USD/CHF remains in the negative territory after paring daily losses, trading near 0.7720 during the Asian hours on Thursday. The pair struggles as the Swiss Franc (CHF) draws safe-haven support amid persistent tensions between the United States and Iran, alongside stalled Ukraine-Russia talks.

The GBP/USD pair is seen consolidating its weekly losses registered over the past three days and oscillating in a narrow range near a four-week trough, touched during the Asians session on Thursday.

EUR/JPY extends its gains for the second successive session, trading around 182.80 during the Asian hours on Thursday. The upside of the currency cross could be restrained as the Japanese Yen (JPY) may find support from expectations that the Bank of Japan (BoJ) will continue tightening policy.

The USD/JPY pair gains traction to around 155.00 during the Asian trading hours on Thursday. The US Dollar (USD) strengthens against the Japanese Yen (JPY) following hawkish Federal Reserve (Fed) meeting minutes.

The USD/CAD pair loses ground to around 1.3695 during the Asian trading hours on Thursday, pressured by higher crude oil prices.

The NZD/USD pair recovers slightly from the vicinity of mid-0.5900s or a nearly two-week low set during the Asian session on Thursday, and recovers a part of the previous day's dovish Reserve Bank of New Zealand (RBNZ)-inspired losses.

The AUD/JPY cross trades on a flat note near 109.00 during the Asian trading hours on Thursday. The release of the Australian employment report for January fails to boost the Australian Dollar (AUD) against the Japanese Yen (JPY).

Australian Dollar (AUD) inches higher against the US Dollar (USD) following the release of mixed employment data from Australia on Thursday.

South Korea Trade Balance dipped from previous $8.74B to $8.72B in December

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar (USD) strengthens against the Euro (EUR) on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated. 

The Pound Sterling (GBP) continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

USD/JPY bounced on Wednesday after the Japanese Yen's (JPY) recent rally finally ran out of steam, which has been its best weekly performance since November 2024.

The AUD/NZD cross spiked higher on Wednesday as the Reserve Bank of New Zealand's (RBNZ) dovish hold triggered a broad New Zealand Dollar (NZD) sell-off, while the Australian Dollar (AUD) remained supported by the Reserve Bank of Australia's (RBA) recent hawkish posturing.

AUD/JPY firmed modestly on Wednesday, climbing around 0.4% as the Reserve Bank of Australia's (RBA) hawkish stance continues to underpin the Australian Dollar (AUD) side of the cross.

The RBNZ held the OCR steady as markets widely expected on Wednesday, but the tone was the market mover.

The RBA minutes released on Tuesday reinforced the hawkish tone set by Governor Bullock's post-decision press conference, noting that private demand is growing faster than expected and capacity pressures are greater than previously assessed.

The Australian monthly employment report is scheduled for release on Thursday at 00:30 GMT, and market participants anticipate a modest increase in jobs in January.

European Central Bank (ECB) President Christine Lagarde may step down from her job earlier than her planned retirement in October 2027, according to a report by the Financial Times.

Silver (XAG/USD) trades with a positive tone on Wednesday, snapping a two-day losing streak as dip buyers step in to cushion the downside. At the time of writing, XAG/USD is hovering around $77.50, up over 5.5% on the day.

AUD/USD declines and trades around 0.7060 on Wednesday at the time of writing, down 0.25% on the day, as investors remain cautious ahead of the Federal Open Market Committee (FOMC) minutes due later in the day and Australia’s employment data scheduled for Thursday.

The Japanese Yen (JPY) weakens against the US Dollar (USD) on Wednesday, with USD/JPY climbing nearly 0.78% as renewed demand for the Greenback underpins the pair. At the time of writing, USD/JPY is trading around 154.48.

UK inflation data released Wednesday confirmed the disinflationary trend the Bank of England (BoE) has been watching for, with headline CPI dropping to 3% and the Retail Price Index falling to 3.8% from 4.2%.

Russia Producer Price Index (YoY) declined to -5% in January from previous -3.3%

Russia Producer Price Index (MoM): -2.5% (January) vs previous -1.6%

USD/CHF trades around 0.7717 on Wednesday at the time of writing, up 0.20% on the day.

EUR/USD remains on the back foot on Wednesday as second-tier US economic data provided modest support to the US Dollar (USD).

BNY’s Head of Markets Macro Strategy Bob Savage highlights that Australia’s Westpac-Melbourne Institute Leading Index slowed sharply, suggesting stalled momentum even as commodity prices support the Australian Dollar.

Nomura Research Analysts Dominic Bunning and Yusuke Miyairi argue that UK wage and inflation data still point to further monetary policy convergence with the Euro area, while rising UK political risks are seen as under-priced and supportive of Euro outperformance versus Pound.

BNY’s Head of Markets Macro Strategy Bob Savage reports Japan’s exports posted their biggest rise since 2022, yet the Japanese Yen barely reacted, with USD/JPY slightly lower.

EUR/GBP trades on the back foot on Wednesday as the Euro comes under pressure following media reports that Christine Lagarde may step down as head of the European Central Bank (ECB) before her term ends in October 2027.