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AUD/USD is seen extending its consolidative price move above 0.7200 during the Asian session on Thursday amid mixed cues. Rising RBA rate-hike bets keep the Aussie close to its highest level since May 14. However, hawkish Fed expectations and escalating US-Iran tensions offer some support to the US Dollar, capping the currency pair as traders await US inflation figures.
USD/JPY stabilizes above 153.50 during the Asian session on Thursday, but remains near a seven-month low set earlier this week as hawkish BoJ repricing continues to underpin the Japanese Yen. Meanwhile, rising September Fed rate-hike bets and escalating US-Iran tensions help ease US Dollar selling pressure, offering some support to the currency pair ahead of US inflation figures.
Gold turns higher following an intraday dip to sub-$4,400 levels, and moves further away from a one-week low touched the previous day. The commodity, however, remains below the $4,450 pivotal point as bulls seem hesitant ahead of US inflation figures. The US Producer Price Index report will be published later today, while the US Consumer Price Index is due on Friday.
Raydium maintains a firm bullish tone, posting nearly 9% gains, and extending its 41% rally from Sunday. Solana-based Decentralized Exchange is witnessing a surge in network activity and growth amid new token launches. The technical outlook for Raydium signals a potential upside toward $1.50 as momentum holds firm despite overbought conditions.
The European Central Bank is expected to raise the interest rate on the Main Refinancing Operations and the Deposit Facility by 25 basis points to 2.65% and 2.50%, respectively. The ECB will announce the decision on Thursday at 12:15 GMT.
The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.
