GBP/USD gave up recent gains on Thursday, falling around 0.25% to settle close to 1.3525 after slipping back below the 1.3550 handle. Price drifted lower through the European and North American sessions in a steady grind rather than an impulsive move, with sellers leaning against intraday rallies.

The NZD/USD pair is trading with a muted tone around the 0.5890 area on Thursday, April 16, as the US Dollar (USD) continues to benefit from safe-haven flows driven by escalating geopolitical uncertainty and ongoing disruptions in global energy routes.

AUD/USD snapped a three-day winning streak on Thursday, finishing nearly flat close to 0.7165 after failing to clear the 0.7200 handle earlier in the session.

The Australian Dollar (AUD) trades under pressure against the US Dollar (USD) on Thursday, as the Greenback steadies after recent weakness, allowing AUD/USD to snap a four-day winning streak.

The GBP/USD dropped by 0.17% on Thursday as US jobs data outshone UK Gross Domestic Product (GDP) data revealed during the European session. expectations for a peace deal between the US and Iran, keep the market mood upbeat. The pair trades at 1.3534 after reaching a high shy of the 1.36 handle.

USD/CAD trades with a negative bias on Thursday, extending losses for a fourth straight day as elevated Oil prices support the commodity-linked Canadian Dollar (CAD), even as the US Dollar (USD) strengthens against most of its peers.

The USD/JPY pair is trading near the 159.20 price region, having surged roughly 100 pips from its intraday low and posting modest daily gains as markets continue to digest developments in the Middle East and shifting expectations around central bank policy.

EUR/USD trades lower around 1.1770 on Thursday at the time of writing, down 0.24% on the day and bringing an end to a sequence of eight consecutive days of gains.

USD/CHF edges higher on Thursday as the US Dollar (USD) stages a modest recovery after eight consecutive days of losses, putting pressure on the Swiss Franc (CHF). At the time of writing, the pair is trading around 0.7828, up nearly 0.11% on the day.

BNY’s Bob Savage notes that Japanese equities have reclaimed record highs, but international allocations to Japan and Japanese Yen (JPY) hedges have not fully normalized. JPY remains pressured by persistent foreign hedging and limited Japanese outflows.

Rabobank’s Senior FX Strategist Jane Foley highlights that the Australian Dollar (AUD) is the best performing G10 currency year-to-date, supported by expectations of further Reserve Bank of Australia tightening.

The Australian Dollar (AUD) outperforms its major currency peers, except the Canadian Dollar (CAD), during the European trading session on Thursday.

Lee Hardman at MUFG observes that both Euro (EUR) and Pound (GBP) have fully reversed their initial Middle East conflict losses versus the US Dollar (USD), helped by falling European energy prices and stronger United Kingdom (UK) Gross Domestic Product (GDP) data.

BNY reports that European Central Bank (ECB) officials are signaling a preference to hold rates at the April meeting, despite Eurozone inflation rising to 2.6% year-on-year in March. Policymakers stress the need for more data given Iran-related growth and oil risks.

EUR/JPY loses 0.15% on Thursday, trading near 187.30 at the time of writing and extending its consolidation above the 187.00 level seen since the beginning of the week.

The GBP/USD pair trades 0.1% lower to near 1.3545 during the European trading session on Thursday, struggling to extend the rally above the 1.3600 hurdle.

MUFG’s Senior Currency Analyst Lee Hardman notes that the Japanese Yen (JPY) has remained weak even as the Dollar has corrected lower, with USD/JPY still threatening the 160.00 level.

The US Dollar (USD) has retraced previous losses against the Japanese Yen (JPY) on Thursday, returning to levels right above 159.00 at the time of writing, as the US-Iran rift over the Strait of Hormuz dampens optimism about the peace process.

EUR/CHF trades around 0.9230 on Thursday at the time of writing, virtually unchanged on the day. The pair is nevertheless rebounding from its intraday low of 0.9198 reached earlier in the day, following the release of the Eurozone’s March inflation data.

Eurozone Harmonized Index of Consumer Prices (MoM) above forecasts (1.2%) in March: Actual (1.3%)

Eurozone Core Harmonized Index of Consumer Prices (MoM) remains at 0.8% in March

Eurozone Harmonized Index of Consumer Prices (YoY) registered at 2.6% above expectations (2.5%) in March

Eurozone Core Harmonized Index of Consumer Prices (YoY) meets forecasts (2.3%) in March

The US Dollar (USD) is trading practically flat against the Swiss Franc (CHF) on Thursday, with the USD/CHF pair holding above the 0.7800 area for now, yet upside attempts are capped below Monday’s highs at 0.7830, as hopes of a resolution of the Middle East Conflict are weighing on the safe-haven G

AUD/JPY continues its winning streak that began on April 6, trading around 114.10 during the European hours on Thursday. The technical analysis of the daily chart suggests a bullish bias as the currency cross moves upwards within the ascending channel pattern.

ING’s Chris Turner notes that EUR/USD has fully retraced its March losses, helped by fading expectations for an April ECB hike while a June hike remains priced. The ECB is seen keeping a hike option open as it assesses scenarios.

The US Dollar (USD) extends losses against the Canadian Dollar (CAD) for the fourth consecutive day on Thursday, amid broad-based weakness in the USD as investors raise their bets on a resolution of the Middle East conflict.

Commerzbank’s Volkmar Baur writes that the Australian Dollar is supported by resilient labor market data, with unemployment steady at 4.3% and 18,000 jobs added in March. However, sentiment indicators have weakened, inflation expectations have risen, and refinery disruptions raise supply risks.

The NZD/USD pair struggles to capitalize on its intraday move up to over a one-month high, though it retains its positive bias for the fourth straight day on Thursday.

The AUD/USD pair posts a fresh multi-year high around 0.7200 during the European trading session on Thursday. The Aussie pair demonstrates strength as the Australian Dollar (AUD) outperforms its peers amid a continuous risk-on market mood.