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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
USD/JPY remains under persistent selling pressure and trades well below 156.00 in the second half of the day on Thursday. Hawkish BoJ expectations and intervention risks continue to lend support to the Japanese Yen and weigh on the pair. Meanwhile, the US Dollar fails to beneift from the upbeat ISM Services PMI report.
AUD/USD struggles to capitalize on the previous day's bounce from a nearly two-week low and ranges above 0.7150 in Asia on Thursday, as dismal Australian trade data counter upbeat China's RatingDog Services PMI. However, the pair's upside remains in check as the US Dollar stalls the weak ADP report-led slide amid escalating US-Iran tensions and firming September Fed rate-hike bets.
Gold extends its rebound on Thursday after slipping below $4,300 to a nearly four-week low on the previous day. A sharp rally in the JPY weighs on the USD, while a pullback in US Treasury yields provides additional support to the precious metal.
On Thursday, we’ll get the latest read on the US service sector when the Institute for Supply Management publishes its August gauge. Consensus points to a marginal improvement to 54.3 from July’s 54.1. If confirmed, the reading would reinforce the sector’s resilience and offer a modest boost to confidence in the broader economy. The ISM will publish the Services Purchasing Managers Index (PMI) on Thursday at 14:00 GMT.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
