EUR/USD climbs to fresh monthly highs above 1.1000. Final CPI in Germany matched the preliminary readings in March. US Producer Prices, Initial Claims take centre stage later in the session. (FXStreet)

USD/JPY oscillates in a narrow trading band and is influenced by a combination of diverging forces. Bets for an imminent pause in the Fed’s rate-hiking cycle weigh on the USD and act as a headwind. The BoJ’s more dovish outlook caps gains for the JPY and limits any meaningful slide for the major. (FXStreet)

GBP/USD is getting a small lift from today’s UK data and from a marginally weaker US dollar. The greenback fell yesterday after US headline inflation fell for the ninth month in a row to 5%, vs expectations of 5.2%. While inflation slowly falls, the US economy may enter a mild recession, according to yesterday’s FOMC minutes. According to the report, the recent banking crisis may push the economy into a mild recession later in the year due to tighter bank lending conditions. While this will slowdown economic activity, it will also weigh on inflation. (DailyFX)

AUD/USD scales higher for the third straight day and touches over a one-week high. The upbeat Australian jobs data, along with the weaker USD, lend support to the pair. Expectations for an imminent Fed rate hike pause drag the USD to a two-month low. (FXStreet)

The Bank of Canada (BoC) left its policy rate unchanged at 4.5% following its April meeting as expected. In the policy statement, the BoC reiterated that the Governing Council will continue to assess whether monetary policy is sufficiently restrictive, adding that they remain prepared to raise rates if needed. USD/CAD closed the third straight day in negative territory and continued to push lower on Thursday. The pair was last seen trading at its lowest level in over a month at around 1.3400. (FXStreet)

NZD/USD has remained lackluster despite the release of solid China Trade Balance data. China’s annual Imports have contracted by 1.4% while Exports have expanded significantly by 14.8%. The Kiwi asset has been in a negative trajectory after a breakdown of the Rising Channel. (FXStreet)

GBP/JPY edges higher for the sixth straight day, albeit lacks follow-through buying. The mixed UK macro data is holding back the GBP bulls from placing aggressive bets. Looming recession risks benefit the JPY and contribute to capping gains for the cross. (FXStreet)

USD/INR remains sidelined after snapping three-day downtrend the previous day. IMF expects India to lead global growth numbers, softer CPI appears already priced in. Downbeat US inflation numbers, unimpressive Fed Minutes weigh on US Dollar. Risk catalysts, more inflation clues eyed for clear directions. (FXStreet)

USD/CNH holds onto the previous day’s bearish bias after China trade numbers. China’s January–March Exports grew 8.4% YoY, Imports increased 0.2% YoY in Yuan terms. Broad-based US Dollar weakness, optimism from China exerts downside pressure on USD/CNH prices. (FXStreet)

USD/CHF drifts lower for the third straight day and drops to its lowest level since June 2021. Expectations for an imminent Fed rate-hike pause weigh on the USD and exert some pressure. Looming recession fears benefit the safe-haven CHF and contribute to the ongoing downfall. (FXStreet)

Natural Gas remains sidelined after falling the most in a month. Mixed concerns surrounding recession, Fed and US dollar trouble XNG/USD traders. Bears keep the reins amid hopes of warmer weather in the West, less demand of Russian gas. EIA Natural Gas inventories, US inflation clues eyed for further directions. (FXStreet)

CME Group’s flash data for crude oil future markets noted traders reversed three consecutive daily pullbacks and increased by around 22.4K contracts on Wednesday. In the same direction, volume rose for the third session in a row, this time by almost 186K contracts. WTI: Further gains likely above the 200-day SMA. (FXStreet)

Gold price surged higher with the immediate reaction to US inflation data on Wednesday but erased a large portion of its daily gains amid recovering US yields. XAU/USD seems to have regained its traction early Thursday and it was last seen trading in positive territory above $2,020. (FXStreet)

Silver price remains firmer around the highest levels in a year, seesaws of late. Clear upside break of previous key resistance lines, bullish MACD signals favor buyers to aim for April 2022 high. Overbought RSI can test the XAG/USD bulls around $26.00 round figure. (FXStreet)

Bitcoin registered small losses on Wednesday before stabilizing near $30,000 on Thursday. Ethereum gained more than 1% on Wednesday and edged slightly higher early Thursday. At the time of press, ETH/USD was up marginally on the day at $1,930. (FXStreet)