The NZD/USD pair surges to the 0.5870 level, up 1.30% on Thursday amid broad weakness of the US Dollar (USD) despite the Federal Reserve (Fed) holding decision the previous day and weak economic data in New Zealand .

AUD/USD advances some 0.47% on Thursday as the US Dollar weakens, despite traders delaying Fed rate cuts until 2027, while US Crude Oil prices are edging lower by 4.21%, a headwind for the buck. The pair hovers around 0.7050 at the time of writing.

Silver (XAG/USD) rebounds from daily lows on Thursday as a pullback in the US Dollar (USD) and Treasury yields provides support, though the metal remains on the back foot as markets reassess global rate expectations following a wave of central bank decisions.

NZD/USD trades around 0.5840 on Thursday, up 0.73% on the day, rebounding after the previous day’s decline. The pair largely shrugs off disappointing GDP data from New Zealand, instead benefiting from a weaker US Dollar (USD).

BNY’s Geoff Yu remains broadly constructive on South Africa and the Rand, citing structural improvements under the Government of National Unity and earlier terms-of-trade support from the 2026 commodity rally.

The GBP/USD surges during the North American session after the Bank of England held rates unchanged, citing high inflationary pressures spurred by the Middle East conflict. The pair trades at 1.3356, up 0.76%.

USD/JPY fell to 158.40 on Thursday as investors assessed both nations' central bank decisions.

EUR/USD edges higher on Thursday as the Euro (EUR) strengthens following the European Central Bank’s (ECB) monetary policy decision, while the US Dollar (USD) weakens broadly after a series of central bank decisions, with both the Bank of Japan (BoJ) and the Bank of England (BoE) delivering hawkish

TD Securities strategists note that a more hawkish Bank of England (BoE), including removal of its easing bias and discussion of potential hikes, produced only modest Pound (GBP) gains versus the Dollar (USD).

AUD/USD trades around 0.7050 on Thursday, up 0.34% on the day, supported by the resilience of the Australian Dollar (AUD) following the release of Australia’s employment data.

GBP/JPY trades with a downside bias on Thursday as the Japanese Yen (JPY) strengthens broadly following the Bank of Japan’s (BoJ) monetary policy decision, while the British Pound (GBP) struggles to gain ground against the Yen despite showing relative strength against other major currencies after th

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is quiet against the Dollar, lagging most G10 peers as yield spreads move in favor of the USD after the Fed and Bank of Canada (BoC) meetings.

ING’s Senior Economist Min Joo Kang notes that the Bank of Japan kept its policy rate at 0.75% and maintained a broadly unchanged economic outlook, while acknowledging higher uncertainty. Governor Ueda avoided giving timing signals on the next move, and ING still expects a rate hike in June.

GBP/USD trades around 1.3300 on Thursday at the time of writing, up 0.28% on the day, supported by a mildly positive market reaction to the Bank of England (BoE) monetary policy decision.

BNY’s Head of Markets Macro Strategy Bob Savage notes that the Bank of Japan (BoJ) kept its policy rate around 0.75% with an 8–1 vote, noting moderate economic recovery and inflation near 2%.

The Japanese Yen (JPY) outperforms its major currency pairs during the European trading session on Thursday.

Brown Brothers Harriman’s Elias Haddad reports USD/CAD is trading near 1.3735, with resistance at the 200-day moving average. The Bank of Canada (BoC) held its overnight rate at 2.25% but dropped guidance that policy is appropriate, signalling a live hiking bias if energy prices stay high.

The EUR/USD pair is 0.16% higher to near 1.1470 during the European trading session on Thursday. The major currency pair gains as the US Dollar (USD) drops slightly, following a strong upside move on Wednesday.

EUR/JPY trades around 182.70 on Thursday at the time of writing, down 0.23% on the day, as markets digest comments from the Bank of Japan (BoJ) governor and await the European Central Bank (ECB) decision.

Eurozone Construction Output w.d.a (YoY) down to -1.9% in January from previous -0.9%

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Societe Generale’s Kenneth Broux expects the Bank of England to keep rates unchanged while warning on upside inflation risks, with markets now pricing the next move as a hike.

MUFG’s Senior Currency Analyst Lee Hardman reports the Japanese Yen is holding up better against the Dollar as the BoJ leaves the door open to an April rate hike and officials step up FX warnings.

USD/CHF depreciated after registering over 1% gains in the previous session, trading around 0.7920 during the Asian hours on Thursday. The pair moved little after the Swiss National Bank (SNB) decided to keep its interest rate flat at 0% in the first quarter of 2026, as widely expected.

After posting moderate gains on Monday and Tuesday, EUR/USD reversed its direction and declined sharply on Wednesday. The pair stays in a consolidation phase near 1.1450 in the European morning on Thursday as investors gear up for the European Central Bank's (ECB) policy decisions.

TD Securities strategists Alex Loo and Prashant Newnaha warn that JPY intervention risks are elevated as USD/JPY trades near 160, close to its 2024 high before Ministry of Finance action.

ING’s Francesco Pesole argues that recent mixed signals from global central banks will likely encourage the ECB to avoid firm guidance, especially given its sensitivity to Oil after 2022.

The Pound Sterling (GBP) trades lower against its major currency peers, but is 0.1% higher to near 1.3270 against the US Dollar (USD) during the European trading session on Thursday.

The USD/JPY pair attracts some sellers on Thursday and erodes a part of the previous day’s strong move up to its highest level since July 2024. Spot prices, however, trim a part of modest intraday losses and trade just below the 159.50 area during the early European session.