EUR/USD is struggling below 1.1000, as the US Dollar clings to recovery gains in Asian trading hours on Thursday. Wednesday's softer-than-expected German and Spain inflation data weighed on the Euro. Investors await the Eurozone inflation data on Thursday for fresh impetus.
The GBP/USD pair attracts some buyers below the 1.2700 psychological mark during the early Asian session on Thursday. That being said, the softer US Dollar offers some support to the major pair. GBP/USD is trading near 1.2695, up 0.02% on the day.
Gold price is consolidating the previous pullback from six-month highs of $2,052 in Asian trading on Wednesday, treading water amid the end-of-the-month flows while awaiting the critical United States (US) Core Personal Consumption Expenditures (PCE) Price index data.
The apparent sea change in tone from the Federal Reserve regarding potential rate cuts in 2024 is hugely significant. While "insurance cuts" have been considered an option, recent comments from Fed officials suggest a more explicit willingness to cut rates in response to lower inflation.