NZD/USD moves little after registering modest gains in the previous day, trading around 0.5870 during the European hours on Thursday. The technical analysis of the daily chart signals an ongoing bearish bias as the pair remains within the descending channel pattern.

Eurozone Construction Output s.a (MoM) rose from previous -0.2% to 0.8% in March

Eurozone Construction Output w.d.a (YoY) rose from previous -1.9% to -1.2% in March

S&P Global will release the May flash Purchasing Managers' Indices (PMIs) for most major economies, including the United States (US), on Thursday. These surveys of top private sector executives are seen as an early indicator of the country’s economic health.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann say USD/JPY’s uptrend is losing steam after the pair failed to extend gains beyond 159.25 and posted its first daily decline in seven sessions.

The Euro (EUR) trades marginally lower against the US Dollar (USD) on Thursday, yet within the last few days’ range, changing hands at 1.1615 at the time of writing.

Eurozone HCOB Composite PMI below forecasts (48.8) in May: Actual (47.5)

Eurozone HCOB Services PMI came in at 46.4, below expectations (47.7) in May

Eurozone HCOB Manufacturing PMI below forecasts (51.9) in May: Actual (51.4)

The British Pound (GBP) is trading practically flat against the Japanese Yen (JPY) on Thursday, right below one-week highs around 213.70.

Danske Research Team argues that greater certainty in energy markets could actually increase near-term rate-hike odds from the Bank of Japan (BoJ).

Germany HCOB Services PMI above expectations (47) in May: Actual (47.8)

Germany HCOB Composite PMI came in at 48.6, above expectations (48.4) in May

Germany HCOB Manufacturing PMI registered at 49.9, below expectations (51) in May

The Swiss Franc (CHF) is trading flat against the US Dollar (USD) on Thursday, so far unfazed by the sharp decline in Swiss Industrial Production.

USD/JPY remains subdued for the second successive day, trading around 158.90 during the early European hours on Thursday. The currency pair is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs).

France HCOB Manufacturing PMI came in at 48.9, below expectations (52.5) in May

France HCOB Composite PMI below expectations (47.7) in May: Actual (43.5)

France HCOB Services PMI came in at 42.9 below forecasts (46.5) in May

The Euro (EUR) trades with caution against the British Pound (GBP) around 0.8650 during the European trading session on Thursday.

The USD/CAD pair gathers strength to near 1.3765 during the early European session on Thursday. The Canadian Dollar (CAD) softens against the US Dollar (USD) on cooling domestic inflation data and a decline in crude oil prices.

Commerzbank’s Volkmar Baur notes the Australian Dollar has retreated from a four-year high versus the US Dollar as weak Chinese data and soft domestic labor figures weigh.

The Australian Dollar (AUD) gives away gains against the US Dollar (USD) on Thursday, as soft Australian employment data cemented hopes that the Reserve Bank of Australia (RBA) will take a pause in the coming months after three consecutive rate hikes.

The Indian Rupee (INR) extends its recovery against the US Dollar (USD) on Thursday after underperforming for almost two weeks.

The GBP/USD pair seesaws between tepid gains/minor losses through the Asian session on Thursday, though it remains close to the weekly high touched the previous day.

The EUR/JPY cross trades on a flat note around 184.75 during the early European session on Thursday.

The EUR/USD pair struggles to capitalize on the previous day's bounce from the 1.1585-1.1580 region, or its lowest level since April 7, and seesaws between tepid gains/minor losses during the Asian session on Thursday.

USD/CHF edges higher after registering modest losses in the previous day, trading around 0.7870 during the Asian hours on Thursday. The pair appreciated as the US Dollar (USD) maintains its footing, driven by a complex mix of geopolitical developments and hawkish monetary policy signals.

The USD/JPY pair trades calmly around 159.00 during the Asian trading session on Thursday. The pair turns sideways as investors await fresh developments regarding negotiations between the United States (US) and Iran, after President Donald Trump stated on Wednesday that talks are in “final stages”.

The GBP/USD pair holds steady around 1.3435 during the Asian trading hours on Thursday. However, a sharp slowdown in UK inflation and uncertainty surrounding US–Iran talks could weigh on the British Pound (GBP) against the US Dollar (USD).