USD/CHF extends its decline for a second consecutive day, trading around 0.8065 at the time of writing, losing 0.15% on Thursday, pressured by a weaker US Dollar (USD) following the release of the latest Federal Reserve (Fed) Meeting Minutes.

Scotiabank strategists Shaun Osborne and Eric Theoret notes the Euro (EUR) is slightly higher versus the US Dollar (USD), supported by a repricing of the European Central Bank (ECB) outlook toward renewed hawkishness and recovering yield spreads.

NZD/USD jumps 1% on Thursday, extending gains for a second consecutive day after the Reserve Bank of New Zealand (RBNZ) delivered a hawkish rate hike on Wednesday, while a softer US Dollar (USD) provides additional support.

USD/JPY trades lower near the 162.30 area on Thursday, retreating from recent highs as the Japanese Yen (JPY) recovers some ground. The US Dollar (USD) fails to receive support from stronger-than-expected United States (US) labor market data.

Silver (XAG/USD) snaps a three-day losing streak on Thursday as a mildly weaker US Dollar (USD) and a pullback in US Treasury yields lend support to the precious metal. At the time of writing, XAG/USD trades around $60.30, up 3.38% on the day.

AUD/USD trades around 0.6940 on Thursday at the time of writing, up 0.16% on the day, as the weaker US Dollar (USD) supports the pair despite persistent tensions in the Middle East.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is flat on Thursday but modestly firmer versus the US Dollar (USD) this week, making it a mild outperformer.

GBP/USD trades higher near the 1.3400 area on Thursday, as the US Dollar (USD) fails to find support from stronger-than-expected United States (US) jobless claims data and hawkish signals in the latest Federal Open Market Committee (FOMC) Minutes.

EUR/USD holds modest gains on Thursday, supported by some softness in the US Dollar (USD) as markets assess renewed hostilities in the Middle East. At the time of writing, the pair trades around 1.1444, up 0.25% on the day.

Christopher Wong notes that Korean Won strength remains largely flow-driven, with USD/KRW dropping below 1,500 on offshore fund repatriation and official vigilance.

USD/CAD trades around 1.4170 on Thursday at the time of writing, virtually unchanged on the day, as weakness in the US Dollar (USD) offsets the negative impact of lower Oil prices on the Canadian Dollar (CAD).

USD/JPY trades slightly lower on Thursday as a mildly softer US Dollar (USD) lends support to the Japanese Yen (JPY). At the time of writing, the pair is trading around 162.45, hovering near 40-year highs.

RaboResearch Global Economics & Markets discusses how Euro sentiment has cooled after optimism around Germany’s debt brake, with political risks and structural headwinds weighing on the currency.

The British Pound (GBP) is pulling lower against the Japanese Yen (JPY) on Thursday, after hitting a fresh all-time high at 218.01 earlier on the day.

The Euro (EUR) retreats to near 1.1425 against the US Dollar (USD) during the European trading session on Thursday. The major currency pair falls back as the US Dollar claws back a majority of its early losses, with the appeal of safe-haven assets improving in the wake of renewed geopolitical risks.

Commerzbank’s Michael Pfister observes that markets expect substantial tightening by Banxico over the next year, but he questions whether conditions justify 75 basis points of hikes.

NZD/USD advances on Thursday and trades around 0.5730 at the time of writing, up 0.56% on the day.

The British Pound (GBP) appreciates against the US Dollar (USD) for the second consecutive day on Thursday, to hit fresh three–week highs right above 1.3400.

Silver (XAG/USD) is trimming losses on Thursday, and hitting session highs just above $59.00 after bouncing from $57.22 lows on Wednesday.

EUR/CAD gains ground after two days of losses, trading around 1.6210 during the European hours on Thursday. The currency cross remains stronger following stronger-than-expected trade data from Germany.

The Australian Dollar (AUD) keeps trading sideways against the US Dollar (USD) on Thursday, showing a surprising resilience to the escalating tensions in Iran.

The Japanese Yen (JPY) remains locked in a high-stakes standoff against the US Dollar, testing the ultimate limits of Tokyo’s tolerance for its local currency to depreciate.

The Japanese Yen (JPY) trades higher against the US Dollar (USD) despite renewed geopolitical risks.

Chris Turner at ING highlights that EUR/USD has held up despite higher Oil, as Euro swap rates outperformed US rates on expectations of an ECB hike in September. However, he argues the Fed narrative will dominate, with EUR/USD likely to surrender gains and fall below 1.14.

The Euro (EUR) posts moderate gains against the US Dollar (USD) on Thursday, hitting session highs near 1.1440, yet trapped within the weekly range, with the broader bearish trend in play.

The GBP/JPY cross builds on the previous day's strong positive momentum and gains traction for the second successive day on Thursday.

United Overseas Bank’s (UOB) Quek Ser Leang sees AUD/USD confined to a 0.6915–0.6950 intraday range as momentum remains lacklustre. For 1–3 weeks, upward momentum is tentatively building, with rising risk of a break above 0.6980 while 0.6900 acts as strong support.

Philip Wee from DBS Group Research reports NZD/USD is holding firm above 0.57 after the Reserve Bank of New Zealand unanimously voted to lift the Official Cash Rate by 25 bps to 2.50%, a shift from May’s split decision.

USD/CAD moves sideways after two days of losses, trading around 1.4170 during the European hours on Thursday. The technical analysis of the daily chart indicates the pair is remaining within the ascending channel pattern, indicating a persistent bullish bias.

Thu Lan Nguyen at Commerzbank notes that EUR/USD has traded in a narrow range and appears largely unaffected by Iran-related headlines, as the correlation with Oil has weakened.