USD/CAD weakens due to the likelihood of no more rate hikes by the Fed. Downbeat Crude oil prices could limit the advances of the Canadian Dollar. WTI prices declined as the OPEC+ meeting delay introduced uncertainty over the magnitude of additional supply cuts. UoM Consumer Sentiment poll revised annual inflation expectations from 4.4% to 4.5%. (FXStreet)

NZD/USD gains ground as the market prices out the possibility of any rate hike by the Fed. Technical indicators suggest a bullish sentiment to revisit the three-month high aligned with the 0.6100 psychological level. A decisive break below 0.6050 could lead the pair to navigate the 23.6% Fibonacci retracement. (FXStreet)

EUR/USD gains strong positive traction and draws support from a combination of factors. Fed rate cut bets drag the US bond yields lower and prompt fresh selling around the USD. The German PMIs ease fears of a deeper economic downturn and lift the shared currency. (FXStreet)

GBP/USD moves above the 1.2500 level while recovering recent losses. The pair's bulls could explore the 1.2550 major barrier as technical indicators suggest strong momentum. Seven-day EMA appears as a key support aligned with the 1.2450 major level near to the weekly low. (FXStreet)

USD/CHF retraces recent gains as SNB repatriates the Swiss Franc. SNB's currency reserves reduced to a seven-year low of CHF 657 billion as of October. Traders are cautious as recent US data raised the likelihood of further tightening by the Fed. (FXStreet)

AUD/USD loses traction around 0.6538, up 0.04% on the day. Australian Judo Bank Manufacturing PMI for November came in at 47.7 vs. 48.2 prior; Services PMI eased to 46.3 vs. 47.9 prior. The University of Michigan Consumer Sentiment Index came in at 61.3 from an initial reading of 60.4. (FXStreet)

USD/MXN moves sideways following the upward revision of US inflation expectations. UoM Consumer Sentiment poll revised inflation expectations for one year to 4.5% from 4.4%. Mexico Retail Sales decelerated from 3.2% to 2.3% annual growth in September. (FXStreet)

Indian Rupee loses ground despite the weaker USD, lower oil prices. RBI’s Das said the Indian Rupee has witnessed “low volatility” and orderly movements as compared to its peers. Das estimates India's real GDP to grow by 6.5% in fiscal years 2023-24 and 2024-25. (FXStreet)

EUR/JPY remains capped below 163.00 ahead of the Eurozone PMI data. The cross maintains a positive outlook above the 100-hour EMA; RSI indicator is located in the bullish territory above 50. The key resistance level is located at the 163.00–163.10 zone; 162.10 acts as an initial support level for EUR/JPY. (FXStreet)

EUR/GBP holds positive ground around 0.8720 ahead of Eurozone, UK key data. ECB President Christine Lagarde said the discussion about rate cuts is premature. BoE Governor Andrew Bailey stated that the Middle East conflict could add to the risk that inflation could go back up. Traders will closely monitor the Eurozone and UK PMI data on Thursday. (FXStreet)

AUD/JPY remains bullish in the near term after bulls reclaimed the Kijun-Sen, eyeing 98.00. If the cross drops below 97.50, the AUD/JPY could challenge 97.00, ahead of dropping below 96.50. (FXStreet)

The GBP/JPY is trading into the high side near the 187.00 handle. The Pound Sterling saw light gains on Wednesday, setting a new weekly high. Japanese markets to be dark on Thursday in observation of Labor Thanksgiving Day. (FXStreet)

The USD/NOK rallies 0.75% upwards, navigating near the 10.750 level. The US Dollar pushes higher on robust Jobless Claims data and steady expectations of inflation revealed by the UoM. (FXStreet)

WTI prices lose ground near $76.20 amid concern about global crude oil supplies. OPEC+ unexpectedly delayed a meeting on production cuts from November 25–26 to November 30. US S&P Global PMI data on Friday will be in the spotlight. (FXStreet)

Gold price regains positive traction on Thursday amid the emergence of fresh USD selling. Dovish Fed expectations drag the US bond yields lower and exert some pressure on the buck. The XAU/USD needs to move beyond the $2,010 barrier for bulls to seize near-term control. (FXStreet)

Silver price loses some territory for the second time in the week, down more than 0.50%. High US Treasury bond yields and XAG/USD’s failure to climb above $24.00 would pave the way for a pullback. If XAG/USD retraces past the 200-DMA, sellers target $22.70. (FXStreet)

Source: FXStreet

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