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FXStreet
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.
The EUR/USD pair trades in positive territory near 1.1540 during the early Asian trading hours on Thursday. Rising bets that the European Central Bank will deliver a rate hike at its June policy meeting later on Thursday underpin the Euro against the Greenback.
Pound Sterling was handed a gift on Wednesday and dropped it within the hour. A soft core reading inside the US Consumer Price Index report knocked the Dollar back just long enough for GBP/USD to reclaim the 200-day Exponential Moving Average around 1.3400, tagging session highs just beyond it before the entire move was methodically sold through the US afternoon to a close at the day's lows near 1.3350.
Gold extends the recent breakdown momentum below the 200-day SMA and plummets to its lowest level since November 2025 during the Asian session on Thursday. Renewed hostilities between the US and Iran push Crude Oil prices higher, reviving inflationary concerns and bolstering bets for more hawkish central banks. This continues to drive flows away from the non-yielding bullion, though subdued US Dollar demand helps spot prices to find some support ahead of the $4,000 psychological mark.
Bitcoin's recent decline toward the $60,000 level has pushed the market further into bearish territory, with new investors suffering huge unrealized losses, according to a Glassnode report on Wednesday. The firm noted that Bitcoin's earlier May rally now appears increasingly as a "bear bounce".
More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.
