United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann maintain a negative stance on AUD/USD after the pair closed below 0.7000, though downside momentum is still described as modest. Intraday, they look for further slippage but doubts a clean break of 0.6975.

The Global Strategy Team at TD Securities reports that the Bank of Canada left rates unchanged at 2.25% and maintained a balanced tone. They expect the Bank to hold policy through 2026, with the next hike projected for early 2027.

USD/CAD advances toward 1.3975 on Thursday at the time of writing, up 0.23% on the day, with the US Dollar (USD) benefiting from renewed safe-haven demand amid persistent tensions in the Middle East.

ING’s Chris Turner argues that with a 25bp ECB hike and further tightening already priced, the Euro faces a high bar for gains. Markets discount about 75bp of tightening through early next year.

The British Pound (GBP) trades cautiously against its major currency peers during the European trading session on Thursday, down 0.1% to near 1.3350 against the US Dollar (USD).

The Australian Dollar (AUD) has given away previous gains and is trading lower for the third consecutive day against a stronger US Dollar (USD) on Thursday.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights EUR/USD trading defensively near 1.1530 ahead of an expected 25 bps European Central Bank (ECB) rate hike to 2.25% and updated projections likely downgrading growth.

EUR/JPY trades around 185.20 on Thursday at the time of writing, as market participants remain cautious ahead of the European Central Bank (ECB) monetary policy decision.

ING’s Frantisek Taborsky expects the Central Bank of Turkey (CBRT) to keep its policy rate at 37%, maintaining a tight stance and policy flexibility.

BNY’s Geoff Yu argues that Swiss Franc (CHF) positioning looks stretched as investors bet on policy tightening that the Swiss National Bank (SNB) is unlikely to deliver.

The USD/CAD pair attracts fresh buyers following an intraday dip to the 1.3930 area on Thursday and builds on the overnight bounce from the weekly low.

Societe Generale strategists highlight that EUR/USD remains under pressure after slipping below its 200-day moving average in May, with spot trading near a two‑month low.

Silver (XAG/USD) appreciates on Thursday, reaching session highs at $64.50 at the time of writing, after hitting two-and-a-half-month lows at $61.50 earlier on the day. News about ongoing negotiations between the US and Iran has soothed markets, providing some support to the ailing white metal.

USD/CHF halts its four-day winning streak, trading around 0.7990 during the European hours on Thursday. The technical analysis of the daily chart indicates the pair is moving upwards within the ascending channel pattern, signaling a persistent bullish bias.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a constructive view on USD/JPY, noting mild but persistent upward momentum. Intraday, they see scope for a test of 160.75 while capping the topside at 161.00.

TD Securities’ Prashant Newnaha and Howard Du note the Australian Dollar (AUD) has delivered its strongest year-to-date performance in 15 years but now sees constrained upside.

Here is what you need to know on Thursday, June 11:

The Euro (EUR) is going through a nervous consolidation against the  British Pound (GBP) on Thursday, with price action hovering around 0.8625, a few pips above two-week lows at 0.8620.

BNY’s Geoff Yu notes that USD/JPY has broken above 160.00 with only a muted response from Japanese authorities, while cross-border flows into Japanese assets continue to weaken.

The USD/JPY pair trades flat at around 160.50 during the European trading session on Thursday. The pair consolidates amid caution that Tokyo could intervene in forex markets to support the Japanese Yen (JPY).

The GBP/JPY cross turns positive for the fourth straight day following an intraday dip to the 214.35-214.30 region on Thursday and draws support from a combination of factors.

Commerzbank’s Tatha Ghose expects the Central Bank of the Republic of Türkiye (CBRT) to leave rates unchanged or only align the policy rate with effective funding, which he views as insufficient tightening.

The Euro (EUR) edges up against the US Dollar (USD) on Thursday but remains trapped within the range of the last two days, around 1.1550, not far from two-month lows, near 1.1500.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann see GBP/USD consolidating after a brief push above 1.3420 failed to gain traction. Intraday, they expect any pullback to stay within 1.3330–1.3395 and not break clearly below 1.3330.

The NZD/USD pair loses traction to near 0.5795 during the early European trading hours on Thursday. Renewed skirmishes between the United States (US) and Iran undermine the New Zealand Dollar (NZD) against the US Dollar (USD).

Commerzbank’s Michael Pfister expects the European Central Bank (ECB) to deliver its first rate hike in months, but notes this is already priced into EUR/USD. He doubts President Lagarde will pre-commit to multiple hikes and highlights cooling Oil prices and softer inflation expectations.

The AUD/USD pair trades 0.14% higher to near 0.7007 during the European trading session on Thursday. The Aussie pair gains as the US Dollar (USD) ticks lower after the release of the softer monthly United States (US) Consumer Price Index (CPI) data for May.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a soft tone on EUR/USD, noting scope for the Euro to edge lower but expecting 1.1500 to hold for now, with 1.1520 as nearby support.

USD/CAD loses ground for the third successive day, trading around 1.3940 during the Asian hours on Thursday.

The GBP/USD pair attracts some dip-buyers during the Asian session on Tuesday and stalls the previous day's pullback from the 1.3425 region, or the weekly high. Spot prices currently trade around the 1.3385 zone, up just over 0.10% for the day, though the upside potential seems limited.