Analysis

USD/CAD retraces its recent losses, trading around 1.3510 during the Asian hours on Thursday. The US Dollar (USD) remains solid as traders adopt caution ahead of the release of US ISM Services PMI and Initial Jobless Claims scheduled to be released later in the North American session.

The AUD/JPY cross remains under some selling pressure for the third successive day on Thursday and drops to a three-and-half-week low during the Asian session on Thursday.

The AUD/USD pair softens around 0.6720 during the early Asian session on Thursday.

European Central Bank policymaker Joachim Nagel said on Tuesday that "the great wave of inflation is over", adding he will not decide whether to vote to cut rates in September until next week, per Reuters.

Citi economists weighed in on the possible actions of the Reserve Bank of Australia (RBA) in response to a hypothetical large rate cut by the U.S. Federal Reserve.

The Japanese Yen (JPY) continues to strengthen against the US Dollar (USD) following the release of the Jibun Bank Services PMI data on Wednesday.

The U.S. dollar reached a two-week peak compared to the euro, with investors preparing for a week filled with crucial data, including the U.S. payrolls report due on Friday.

The AUD/USD pair gains traction near 0.6715 during the early Asian session on Wednesday.

EUR/USD tilted further into the low side on Tuesday, with intraday bottom bids testing into two-week lows before settling the day near 1.1050 once again.

GBP/JPY breaks its three-day winning streak, trading around 191.80 during the European hours on Tuesday.

The USD/CAD pair trades on a stronger note near 1.3500 during the early Asian session on Tuesday. The USD Index (DXY), which measures the USD’s value against a basket of six major currencies, consolidated around 101.60 as traders prefer to wait on the sidelines ahead of the key labor data this week.

The Australian Dollar (AUD) edges lower against the US Dollar (USD) as traders await the ISM Manufacturing PMI data due on Tuesday. The downside of the AUD could be limited due to improved risk sentiment amid dovish sentiment surrounding the Fed.

The Japanese Yen (JPY) ended its four-day losing streak, edging higher against the US Dollar (USD) on Tuesday. However, the JPY encountered headwinds as weak Japanese manufacturing data fueled speculation that the Bank of Japan (BoJ) might postpone further rate hikes.

The GBP/USD pair trades on a weaker note near 1.3125 during the early European session on Tuesday. The sell-off of the major pair is dragged lower by the firmer US Dollar (USD) ahead of the key US economic data.

EUR/USD found a thin bid on Monday, kicking off the new trading week finding a foothold near 1.1050 as the Fiber tries to hang onto near-term gains.

The Australian Dollar (AUD) extends its losses against the US Dollar (USD) following the release of key economic data on Monday.

The Japanese Yen (JPY) remains stable against the US Dollar (USD) after the release of July's US Personal Consumption Expenditures (PCE) Index data, which led traders to scale back expectations of an aggressive Federal Reserve rate cut in September.

USD/CAD retraces its recent losses, trading around 1.3500 during the Asian session on Monday. This upside is attributed to the tepid commodity-linked Canadian Dollar (CAD) following the lower crude Oil prices. Given the fact that Canada is the largest Oil exporter to the United States (US).

The AUD/USD pair posts modest gains near 0.6770 after retreating from Friday’s high of 0.6815 during the early Asian session on Monday.

USD/CAD snaps its two-day winning streak, trading around 1.3480 during the European session on Friday.