy discussion important.No comment on Bessent's foreign exchange remarks.

05:31 USD/CAD falls toward 1.3850 as Fed’s Beige Book suggests deteriorating economic conditions
USD/CAD edges lower around 1.3870 during Thursday's Asian session, after climbing roughly 0.50% in the previous day. The pair is under pressure as the US Dollar (USD) weakens following the Federal Reserve’s April Beige Book, which pointed to deteriorating economic conditions.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}USD/CAD weakens as the Fed’s April Beige Book underscores the potential negative impact of tariffs on the economic outlook.The US Dollar also loses ground after the flash Composite PMI pointed to a slowdown in overall business activity.President Trump suggested the 25% tariff on Canadian auto imports to the US could be raised.USD/CAD edges lower around 1.3870 during Thursday's Asian session, after climbing roughly 0.50% in the previous day. The pair is under pressure as the US Dollar (USD) weakens following the Federal Reserve’s April Beige Book, which pointed to deteriorating economic conditions.The report highlighted growing concerns about tariffs, which have negatively impacted the economic outlook across multiple US regions. Consumer spending appeared uneven, and labor market conditions softened, with many districts noting stagnant or slightly declining employment.Further pressuring the Greenback were Wednesday’s mixed S&P Global PMI figures. The flash Composite PMI for April fell to 51.2 from 53.5, signaling a slowdown in business activity. While the Manufacturing PMI ticked up slightly to 50.7, the Services PMI dropped sharply to 51.4 from 54.4, reflecting weaker demand in the services sector. Chris Williamson of S&P Global noted that growth momentum is waning, with persistent inflation complicating the Fed’s policy outlook.However, the USD/CAD pair appreciated on Wednesday as the Canadian Dollar (CAD) remained under pressure. This came after US President Donald Trump suggested that a 25% tariff on Canadian auto imports to the US could be increased. Trump emphasized efforts to strike a deal with Canada, aiming to boost US auto production and reduce reliance on foreign vehicles, according to Reuters.Meanwhile, the Canadian Dollar (CAD) also struggles due to the International Monetary Fund’s (IMF) downward revision of Canada’s 2025 GDP growth forecast to 1.4% has renewed concerns about weakening domestic demand, Additionally, the Bank of Canada’s (BoC) decision to keep its benchmark interest rate steady at 2.75% underscores a cautious stance, influenced in part by ongoing uncertainty surrounding potential US tariffs. Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive. How does the price of Oil impact the Canadian Dollar? The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD. How does inflation data impact the value of the Canadian Dollar? While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar. How does economic data influence the value of the Canadian Dollar? Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.

05:16 Japanese Yen snaps two-day losing streak against USD amid reviving safe-haven demand
The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Thursday and for now, seems to have stalled its retracement slide from a multi-month high touched earlier this week.

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Bets that the BoJ will continue raising interest rates in 2025 further lend support to the JPY.Dovish Fed expectations cap the USD recovery from a multi-year low and weigh on USD/JPY.The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Thursday and for now, seems to have stalled its retracement slide from a multi-month high touched earlier this week. US Treasury Secretary Scott Bessent tempered market expectations for a quick resolution to the US-China trade standoff, which helped revive demand for the safe-haven JPY. Apart from this, the growing acceptance that the Bank of Japan (BoJ) will maintain its stance for policy normalization and hike interest rates further in 2025 underpin the JPY. Market participants, however, forecast a delay in BoJ rate hikes as US President Donald Trump’s tariff measures have darkened the economic outlook, which might hold back the JPY bulls from placing aggressive bets. Meanwhile, a relatively hawkish BoJ outlook still marks a big divergence in comparison to expectations that the Federal Reserve (Fed) will resume its rate-cutting soon. This should continue to act as a tailwind for the lower-yielding JPY, which, along with the lack of follow-through US Dollar (USD) buying, favors the USD/JPY bears. Japanese Yen regains positive traction as fading hopes for a quick US-China trade deal drive safe-haven flowsUS President Donald Trump said that the 145% tariffs on Chinese imports will eventually come down substantially. Meanwhile, US Treasury Secretary Scott Bessent denied a Wall Street Journal report that the White House is considering unilaterally slashing tariffs on Chinese imports.Bessent's remarks suggested that the Trump administration could be waiting for China to make the first move, which cooled some optimism that the trade war between the world's two largest economies would de-escalate soon. This, in turn, drives some safe-haven flows towards the Japanese Yen. Japan's Economic Revitalization Minister Ryosei Akazawa will visit the US for tariff talks from April 30. Akazawa had said last week that any agreement would likely take some time as it's difficult to say how long it will take to bridge the gap between the two sides.Bank of Japan Governor Kazuo Ueda said last week that the central bank may need to take policy action if US tariffs hurt the Japanese economy. Moreover, reports suggested that the BoJ will cut its economic growth forecasts and warn of escalating risks from Trump's sweeping trade tariff. Investors, however, seem convinced that the BoJ will continue raising interest rates in 2025 amid the broadening inflation in Japan, which has been running at or above the 2% target for around three years. This marks a big divergence in comparison to dovish Federal Reserve expectations.In fact, traders have been pricing in the possibility that the Fed will resume its rate-cutting cycle in June and lower borrowing costs at least three times by the end of this year. This fails to assist the US Dollar to capitalize on a two-day-old recovery, led by easing fears over the Fed's independence.Trump slammed Ukraine’s President Volodymyr Zelensky for his comments that Ukraine wouldn’t recognize Russian control of Crimea. Trump added that a deal to end the war was very close, but that Zelensky's refusal to accept US terms "will do nothing but prolong the conflict.”This keeps the geopolitical risk premium in play, which, along with the divergent BoJ-Fed policy expectations, should continue to benefit the lower-yielding JPY. Traders now look to the US economic docket – featuring Weekly Initial Jobless Claims, Durable Goods Orders, and Existing Home Sales data.USD/JPY could attract dip-buyers near 142.45-142.40; mixed technicals warrant caution for aggressive tradersFrom a technical perspective, the overnight close above the 23.6% Fibonacci retracement level of the March-April downfall and the 143.00 mark was seen as a key trigger for the USD/JPY bulls. Moreover, oscillators on hourly charts have been gaining positive traction and support prospects for the emergence of dip-buyers near the 142.45-142.40 region. This should help limit the downside near the 142.00 round figure, below which spot prices could slide to mid-141.00s en route to the 141.10-141.00 region. The downward trajectory could extend further towards the 140.50 intermediate support and eventually expose the multi-month low – levels below the 140.00 psychological mark touched on Tuesday.On the flip side, momentum back above the 143.00 mark might confront some hurdle near the 143.55 area or the overnight swing high. Some follow-through buying has the potential to lift the USD/JPY pair beyond the 144.00 round figure, towards the 144.35 confluence. The latter comprises 38.2% Fibo. level and the 200-period Simple Moving Average (SMA) on the 4-hour chart, which if cleared decisively should pave the way for some meaningful recovery in the near term. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. How does the differential between Japanese and US bond yields impact the Japanese Yen? Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

04:55 NZD/USD strengthens to near 0.5950 on weaker US Dollar, eyes on US-China trade talks
The NZD/USD pair strengthens to near 0.5950 during the Asian trading hours on Thursday, bolstered by the weakening of the US Dollar (USD).

04:45 Australian Dollar holds ground, upside appears due to weakening US economic conditions
The Australian Dollar (AUD) remains steady on Thursday following two consecutive days of losses. The AUD/USD pair could see gains as the US Dollar (USD) faces pressure after the Federal Reserve's (Fed) Beige Book suggested weakening economic conditions.

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span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Australian Dollar could advance as the US Dollar struggles after the Fed’s Beige Book suggested weakening economic conditions.President Trump said that the US will set the tariff rates for China over the next two to three weeks.The US Dollar struggles following the release of mixed S&P Global Purchasing Managers Index on Wednesday.The Australian Dollar (AUD) remains steady on Thursday following two consecutive days of losses. The AUD/USD pair could see gains as the US Dollar (USD) faces pressure after the Federal Reserve's (Fed) Beige Book suggested weakening economic conditions.According to the Fed’s April Beige Book, concerns over tariffs have worsened the economic outlook across several regions in the United States (US). Consumer spending presented a mixed picture, while the labor market showed signs of softening, with many districts reporting flat or slightly declining employment levels.US President Donald Trump stated that it's up to China how soon tariffs can be reduced. Trump mentioned that the US will determine the tariff rates for China over the next two to three weeks. "If we don't reach a deal, we're simply setting the price — then it's up to them to decide if they want to proceed," he said. He also noted that China currently isn’t doing any business with the US, adding that the tariff rate remains at 145%. However, National Economic Council Director Hassett said on Wednesday that a full China-US trade deal could take 2-3 years.The preliminary data from Australia’s Judo Bank on Wednesday showed that private sector activity grew for the seventh straight month in April, supported by continued expansion in both manufacturing and services.Australian Dollar stays silent as US Dollar struggles following mixed PMI dataThe US Dollar Index (DXY), which measures the USD against six major currencies, edges lower after registering gains in the previous two successive sessions, trading near 99.60 at the time of writing. The Greenback faced headwinds following the release of mixed S&P Global Purchasing Managers Index (PMI) on Wednesday.The flash S&P Global Composite PMI for April dropped to 51.2 from 53.5, indicating a slowdown in overall business activity. Although the Manufacturing PMI inched up to 50.7, the Services PMI declined sharply to 51.4 from 54.4, pointing to softening demand in the services sector.S&P Global’s Chris Williamson commented that growth momentum is losing steam, while persistent inflationary pressures continue to complicate the Federal Reserve’s efforts to strike a balance.National Economic Council Director Kevin Hassett, President Trump's chief economic adviser, stated that the US Trade Representative (USTR) has 14 meetings scheduled with foreign trade ministers. Hassett also noted that 18 written proposals have been received from these ministers. According to Hassett, China remains open to negotiations.The US Dollar strengthened, supported by comments from US Treasury Secretary Scott Bessent, who described the ongoing tariff standoff as “unsustainable,” suggesting a potential move toward de-escalation.Market sentiment was boosted by US President Donald Trump, who reassured investors that he has no intention of removing Federal Reserve (Fed) Chair Jerome Powell, helping ease concerns about central bank independence and policy direction.President Trump also expressed optimism about ongoing trade negotiations with China, stating that discussions were progressing well. Trump added that while tariffs on Chinese goods wouldn’t be as high as 145%, they also wouldn’t be eliminated entirely.The White House announced on Tuesday that the Trump administration is making headway in negotiating trade deals aimed at easing the broad tariffs introduced earlier this month. According to US Press Secretary Karoline Leavitt, 18 countries have already submitted trade proposals to the US, and President Trump’s trade team is scheduled to meet with representatives from 34 nations this week to explore potential agreements.Federal Reserve Board Governor Adriana Kugler stated on Tuesday that the unexpectedly large US import tariffs are likely to push prices higher. As reported by Reuters, Kugler emphasized that the Federal Reserve should maintain current short-term interest rates until inflationary pressures begin to ease.The Judo Bank Manufacturing PMI edged down to a two-month low of 51.7 in April, compared to 52.1 in March. While manufacturing output remained in expansion territory, the increase in new orders was modest. Meanwhile, the Services PMI dipped slightly to 51.4 from 51.6 in the previous month, and the Composite PMI also eased to 51.4 from 51.6.Australian Dollar tests 0.6350 support near nine-day EMAThe AUD/USD pair is trading near 0.6360 on Thursday, with technical indicators on the daily chart reflecting a bullish tone. The pair continues to hold above the nine-day Exponential Moving Average (EMA), while the 14-day Relative Strength Index (RSI) remains steady above 50, suggesting sustained upward momentum.On the upside, immediate resistance is seen at the recent four-month high of 0.6439, marked on April 22. A decisive break above this level could pave the way for a rally toward the five-month high of 0.6515.The AUD/USD pair is testing immediate support at the nine-day EMA of 0.6346, with stronger support near the 50-day EMA at 0.6296. A sustained drop below these levels would undermine the bullish setup and could lead to deeper losses, potentially exposing the March 2025 low around 0.5914.AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.35% -0.23% -0.40% -0.12% -0.04% -0.08% -0.33% EUR 0.35% 0.12% -0.02% 0.23% 0.30% 0.27% 0.02% GBP 0.23% -0.12% -0.13% 0.11% 0.19% 0.15% -0.10% JPY 0.40% 0.02% 0.13% 0.25% 0.35% 0.27% 0.09% CAD 0.12% -0.23% -0.11% -0.25% 0.11% 0.06% -0.21% AUD 0.04% -0.30% -0.19% -0.35% -0.11% -0.04% -0.29% NZD 0.08% -0.27% -0.15% -0.27% -0.06% 0.04% -0.26% CHF 0.33% -0.02% 0.10% -0.09% 0.21% 0.29% 0.26% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Economic Indicator RBA Bulletin The Bulletin, published by Reserve Bank of Australia, contains articles and speeches that discuss economic and financial developments as well as the Bank's operations. Published monthly until December 2009 and thereafter quarterly. Read more. Last release: Thu Apr 24, 2025 01:30 Frequency: Quarterly Actual: - Consensus: - Previous: - Source: Reserve Bank of Australia

04:19 China's state planner reduces the number of items on its negative list from 117 to 106
The National Development and Reform Commission of the People's Republic of China (NDRC) has trimmed the number of items on its negative list from 117 to 106.

04:16 PBOC sets USD/CNY reference rate at 7.2098 vs. 7.2116 previous
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.2098 as compared to the previous day's fix of 7.2116 and 7.3111 Reuters estimate.

03:56 GBP/USD gains traction above 1.3250 on fresh trade uncertainty
The GBP/USD pair gathers strength to near 1.3270, snapping the two-day losing streak during the early Asian session on Thursday. The US Dollar (USD) weakens against the Cable due to the uncertainty surrounding Trump’s trade policies.

02:54 Trump administration says cannot give Japan special tariff treatment
The United States told Japan that it cannot give Japan special treatment regarding tariffs during talks held earlier this month, NHK said citing multiple Japanese governments.

02:51 Japan Corporate Service Price Index (YoY) increased to 3.1% in March from previous 3%
Japan Corporate Service Price Index (YoY) increased to 3.1% in March from previous 3%

02:50 Japan Foreign Investment in Japan Stocks declined to ¥705.6B in April 18 from previous ¥1043.7B
Japan Foreign Investment in Japan Stocks declined to ¥705.6B in April 18 from previous ¥1043.7B

02:22 EUR/USD strengthens above 1.1300 on gloomy Fed’s Beige Book
The EUR/USD pair edges higher to around 1.1335 during the early Asian session on Thursday. Mitigating concerns over potential tariff threats by US President Donald Trump exerts some selling pressure on the US Dollar (USD).

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ECB’s Muller said rates may have to fall below neutral on trade. The EUR/USD pair edges higher to around 1.1335 during the early Asian session on Thursday. Mitigating concerns over potential tariff threats by US President Donald Trump exerts some selling pressure on the US Dollar (USD). According to a Federal Reserve’s (Fed) Beige Book report on Wednesday, businesses dealing with the early stages of Trump’s tariffs are looking for ways to pass increasing costs onto consumers. Companies reported receiving alerts from suppliers about increased prices, and they looked to find ways not to absorb the increases while noting uncertainty over the ability to pass them along to customers.At the beginning of the month, Trump imposed a baseline import tax of 10% or more on dozens of nations, but then unexpectedly paused the taxes for 90 days to let countries negotiate lower rates. However, the uncertainty surrounding trade policy and concerns over the economic slowdown in the US could drag the Greenback lower and create a tailwind for EUR/USD. Across the pond, the European Central Bank (ECB) cut its main interest rate by a quarter of a percentage point to 2.25% at its April meeting last week. During the press conference, ECB President Christine Lagarde said that US tariffs on EU goods, which had increased from an average of 3% to 13%, were already harming the outlook for the European economy. Meanwhile, the ECB Governing Council member Madis Muller said on Wednesday that the central bank may have to lower interest rates to levels that stimulate the economy if trade uncertainty proves more damaging for growth. The dovish remarks from the ECB policymakers might weigh on the shared currency in the near term. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

02:02 South Korea Gross Domestic Product Growth (YoY) below expectations (0.2%) in 1Q: Actual (-0.1%)
South Korea Gross Domestic Product Growth (YoY) below expectations (0.2%) in 1Q: Actual (-0.1%)

02:01 South Korea Gross Domestic Product Growth (QoQ) below expectations (0.1%) in 1Q: Actual (-0.2%)
South Korea Gross Domestic Product Growth (QoQ) below expectations (0.1%) in 1Q: Actual (-0.2%)

01:50 Fed's Hammack sees more runway for balance sheet cuts
Federal Reserve Bank of Cleveland President Beth Hammack said on Wednesday that conditions still support ongoing reductions in the central bank's balance sheet. Hammack added that she believes some active management of market liquidity via Fed interventions is acceptable to her, per Reuters.

01:40 US President Donald Trump says 25% tariff on cars from Canada could go higher
US President Donald Trump said on Wednesday that a 25% tariff imposed on cars imported from Canada to the United States could go up, per Reuters.

01:18 South Korea BOK Manufacturing BSI remains at 68 in May
South Korea BOK Manufacturing BSI remains at 68 in May

00:59 AUD/JPY Price Analysis: Bearish bias holds despite intraday gains
The AUD/JPY pair was seen around the 91.00 zone in Wednesday’s session, staging a modest intraday advance ahead of the Asian session. Despite the bounce from earlier lows, the pair retains a bearish overall tone, capped by key moving averages and a sluggish momentum backdrop.

AUD/JPY trades near the 91.00 zone after bouncing within Wednesday’s range.The broader trend remains bearish amid pressure from longer-term moving averages.Key resistance is seen near the 91.20–91.80 zone, with support near 90.70.The AUD/JPY pair was seen around the 91.00 zone in Wednesday’s session, staging a modest intraday advance ahead of the Asian session. Despite the bounce from earlier lows, the pair retains a bearish overall tone, capped by key moving averages and a sluggish momentum backdrop. Technical indicators are mixed, with the Relative Strength Index hovering around neutral territory, the MACD suggesting upside potential, and moving averages still tilting south. Price action remains confined to the middle of today’s daily range, which points to indecision in the near term.From a technical perspective, the pair is gaining some ground but lacks the strength to break decisively higher. The RSI is neutral around the 47 mark, while the Stochastic %K and Commodity Channel Index also print neutral readings, reinforcing the lack of clear direction in short-term momentum. The MACD, however, offers a mild bullish signal, hinting at the possibility of further upside attempts.Despite this, the broader outlook remains tilted to the downside. The 20-day, 100-day, and 200-day Simple Moving Averages all slope downward, exerting resistance from above. Notably, the 30-day EMA and SMA, seen near the 91.80–92.20 region, act as dynamic barriers capping recent gains and validating the bearish bias.Immediate support lies in the 90.70–90.60 range, which has held earlier dips. Should sellers regain control, a break below this zone could expose deeper losses. On the upside, resistance clusters around 91.20, 91.25, and 91.85 — levels that coincide with key averages and recent swing highs.Overall, while AUD/JPY managed to claw back some ground during Wednesday’s trade, the prevailing trend remains bearish unless a firm break above the 91.80 zone materializes. Traders should watch for confirmation in the coming sessions as the pair continues to oscillate within a narrowing range.
Daily chart

00:32 NZD/USD Price Analysis: Pair trades steady near 0.5900 with bullish bias ahead of Asia
The NZDUSD pair held steady near the 0.5900 mark on Wednesday, posting a marginal daily gain as traders positioned ahead of the Asian session. The pair continues to consolidate in a tight range after recent upward momentum, suggesting a pause rather than a reversal.

NZD/USD trades around the 0.5900 zone after a quiet Wednesday European session.Mixed momentum signals but moving averages reinforce the bullish tone.Support seen at 0.5930 and 0.5908; resistance stands at 0.5969.The NZDUSD pair held steady near the 0.5900 mark on Wednesday, posting a marginal daily gain as traders positioned ahead of the Asian session. The pair continues to consolidate in a tight range after recent upward momentum, suggesting a pause rather than a reversal.From a technical standpoint, the outlook remains broadly constructive. The Moving Average Convergence Divergence (MACD) indicates a buy signal, while the Relative Strength Index hovers around 62, signaling neutral momentum. Meanwhile, the Average Directional Index near 26 highlights a modest trend strength without strong conviction. On the downside, the Stochastic RSI Fast suggests overbought conditions and flashes a mild sell signal.Despite the mixed short-term oscillators, the moving average setup is clearly bullish. The 20-day simple moving average at 0.5800, alongside the 100-day and 200-day SMAs at 0.5713 and 0.5886 respectively, all point upward. Additional short-term support is backed by the 10-day EMA at 0.5908 and the 10-day SMA at 0.5930.Key support levels are aligned at 0.5930, 0.5908, and 0.5886. Resistance, meanwhile, is seen at 0.5969, which could cap further upside in the near term unless momentum builds decisively. For now, the pair trades within a tight band, retaining a bullish tilt as long as it holds above the 0.5880 area.
Daily chart

00:00 USD/JPY tests 143.00 amid easing Fed fears and trade optimism
The USD/JPY pair trades near the 143.00 mark on Wednesday, up over 1.2% on the day, extending its rebound from midweek lows. The Greenback’s gains are driven by improving risk appetite and signs that US-China trade tensions could ease.

USD/JPY jumps 1.24% to reclaim 143.00 as risk sentiment improves.DXY recovery stalls near 99.50 following weak PMI and tariff remarks.Technical indicators remain bearish despite intraday momentum.The USD/JPY pair trades near the 143.00 mark on Wednesday, up over 1.2% on the day, extending its rebound from midweek lows. The Greenback’s gains are driven by improving risk appetite and signs that US-China trade tensions could ease. Aided by US President Donald Trump’s reassurance that Fed Chair Jerome Powell will remain in his post and by remarks from Treasury Secretary Scott Bessent suggesting tariff rates are unsustainable, the US Dollar (USD) staged a recovery from its three-year lows.However, the underlying tone remains cautious. The S&P Global Composite PMI for April fell to 51.2 from 53.5, confirming slowing business momentum. The Services PMI dropped sharply to 51.4 from 54.4, while the Manufacturing PMI edged up slightly to 50.7. The Fed’s Beige Book echoed those concerns, noting slowing wage growth and persistent inflation due to tariff-driven input cost pressures. These reports reaffirm investor doubts about the economy’s strength, especially as the Fed balances rising inflation with waning activity.Markets initially welcomed Bessent’s comments and the White House’s potential openness to reducing tariffs. However, equities gave back early gains, and the DXY failed to hold above 99.50, suggesting that the Greenback’s upside remains fragile.
Technical Analysis
From a technical standpoint, USD/JPY remains bearish despite today’s rally. The pair is trading near the top of its daily range (141.45–143.49), but indicators remain soft. The Relative Strength Index (RSI) is neutral at 41.21, and the MACD prints a sell signal. The Bull Bear Power at -2.356 and Commodity Channel Index at -64.788 are both neutral. Key moving averages also lean bearish: the 20-day SMA (145.52), 100-day SMA (151.45), and 200-day SMA (150.24) are all trending lower, confirmed by the 30-day EMA (145.91) and SMA (146.77).Immediate support is located at 143.11, followed by 142.62 and 141.57. Resistance levels are seen at 144.72, 145.52, and 145.54. The pair may struggle to clear these zones unless macro conditions shift decisively in favor of the USD.With lingering doubts over the Fed’s autonomy and mixed macro data, the USD/JPY outlook remains capped, even as risk-on flows provide temporary support.

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Forex News Timeline

12:10 Gold price snaps selling off after fresh Trump comments on tariffs Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.

12:08 Copper: Risk-on mode – ING Copper prices extended gains as easing US-China trade tensions and assurances over Fed leadership boosted market sentiment. Trump’s mention of “substantial” tariff cuts sparked a risk-on rally, driving speculative net longs in Copper to a record high.

12:04 USD: Turning tide on the options market – Commerzbank Signs of skepticism can still be seen on the options market.

11:55 Gold eases from record highs – ING Gold prices have pulled back from recent record highs above $3,500/oz, as a softer tone from Trump on China and the Fed eased market tension.

11:54 AUD/JPY bounces off daily low, trades with mild negative bias around 91.00 mark The AUD/JPY cross struggles to capitalize on the previous day's strong move up to the 91.60 area or a nearly three-week high, and attracts some sellers on Thursday.

11:53 GBP: High deficit and weak real economy – Commerzbank Britain's fiscal challenges are mounting, with the latest data revealing a wider-than-expected budget deficit and deteriorating growth indicators.

11:50 ECB’s Rehn: ECB shouldn't rule out a larger interest rate cut European Central Bank (ECB) policymaker Olli Rehn said on Thursday that the ECB shouldn't rule out a larger interest rate cut.

11:45 USD: Does Bessent care about a dollar rebound? – ING The dollar recovery is extending thanks to a broader de-escalation by the Trump administration on both US protectionism and Fed independence.

11:39 Energy: OPEC+ struggles – ING While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord. ICE Brent settled almost 2% lower on the day amid concerns about aggressive supply hikes from OPEC+.

11:26 EUR: Don't dismiss downside potential – ING As investors breathe a sigh of relief after Trump reassured them he is not seeking to remove Fed Chair Powell, the upside potential for EUR/USD has shrunk, EUR/USD has more room to fall, ING's FX analyst Francesco Pesole notes.

11:26 NZD/USD advances to near 0.6000 ahead of US Initial Jobless Claims data NZD/USD edges higher after two consecutive sessions of losses, trading near 0.5980 during European hours on Thursday.

11:06 German IFO Business Climate Index improved slightly to 86.9 in April vs. 85.2 expected Business sentiment in Germany improved slightly in April, with the IFO Business Climate Index rising to 86.9 in April from 86.7 in March. This reading came in above the market expectation of 85.2.

11:01 Germany IFO – Expectations came in at 87.4, above expectations (85) in April Germany IFO – Expectations came in at 87.4, above expectations (85) in April

11:00 Germany IFO – Business Climate above expectations (85.2) in April: Actual (86.9) Germany IFO – Business Climate above expectations (85.2) in April: Actual (86.9)

11:00 Germany IFO – Current Assessment came in at 86.4, above forecasts (85.5) in April Germany IFO – Current Assessment came in at 86.4, above forecasts (85.5) in April

10:49 EUR/USD finds support as US Dollar struggles to extend recovery EUR/USD finds cushion near 1.1300 during European trading hours on Thursday after a two-day correction. The major currency pair tests ground as the US Dollar (USD) faces pressure as it attempts to extend its recent recovery.

10:30 Chinese Foreign Ministry: China and the US are not yet in talks on tariffs Guo Jiakun, a Chinese Foreign Ministry spokesperson, noted on Thursday, “China and the US are not yet in talks on tariffs.”

10:28 China’s Commerce Ministry: There have not been economic and trade talks between China and US The Chinese Commerce Ministry said on Thursday that “there have not been economic and trade negotiations between China and the US.”

10:11 Forex Today: Easing geopolitical tensions support USD ahead of mid-tier data Here is what you need to know on Thursday, April 24:

09:46 France Consumer Confidence above forecasts (91) in April: Actual (92) France Consumer Confidence above forecasts (91) in April: Actual (92)

09:39 Palladium price today: Rare metals advance at the start of the European session Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Thursday, according to FXStreet data.

09:12 Crude Oil price today: WTI price bearish at European opening West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $62.04 per barrel, down from Wednesday’s close at $62.13.

09:09 China’s President Xi: Willing to work with other countries to uphold international trade rules “China is willing to work with other countries to uphold international trade rules,” the country’s President Xi Jinping said on Thursday.

07:56 PBOC Governor Pan: There are no winners in trade wars and tariff wars People's Bank of China (PBOC) Governor Pan Gongsheng said on Thursday, “there are no winners in trade wars and tariff wars.”

07:44 USD/CHF trade with mild negative bias below 0.8300; downside seems cushioned The USD/CHF pair fails to capitalize on a two-day-old recovery from the lowest level since September 2011 and attracts some sellers during the Asian session on Thursday.

07:44 FX option expiries for Apr 24 NY cut FX option expiries for Apr 24 NY cut at 10:00 Eastern Time via DTCC can be found below.

07:35 India Gold price today: Gold rises, according to FXStreet data Gold prices fell in India on Thursday, according to data compiled by FXStreet.

07:14 Silver Price Forecast: XAG/USD bulls have the upper hand while above $33.00 hurdle breakpoint Silver (XAG/USD) attracts some sellers after hitting a nearly three-week top near the $33.70 region during the Asian session on Thursday and erodes a part of the previous day's strong move up.

06:43 WTI remains above $62.00, downside risks persist due to potential increase in OPEC+ supply West Texas Intermediate (WTI) Oil price recovers its daily losses, trading around $62.20 per barrel during Thursday’s Asian hours.

06:39 Gold price bulls could regain control amid fading US-China trade deal optimism Gold price (XAU/USD) attracts fresh buyers during the Asian session on Thursday, reversing the previous day's heavy losses and snapping a two-day losing streak to the $3,260 area or the weekly low.

06:11 Japan’s Kato: US tariffs are highly disappointing Speaking at the G7 Summit, Japanese Finance Minister Katsunobu Kato said on Thursday that “US tariffs are highly disappointing.”

04:55 NZD/USD strengthens to near 0.5950 on weaker US Dollar, eyes on US-China trade talks The NZD/USD pair strengthens to near 0.5950 during the Asian trading hours on Thursday, bolstered by the weakening of the US Dollar (USD).

04:19 China's state planner reduces the number of items on its negative list from 117 to 106 The National Development and Reform Commission of the People's Republic of China (NDRC) has trimmed the number of items on its negative list from 117 to 106.

04:16 PBOC sets USD/CNY reference rate at 7.2098 vs. 7.2116 previous The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.2098 as compared to the previous day's fix of 7.2116 and 7.3111 Reuters estimate.

02:54 Trump administration says cannot give Japan special tariff treatment The United States told Japan that it cannot give Japan special treatment regarding tariffs during talks held earlier this month, NHK said citing multiple Japanese governments.

02:51 Japan Corporate Service Price Index (YoY) increased to 3.1% in March from previous 3% Japan Corporate Service Price Index (YoY) increased to 3.1% in March from previous 3%

02:50 Japan Foreign Investment in Japan Stocks declined to ¥705.6B in April 18 from previous ¥1043.7B Japan Foreign Investment in Japan Stocks declined to ¥705.6B in April 18 from previous ¥1043.7B

02:22 EUR/USD strengthens above 1.1300 on gloomy Fed’s Beige Book The EUR/USD pair edges higher to around 1.1335 during the early Asian session on Thursday. Mitigating concerns over potential tariff threats by US President Donald Trump exerts some selling pressure on the US Dollar (USD).

02:02 South Korea Gross Domestic Product Growth (YoY) below expectations (0.2%) in 1Q: Actual (-0.1%) South Korea Gross Domestic Product Growth (YoY) below expectations (0.2%) in 1Q: Actual (-0.1%)

02:01 South Korea Gross Domestic Product Growth (QoQ) below expectations (0.1%) in 1Q: Actual (-0.2%) South Korea Gross Domestic Product Growth (QoQ) below expectations (0.1%) in 1Q: Actual (-0.2%)

01:40 US President Donald Trump says 25% tariff on cars from Canada could go higher US President Donald Trump said on Wednesday that a 25% tariff imposed on cars imported from Canada to the United States could go up, per Reuters.

01:18 South Korea BOK Manufacturing BSI remains at 68 in May South Korea BOK Manufacturing BSI remains at 68 in May

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