EUR/NOK Exchange rate

AUD/USD oscillates in a range during the Asian session on Thursday as bets that the RBA will cut rates next week overshadow the optimism over the US-China trade deal and cap the Aussie. However, softer US inflation figures released this week keep the USD bulls on the defensive and act as a tailwind for the currency pair.

USD/JPY prolongs its downtrend for the fourth straight day and drops to a fresh weekly low during the Asian session amid the divergent BoJ-Fed policy expectations. The BoJ is widely expected to hike rates again in 2025 despite weaker-than-expected Japan's Q1 GDP print. In contrast, this week's softer US inflation figures boost the case for more rate cuts by the Fed, which weighs on the USD and the pair.

Gold price struggles to capitalize on the previous day's solid rebound from over a one-month low and consolidates below the $3,250 level during the Asian session amid the US-China trade deal optimism. Meanwhile, signs of easing inflation in the US and weaker consumer spending data lift Fed rate cut bets. The outlook drags the US bond yields lower and undermines the USD, supporting the non-yielding yellow metal.

Bitcoin (BTC) and Solana (SOL) saw a slight decline on Thursday, following an announcement from defunct crypto exchange FTX that it will commence its second wave of creditors’ distributions on May 30.

The UK economy roared back to life in the first quarter after stagnating through the second half of last year. Or did it? We're not sure the data is an accurate guide to what's going on beneath the surface.