EUR/USD attracts buyers for the third straight day and climbs to a fresh weekly top. A combination of factors undermines the USD and acts as a tailwind for the major. ECB rate cut bets might cap gains amid a bearish technical setup on the daily chart. (FXStreet)

GBP/USD moves on an upward trajectory amid a bearish sentiment. The major level around 1.2650 lined up with the 14-day EMA at 1.2656 emerges as the immediate barrier. The psychological level at 1.2600 could act as a key support level. (FXStreet)

USD/CAD attempts recovery from 1.3450 while the broader market mood remains quiet. Fed policymakers need more evidence to gain confidence about inflation declining towards 2%. Canadian jobless rate is seen as higher due to the restrictive monetary policy stance of the Bank of Canada. (FXStreet)

USD/CHF depreciates as US Treasury yields lose ground on risk appetite. Risk-on mood improves despite the US Fed’s hawkish stance on interest rate trajectory. The appreciation of the CHF curbs Swiss inflation by lowering the cost of imported goods and services. (FXStreet)

NZD/USD gains ground on improved risk appetite. The pair could reach the 23.6% Fibonacci retracement at 0.6125 and the 50-day EMA of 0.6136. A break below the psychological support of 0.6100 could lead the pair to revisit the weekly low at 0.6038. (FXStreet)

USD/CNH attempts to retrace its recent gains on the subdued US Dollar. Chinese CPI declined by 0.8% YoY against the expected 0.5% decline. Fed members’ comments suggest to keeping interest rates elevated until inflation sustainably returns to the 2% target. (FXStreet)

AUD/JPY gains positive traction for the third straight day and climbs to a fresh weekly peak. RBA’s warning of more rate hikes and China’s steps to stabilize markets underpin the Aussie. A positive risk tone weighs on the safe-haven JPY and remains supportive of the momentum. (FXStreet)

WTI price could gain ground as Israel has dismissed Hamas' offer for a ceasefire. EIA Crude Oil stockpiles came in at 5.521 million barrels against the expected 1.895 million barrels. The largest US oilfield, the Permian shale basin, is projected to experience its slowest annual growth since 2021. (FXStreet)

Gold price continues with its struggle to gain traction and remains confined in range. The uncertain Fed rate cut path is holding back traders from placing directional bets. Subdued USD demand and a positive risk tone also do little to provide any impetus. (FXStreet)

Source: FXStreet

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