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.

The USD/CAD pair trades on a flat note around 1.3670 during the early European session on Thursday. The pair steadies as traders await signs of diplomatic progress to end the war in the Middle East.  

The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Thursday.

The EUR/GBP cross trades with mild gains around 0.8675 during the early European session on Thursday. However, the potential upside for the cross might be limited due to hot UK inflation data.

The USD/IDR pair gains strong follow-through positive traction for the third successive day and rallies beyond the 17,300 level, hitting a fresh all-time peak during the Asian session on Thursday.

The AUD/JPY cross attracts some sellers to around 113.95 during the early European session on Thursday. Uncertainty regarding Iran's participation in further peace talks could provide some support to a safe-haven currency such as the Japanese Yen (JPY) against the Australian Dollar (AUD). 

EUR/JPY remains subdued for the third successive day, trading around 186.60 during the Asian hours on Thursday. The currency cross loses ground as the risk-sensitive Euro (EUR) faces challenges amid increased risk aversion due to ongoing Middle East uncertainty.

The USD/CHF pair turns positive for the third straight day following an intraday dip to the 0.7830 region and climbs to a fresh one-and-a-half-week high during the Asian session on Thursday.

The AUD/USD pair gives up its early gains and trades 0.24% lower around 0.7145 during the Asian trading session on Thursday.

GBP/USD remains subdued for the third successive day, trading around 1.3500 during the Asian hours on Thursday. The technical analysis of the daily chart indicates a potential for bearish reversal as the pair moves below the ascending channel pattern.