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.

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.

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

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.

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.

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.  

The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Thursday.

The EUR/GBP cross trades with mild gains around 0.8675 during the early European session on Thursday. However, the potential upside for the cross might be limited due to hot UK inflation data.

The USD/IDR pair gains strong follow-through positive traction for the third successive day and rallies beyond the 17,300 level, hitting a fresh all-time peak during the Asian session on Thursday.

The AUD/JPY cross attracts some sellers to around 113.95 during the early European session on Thursday. Uncertainty regarding Iran's participation in further peace talks could provide some support to a safe-haven currency such as the Japanese Yen (JPY) against the Australian Dollar (AUD). 

EUR/JPY remains subdued for the third successive day, trading around 186.60 during the Asian hours on Thursday. The currency cross loses ground as the risk-sensitive Euro (EUR) faces challenges amid increased risk aversion due to ongoing Middle East uncertainty.

The USD/CHF pair turns positive for the third straight day following an intraday dip to the 0.7830 region and climbs to a fresh one-and-a-half-week high during the Asian session on Thursday.

The AUD/USD pair gives up its early gains and trades 0.24% lower around 0.7145 during the Asian trading session on Thursday.

GBP/USD remains subdued for the third successive day, trading around 1.3500 during the Asian hours on Thursday. The technical analysis of the daily chart indicates a potential for bearish reversal as the pair moves below the ascending channel pattern.

The USD/JPY pair loses traction to near 159.35 during the Asian trading hours on Thursday. US President Donald Trump’s extension of a ceasefire with Iran weighs on the US Dollar (USD) against the Japanese Yen (JPY).

The USD/CAD pair retreats a few pips from a three-day high touched during the Asian session on Thursday, though it lacks follow-through amid mixed fundamental cues.

Silver price (XAG/USD) declines after registering modest gains in the previous day, trading around $77.60 per troy ounce during the Asian hours on Thursday.

NZD/USD remains stronger for the fourth consecutive day, trading around 0.5910 during the Asian hours on Thursday. The pair gains ground as the US Dollar (USD) struggles amid faded safe-haven demand following US President Donald Trump’s extension of a ceasefire with Iran.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.8650 compared to the previous day's fix of 6.8635 and 6.8294 Reuters estimate.

The EUR/USD pair gathers strength to around 1.1710 during the early Asian session on Thursday. The Euro (EUR) strengthens against the US Dollar (USD) as US President Donald Trump’s extension of a ceasefire with Iran revives risk appetites.

The AUD/USD pair gains momentum near 0.7155 during the early Asian session on Thursday. US President Donald Trump’s extension of a ceasefire with Iran revives risk appetites, supporting the Australian Dollar (AUD) against the US Dollar (USD).

MUFG’s Senior Currency Analyst Lloyd Chan argues that while geopolitical risks stay elevated, valuation metrics such as REER now show meaningful Rupiah undervaluation versus the US Dollar.

GBP/USD was little changed on Wednesday, settling close to 1.3510 after a choppy session that reached 1.3540 in London hours before fading toward 1.3490. Price has been pinned inside a 65-pip band through midweek, with long upper and lower wicks pointing to two-way uncertainty.

USD/JPY was little changed on Wednesday, hovering close to 159.50 in a narrow session after Tuesday's push to 159.64. Price has been confined between 159.10 and 159.60 through the midweek stretch, with overlapping small-bodied candles pointing to indecision.

The NZD/USD pair is trading with a cautious tone around the 0.5910 region on Thursday, as the US Dollar (USD) maintains a firm footing despite a modest pullback in US Treasury yields.

AUD/USD is stuck within a range as Middle East geopolitical tensions remain high, with US President Trump extending the ceasefire while Iran seized two container ships in the Strait of Hormuz.

GBP/JPY trades sideways, clinging to three days of consecutive gains, as market mood remains neutral, though slightly tilted toward optimism, amid high tensions in the Middle East.