Scotiabank strategists Shaun Osborne and Eric Theoret note the Pound (GBP) is marginally softer versus the US Dollar (USD) but outperforming most G10 currencies, supported by better‑than‑expected United Kingdom (UK) Purchasing Managers' Index (PMI) data.

NZD/USD edges lower on Thursday, trading around 0.5875 at the time of writing, down 0.47% on the day, as risk aversion dominates market sentiment.

Societe Generale analysts note the Brazilian Real's (BRL) performance and highlight that USD/BRL failed to clear its downward‑sloping 200‑day moving average during recent consolidation, confirming the broader bearish trend.

Rabobank Senior FX Strategist Jane Foley highlights that stronger-than-expected New Zealand Consumer Price Index (CPI) and a hawkish Reserve Bank of New Zealand (RBNZ) stance have driven aggressive market pricing for policy tightening and supported the New Zealand Dollar (NZD).

The British Pound (GBP) weakens against the Japanese Yen (JPY) on Thursday as the Yen outperforms most of its major peers amid intervention warnings from Japanese authorities, with USD/JPY trading close to the 160.00 level.

AUD/USD trades around 0.7140 on Thursday, down 0.27% on the day, moving within a tight range as market sentiment remains pressured by geopolitical tensions.

USD/CAD trades around 1.3670 on Thursday, virtually unchanged on the day, as investors adopt a cautious stance ahead of the release of S&P Global PMI data in the United States (US).

The USD/JPY pair extends its two-day upside to near 159.75 during the European trading session on Thursday. The pair reflects strength as the US Dollar (USD) outperforms its peers due to rising oil prices amid the prolonged closure of the Strait of Hormuz.

Silver (XAG/USD) resumes its immediate bearish trend on Thursday, following a frail recovery attempt the previous day.

The Euro (EUR) depreciates for the third consecutive day against the British Pound (GBP) on Thursday.

GBP/USD trades around 1.3500 on Thursday, virtually unchanged on the day, after recovering earlier losses following the release of stronger-than-expected UK activity data.

The Euro (EUR) posts marginal losses against the US Dollar (USD) on Wednesday, trading at 1.1700 at the time of writing, following mixed Eurozone business activity data for April.

Danske Research Team underlines that Japan’s March national Consumer Price Index (CPI) is unlikely to show a surge, contrasting with global inflation trends, with consensus at 1.8% for CPI excluding fresh food.

The US Dollar (USD) trades higher for the third consecutive day against the Swiss Franc (CHF) on Thursday, as the lack of progress in the US-Iran peace process dampens investors’ appetite for risk.

Eurozone HCOB Manufacturing PMI above expectations (50.8) in April: Actual (52.2)

Eurozone HCOB Composite PMI registered at 48.6, below expectations (50.2) in April

Eurozone HCOB Services PMI below expectations (49.8) in April: Actual (47.4)

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday.

Germany HCOB Services PMI came in at 46.9 below forecasts (50.3) in April

Germany HCOB Composite PMI below expectations (51.1) in April: Actual (48.3)

Germany HCOB Manufacturing PMI below expectations (51.3) in April: Actual (51.2)

The GBP/JPY pair claws back its early losses and turns marginally positive around 215.45 during the European trading session on Thursday.

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.