Eurozone HCOB Manufacturing PMI above expectations (50.8) in April: Actual (52.2)

Eurozone HCOB Composite PMI registered at 48.6, below expectations (50.2) in April

Eurozone HCOB Services PMI below expectations (49.8) in April: Actual (47.4)

United Overseas Bank (UOB) Strategists Quek Ser Leang and Lee Sue Ann expect AUD/USD to stay confined intraday between 0.7130 and 0.7180 after a quieter-than-expected session. Over 1–3 weeks, they continue to frame price action as part of a 0.7060–0.7210 range.

Germany HCOB Services PMI came in at 46.9 below forecasts (50.3) in April

Germany HCOB Composite PMI below expectations (51.1) in April: Actual (48.3)

Germany HCOB Manufacturing PMI below expectations (51.3) in April: Actual (51.2)

The GBP/JPY pair claws back its early losses and turns marginally positive around 215.45 during the European trading session on Thursday.

ING analysts Warren Patterson and Ewa Manthey say Brent has broken back above $100/bbl as the oil market reprices expectations around the Iran conflict and disruptions in the Persian Gulf.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining firm after two days of gains and trading around 98.60 during the early European hours on Thursday.

France HCOB Manufacturing PMI came in at 52.8, above expectations (49.5) in April

France HCOB Services PMI came in at 46.5, below expectations (48.4) in April

France HCOB Composite PMI registered at 47.6, below expectations (48.6) in April

The USD/JPY pair attracts some buyers for the fourth consecutive day and trades around the 159.65-159.70 area, or a one-and-a-half-week top during the early European session on Thursday.

Hyperliquid (HYPE) trades around $40 at press time on Thursday, holding steady after over 3% gains the previous day.

MUFG’s Senior Currency Analyst Lloyd Chan highlights that the Japanese Yen (JPY) may weaken further as the energy shock from Middle East tensions persists and markets delay expectations for a Bank of Japan (BoJ) rate hike to June.

The Iran war has messed many assets, with one notable exception: Bitcoin. The price of the main crypto has been surprisingly resilient in the past few weeks and way less volatile than other assets considered risky, such as US equities.

Here is what you need to know on Thursday, April 23:

Antje Praefcke at Commerzbank warns that Eurozone PMIs (Purchasing Managers' Index) may slip to or below 50 in April as the Middle East war weighs on orders and production.

The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for April to be released by the S&P Global on Thursday, later in the day at 08:30 GMT.

Silver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.

France Business Climate in Manufacturing registered at 100 above expectations (99) in April

The New Zealand Dollar (NZD) posts moderate losses against a stronger US Dollar (USD) on Thursday as the escalating tensions between the US and Iran curb risk appetite.

United Overseas Bank (UOB) Strategists Quek Ser Leang and Lee Sue Ann describe GBP/USD momentum indicators as mostly flat, expecting intraday consolidation between 1.3475 and 1.3530.

Danske Research Team highlights that Euro area April flash PMIs (Purchasing Managers' Index) are a key input ahead of the next European Central Bank (ECB) meeting, with Manufacturing PMI expected to drop below 50 while Services PMI holds at 50.2.

United Kingdom Public Sector Net Borrowing registered at £12.605B above expectations (£10.4B) in March

The USD/CAD pair trades on a flat note around 1.3670 during the early European session on Thursday. The pair steadies as traders await signs of diplomatic progress to end the war in the Middle East.