The US Dollar Index (DXY) rose on Thursday and remains on a winning streak near the 98.70 area, supported by stronger-than-expected US data and persistent geopolitical uncertainty, as conflicting headlines keep markets cautious.

DBS Group Research’s Philip Wee highlights that currency markets are consolidating as the April 28 War Powers Resolution deadline approaches, with USD/CNY flattening after an earlier relief rally.

Gold (XAU/USD) price eases on Thursday as tensions between the US and Iran remain high, while Israel and Lebanon prepare for talks, with both ambassadors in the US set to meet at the White House with President Donald Trump in attendance.

Headlines indicating that Iranian Parliament speaker Mohammad Bagher Ghalibaf has resigned from the negotiating team, according to Israel N12 News, spurred risk aversion and sent Crude Oil prices sharply up in the American session on Thursday.

West Texas Intermediate (WTI) Crude Oil trades higher on Thursday, extending gains for a fourth straight day as escalating tensions in the Strait of Hormuz continue to fuel concerns about global supply disruptions, keeping a geopolitical risk premium embedded in prices.

Standard Chartered’s Dan Pan expects Banco Central do Brasil (BCB) to continue its cautious easing cycle, projecting a 25bps cut at the 29 April meeting as inflation risks remain elevated.

Rabobank’s Global Strategist Michael Every flags growing trade frictions between the United States (US) and Canada ahead of USMCA (United States–Mexico–Canada Agreement) talks.

 The Iranian Parliament Speaker Ghalibaf has resigned from the negotiating team, according to Israel’s N12 News.

BNY’s Geoff Yu notes that Latin American (LatAm) currencies have been the standout Emerging Markets (EM) FX performers, with holdings remaining strong throughout the conflict and supported by attractive nominal and real rates.

USD/CHF trades flat on Thursday, with choppy price action and two-way swings as traders refrain from aggressive directional bets amid cautious market sentiment driven by ongoing US-Iran tensions. At the time of writing, the pair is trading around 0.7845.

Tether, the issuer of the largest stablecoin, USDT, announced on Thursday that it aided the Office of Foreign Assets Control (OFAC) and United States (US) law enforcement in freezing $344 million across two addresses.

USD/JPY trades around 159.45 on Thursday, virtually unchanged on the day but still close to recent highs after a series of three bullish days.

Dow Jones Industrial Average (DJIA) futures are drifting near 49,400 on Thursday, trading just below the flatline after swinging between 49,100 and 49,600 over the past two sessions.

GBP/USD steadies at around 1.3500 as tensions in the Middle East rise with the US and Iran escalating the conflict as both began to seize ships or oil vessels near the Strait of Hormuz. Meanwhile, a Pakistani official revealed that negotiations between Washington and Tehran had frozen.

The AUD/USD pair trades neutrally near the 0.7160 price zone on Thursday, as the US Dollar (USD) gathered some strength following a fresh batch of solid United States (US) economic data.

United States 4-Week Bill Auction unchanged at 3.595%

EUR/USD rebounds on Thursday after trading under pressure earlier in the day, as the US Dollar (USD) loses momentum, allowing the Euro (EUR) to recover from intraday lows despite upbeat US Purchasing Managers Index (PMI) data and cautious market sentiment amid US-Iran tensions.

Commerzbank’s Tatha Ghose says their worst-case scenario materialised after the Turkish central bank left policy unchanged, relying on FX intervention and ad hoc liquidity tightening instead of rate hikes.

United States Kansas Fed Manufacturing Activity dipped from previous 11 to 10 in April

Nomura analysts expect the European Central Bank (ECB) to keep the depo rate at 2.00% at the 30 April meeting and to maintain this level through Q4 2027.

LayerZero (ZRO) is trading at $1.58 at the time of writing on Thursday, rising from the daily low of $1.54. Despite sentiment broadly improving across the crypto market, interest in ZRO has remained subdued, especially in the retail market.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Pound (GBP) is marginally softer versus the US Dollar (USD) but outperforming most G10 currencies, supported by better‑than‑expected United Kingdom (UK) Purchasing Managers' Index (PMI) data.

NZD/USD edges lower on Thursday, trading around 0.5875 at the time of writing, down 0.47% on the day, as risk aversion dominates market sentiment.

United States EIA Natural Gas Storage Change above forecasts (96B) in April 17: Actual (103B)

Societe Generale analysts note the Brazilian Real's (BRL) performance and highlight that USD/BRL failed to clear its downward‑sloping 200‑day moving average during recent consolidation, confirming the broader bearish trend.

Rabobank Senior FX Strategist Jane Foley highlights that stronger-than-expected New Zealand Consumer Price Index (CPI) and a hawkish Reserve Bank of New Zealand (RBNZ) stance have driven aggressive market pricing for policy tightening and supported the New Zealand Dollar (NZD).

Nomura analysts note that April Euro area PMIs point to stagflation risks as activity softens while price indices jump to highs last seen in 2022/23.