Georgette Boele at ABN AMRO highlights that lower Oil and gas prices should, in principle, weigh on the Dollar and support the Euro, but EUR/USD has shown only a limited reaction so far.

Societe Generale’s Kenneth Broux notes that Latin American currencies have weakened as the Dollar rebounds, with USD/MXN and USD/BRL breaking above key hurdles at 17.50 and 5.20.

The British Pound (GBP) shows mild gains against the US Dollar (USD) on Thursday, as investors trim their USD long positions ahead of the release of the US Personal Consumption Expenditures (PCE) Price Index later in the day.

BNY’s Geoff Yu argues that weaker precious metals are undermining the terms of trade for South Africa and Peru, limiting upside for South African Rand (ZAR) and Peruvian Sol (PEN) even in a supportive carry backdrop.

EUR/JPY trades around 183.90 on Thursday at the time of writing, up just 0.06% on the day, a near-symbolic gain that reflects market hesitation in the face of two diverging yet both tightening monetary dynamics.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that USD/JPY remains in a range near recent highs, with intraday trading expected between 161.40 and 161.90 after a 161.46–161.83 session.

The USD/CHF pair trades 0.16% lower at around 0.8110 during the European trading session on Thursday after correcting from its 10-month high of 0.8140 posted the previous day. The broader outlook of the Swiss Franc pair remains firm due to continued outperformance by the US Dollar (USD).

Commerzbank’s Michael Pfister notes that USD/CAD has surged from below 1.36 to above 1.42 as falling Oil prices and rising Fed hike expectations pressured the Canadian Dollar (CAD).

The British Pound (GBP) trims losses against the Japanese Yen (JPY) on Thursday, with the GBP/JPY pair trading around 213.40 after bouncing from lows near 212.50 on Wednesday.

ING’s Francesco Pesole says calmer markets are allowing the Euro (EUR) to pause against the strong US Dollar (USD), with AI-related sentiment now the main driver for EUR/USD. He expects that if risk stabilisation continues and equities firm, the pair could slowly return toward 1.1400.

XAG/USD remains weaker for the third consecutive day, trading around $57.40 per troy ounce during the European hours on Thursday. The technical analysis of the daily chart shows that the spot price is moving downwards within the descending channel pattern, indicating a prevailing bearish bias.

MUFG analysts stress that USD/JPY is highly sensitive to United States (US) Personal Consumption Expenditures (PCE) Price Index surprises, especially in the current environment of Fed focus on inflation persistence.

The Canadian Dollar (CAD) consolidates losses on Thursday, as the US Dollar (USD) remains buoyed by heightened hopes that the Federal Reserve (Fed) will tighten its monetary policy later this year.

Here is what you need to know on Thursday, June 25:

The Euro (EUR) edges lower against the US Dollar (USD) on Thursday, extending its decline for the fourth consecutive day.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that GBP/USD briefly broke below 1.3160 to 1.3140 before recovering to 1.3170, with intraday price action expected to probe 1.3130 while keeping 1.3110 out of reach.

The AUD/JPY cross trades in negative territory around 111.50 during the early European trading hours on Thursday. The Japanese Yen (JPY) strengthens against the Australian Dollar (AUD) amid fears of currency intervention from Japanese authorities.

MUFG’s Lloyd Chan notes USD/JPY is trading close to its 2024 highs as resilient US data and elevated US yields underpin Dollar carry appeal.

The AUD/USD pair trades marginally lower to near 0.6890 during the European trading session on Thursday.

Commerzbank’s Volkmar Baur says recent Australian labor market and inflation data provided little new momentum for the Australian Dollar (AUD) and support the view that the Reserve Bank of Australia (RBA) is unlikely to hike again this year.

Silver (XAG/USD) posts moderate losses on Thursday, trading at seven-month lows around $57.00 at the time of writing, after a nearly 12% sell-off in the previous two days.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note EUR/USD’s slide extended to 1.1324 before a rebound, with the pair now seen consolidating between 1.1330 and 1.1385 in the very near term.

The EUR/GBP cross declines to around 0.8620 during the early European trading hours on Thursday. Dovish remarks from the European Central Bank (ECB) policymakers weigh on the Euro (EUR) against the British Pound (GBP).

NZD/USD remains weaker for the seventh successive day, trading around 0.5650 during the Asian hours on Thursday. Technical analysis of the daily chart suggests the spot price is moving downwards within the descending channel, reflecting a persistent bearish bias.

The Indian Rupee (INR) opens on a strong note against the US Dollar (USD) on Thursday. The USD/INR pair declines to near 94.30 as the Indian currency strengthens due to a further decline in oil prices.

The USD/CAD pair enters a bullish consolidation phase during the Asian session on Thursday and currently trades around the 1.4230-1.4225 region, just below its highest level since April 2025 touched the previous day.

The USD/JPY pair edges lower during the Asian session on Thursday, albeit it lacks follow-through and finds support ahead of the 161.50 level.

The EUR/USD pair trades in positive territory around 1.1370 during the early European session on Thursday. A surprisingly hawkish message from Kevin Warsh as the new Federal Reserve (Fed) chair last week has traders pricing a US hike as soon as September.

EUR/JPY pares its daily losses, remaining in the negative territory and trading around 183.80 during the Asian hours on Thursday.

XAG/USD depreciates for the third successive day, trading around $56.90 per troy ounce during the Asian hours on Thursday. Silver price is facing steady headwinds as market expectations shift toward tighter monetary policy from the Federal Reserve (Fed).