GBP/USD added 0.31% on Thursday, pushing into the mid-1.3400s as the US-Iran ceasefire continued to weigh on the US Dollar. But the rally is starting to feel laboured.

AUD/USD rose 0.56% on Thursday, extending its winning streak to four sessions as the ceasefire-driven risk rally continued to lift the Aussie Dollar.

The NZD/USD pair is trading muted near 0.5860 on Friday, after climbing for four straight days, hovering near recent highs as the US Dollar (USD) remains supported by a combination of geopolitical tensions and a cautious Federal Reserve outlook.

The EUR/USD edges higher by some 0.33% as risk appetite improves, as Israel and Lebanon seem ready to begin peace talks, even though hostilities continued. This weighed on the US Dollar, which is on the back foot, down 0.18% according to the US Dollar Index (DXY).

AUD/USD edges higher on Thursday, extending gains for a fourth straight day as hopes of de-escalation following the US–Iran ceasefire keep the US Dollar (USD) on the defensive, lending support to the Australian Dollar (AUD).

The USD/JPY pair trades firm near the 158.90 handle on April 9, as today’s United States (US) data, particularly the Personal Consumption Expenditures (PCE) report, reinforced the “higher-for-longer” narrative around Federal Reserve (Fed) policy.

USD/CAD has shed nearly a full percent since the start of the week, sliding from the 1.3965 area to trade near the 1.3800 handle on Thursday.

The GBP/USD advances past the 1.3400 figure as risk appetite deteriorates, as the Middle East conflict seems fragile, as Israel strikes Lebanon, and as they prolong its conflict with Hezbollah. At the time of writing, the pair trades at 1.3441, up 0.36%.

The Euro (EUR) trades on the front foot against the US Dollar (USD) on Thursday as the Greenback remains under pressure following the US-Iran ceasefire and hopes for de-escalation. At the time of writing, the pair is trading around 1.1676, extending gains for the fourth straight day.

Scotiabank strategists Shaun Osborne and Eric Theoret report that the Pound (GBP) is consolidating Wednesday’s strong rebound versus the US Dollar (USD), with domestic risk limited ahead of upcoming Bank of England (BoE) speeches and data.

BNY’s Head of Markets Macro Strategy Bob Savage flags that USD/JPY is firmer as BoJ Governor Ueda reiterates accommodative policy and markets price a modest rate hike.

EUR/GBP trades in a tight range on Wednesday, with subdued price action as traders refrain from placing aggressive directional bets amid uncertainty over whether the US-Iran ceasefire will hold.

ING’s Francesco Pesole sees limited further downside in EUR/GBP after the cross fell to 0.870 on Sterling’s (GBP) sensitivity to the equity rally.

BNY’s Head of Markets Macro Strategy Bob Savage reports that Reserve Bank of New Zealand (RBNZ) Governor Anna Breman signaled readiness to hike rates if core inflation accelerates, citing upside risks from higher fuel prices tied to Middle East tensions.

The NZD/USD pair trades 0.2% higher to near 0.5835 during the European trading session on Thursday.

The US Dollar (USD) nudges higher against the Swiss Franc (CHF) on Thursday and consolidates above 0.7900 after bouncing from a low of 0.7870.

MUFG’s Head of Research Derek Halpenny highlights that Japanese investors, especially banks and life insurers, were heavy sellers of foreign bonds in February and March, likely including USTs and EGBs, with record two‑month net sales.

The Japanese Yen (JPY) underperforms its major currency peers during the European trading session on Thursday, with the USD/JPY pair trading 0.3% higher to near 159.00.

Silver (XAG/USD) is looking for direction at $74.00 on Thursday, after pulling back from Wednesday’s highs at $77.65. The precious metal lost its shine as the market turned cautious with the first cracks emerging in the US-Iran ceasefire deal.

Nordea’s Group Chief Economist Helge J. Pedersen highlights that Eurozone inflation has risen with higher energy prices but remains well below 2022 levels. He stresses that strong household savings, low unemployment and ongoing investment in infrastructure and defense should cushion growth.

AUD/JPY extends its winning streak for the fourth successive session, trading around 111.70 during the European hours on Thursday. The currency cross gains as the Japanese Yen (JPY) weakens, with oil prices rebounding amid ongoing uncertainty surrounding the US-Iran ceasefire.

The Pound Sterling edges lower against its major currency peers on Thursday, trading subduedly around 1.3400 against the US Dollar (USD) during the European trading session.

The Australian Dollar (AUD) trades lower against its major currency peers, is down 0.2% to near 0.7030 vs. the US Dollar (USD) during the European trading session on Thursday.

EUR/JPY rebounds after registering little losses in the previous day, trading around 185.30 during the European hours on Thursday. The daily chart’s technical analysis indicates the currency cross is trending higher within an ascending channel, signaling a bullish bias.

The Pound (GBP) is trading higher against a weak Japanese Yen (JPY), extending its rally for the fourth consecutive day, with pullbacks finding support in the lower 212.00s and March highs in the 213.30 area still on the bulls’ radar.

The NZD/USD pair attracts some dip-buyers following the previous day's late pullback from over a two-week high and turns positive for the fourth consecutive day on Thursday.

ING’s Francesco Pesole argues that while investors currently favour higher‑beta currencies, European Central Bank (ECB) pricing can still underpin the Euro (EUR).

MUFG’s Senior Currency Analyst Michael Wan expects USD/INR to remain range-bound, projecting a base-case trading band between 94.00 and 95.00 over time, with a wider 97.00–98.00 range in a risk scenario of rising Oil prices.

The USD/CAD pair trades marginally higher around 1.3850 during the European trading session on Thursday.

The EUR/GBP cross posts modest gains near 0.8710 during the early European trading hours on Thursday. The Euro (EUR) remains firm despite the downbeat German Industrial Production report.