Brazil Industrial Output (YoY) registered at -0.7% above expectations (-1%) in February

Brazil Industrial Output (MoM) came in at 0.9%, above forecasts (0.7%) in February

Silver (XAG/USD) has lost more than $10, hammered by a risk-averse reaction to US President Trump's televised message on Wednesday. The precious metal is testing levels below $71.00 at the time of writing, after peaking at $81.13 on Wednesday, as the Dollar prevails in risk-averse markets.

TD Securities analysts note that US yields flattened as geopolitical headlines from Iran and comments by Trump dominated sentiment. Strong ISM Manufacturing and Retail Sales data surprised to the upside, while they expect a below-consensus 30k payrolls print and unchanged unemployment.

OPEC+ is likely to weigh a further oil output quota hike at the meeting on April 5, Sunday, to prepare for any easing of Strait of Hormuz export constraints, according to a report from Reuters.

United States Challenger Job Cuts rose from previous 48.307K to 60.62K in March

BNY Mellon’s Geoff Yu highlights significant portfolio outflows from Middle East/North Africa (MENA) markets and warns that external funding gaps are likely to widen.

According to the Iranian state media, Iran’s Revolutionary Guards (IRG) have reported that they targeted United States (US)-linked steel and aluminum facilities in Gulf states.

The Canadian Dollar (CAD) trades higher against its major currency peers, except the US Dollar (USD), during the European trading session on Thursday.

The Euro declines more than 0.5% against the safe-haven US Dollar on Thursday, extending its reversal from Wednesday’s highs at 1.1625 to session lows just below 1.1520 so far.

Pi Network (PI) continues to consolidate above a crucial support level under intense selling pressure. Pi Core Team announced the first-ever Soroban smart contract deployed on its testnet, taking a step closer to the development of decentralized Applications (dApps).

French President Emmanuel Macron said during the European trading session on Thursday that it is difficult to reopen the Strait of Hormuz without a military response.

The Australian Dollar (AUD) trades lower against its major currency peers, is down 0.75% to near 0.6875 against the US Dollar (USD) during the European trading session on Thursday.

The US Dollar (USD) is outperforming its peers on Thursday, and rallies about 0.6% against the Japanese Yen on Thursday.

ING’s Ewa Manthey and Warren Patterson report Aluminium prices above $3,500/t after unconfirmed reports of major Gulf smelter disruptions at EGA and Alba.

Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $71.46 per troy ounce, down 4.84% from the $75.09 it cost on Wednesday.

Societe Generale analysts note a quiet data calendar ahead of key US payrolls, with a market whisper of 40k versus a 60k consensus and an SG economics forecast of 75k.

Dow Jones futures decline 0.88%, below 46,400 during European hours on Thursday, ahead of the United States (US) regular market open. Meanwhile, S&P 500 and Nasdaq 100 futures fall 1.1% and 1.4% below 6,550 and 23,900, respectively, at the time of writing.

Commerzbank’s Michael Pfister highlights that Bank of England (BoE) Governor Andrew Bailey has pushed back against aggressive tightening expectations, stressing labour market weakness and limited pricing power.

Italy Retail Sales n.s.a (YoY) dipped from previous 2.3% to 1.6% in February

Italy Retail Sales s.a. (MoM) came in at 0% below forecasts (0.4%) in February

France 10-y Bond Auction rose from previous 3.39% to 3.73%

Turkey Exports climbed from previous $21.1B to $21.9B in March

European Central Bank (ECB) executive board member Fabio Panetta said during European trading hours on Thursday that global energy crisis could impact financial stability.

ING analysts Francesco Pesole, Frantisek Taborsky and Chris Turner note that the US Dollar has regained support as risk-off sentiment returns following renewed Middle East escalation and uncertainty around the Strait of Hormuz.

The US Dollar (USD) is regaining lost ground on Thursday, and the DXY returns to levels above the 100.00 line at the time of writing, buoyed by the risk-averse sentiment. US President Donald Trump crushed hopes of a swift end to the Iran war and sent the Greenback higher across the board.

The EUR/JPY pair trades in a tight range around 184.00 during the European trading session on Thursday. The pair consolidates as investors seek fresh cues regarding how monetary policies by the European Central Bank (ECB) and the Bank of Japan (BoJ) will flare going ahead.