United States Goods Trade Balance dipped from previous $-59.1B to $-86.9B in November

United States Goods Trade Balance increased to $-27.9B in November from previous $-59.1B

United States Unit Labor Costs in line with expectations (-1.9%) in 3Q

United States Continuing Jobless Claims below expectations (1.86M) in January 16: Actual (1.827M)

Canada International Merchandise Trade came in at $-2.2B, below expectations ($-0.7B) in November

Canada Exports: $63.94B (November) vs previous $65.61B

Canada Imports declined to $66.14B in November from previous $66.19B

United States Goods and Services Trade Balance came in at $-56.8B, below expectations ($-40.5B) in November

United States Initial Jobless Claims above forecasts (205K) in January 23: Actual (209K)

United States Initial Jobless Claims 4-week average increased to 206.25K in January 23 from previous 201.5K

The Euro (EUR) holds firm against the British Pound (GBP) on Thursday, stabilising after coming under pressure in the previous session amid rising speculation that the European Central Bank (ECB) could cut interest rates later this year.

Brent crude has surpassed $70 per barrel for the first time since September, driven by rising tensions with Iran and broader geopolitical risks.

The EUR/USD is trading at 1.1965 at the time of writing, down from session highs in the area of 1.200 ahead of the European session opening, but above Tuesday's lows near 1.1900.

South Africa SARB Interest Rate Decision remains unchanged at 6.75%

Russia Central Bank Reserves $: $786.9B vs $769.1B

The European Commission's economic sentiment indicator rose in January, indicating positive growth prospects for the Eurozone. Inflation expectations have eased but remain above long-term averages.

Another day, another all-time high for Gold (XAU/USD), which has been breaking records for nine consecutive days, showing a dizzying 20% rally in less than two weeks. The pair remains bid on Thursday, as the US Dollar seems unable to perform any significant recovery.

The US Dollar has not been able to strengthen further following the FOMC meeting, where the fed funds rate was kept unchanged. The meeting highlighted a change in the labor market description, indicating signs of stabilization.

EUR/JPY trades around 183.25 on Thursday at the time of writing, virtually unchanged on the day. The cross struggles to extend its recent upside move, as support for the Japanese Yen (JPY) from domestic factors offsets relatively favorable economic data from the Eurozone.

Societe Generale's report analyzes the EUR/USD pair, noting a significant technical moment as it approaches the 200-day moving average. A close above this level could prompt adjustments in positions and hedging structures.

Gold (XAU/USD) adds another leg to its relentless rally on Thursday, building on the previous day’s solid gains of 3.87% as increased volatility and ongoing safe-haven demand continue to drive strong inflows into Bullion.

TD Securities' Global Strategy Team highlights upcoming Canadian economic data, including the International Merchandise Trade and Payroll Employment Change. The trade deficit is expected to edge lower to $1.0 billion in November, influenced by headwinds in export activity.

The US Dollar is gaining the upper hand against the Japanese Yen, with both currencies among the worst G8 performers this week.

TD Securities' Global Strategy Team reviews the recent FOMC meeting, where the Federal Reserve maintained rates at 3.50%-3.75%. The statement was marginally hawkish, with Chair Powell indicating that the Fed can be patient and let data guide future decisions.

According to Brown Brothers Harriman (BBH), the Bank of Canada has kept the policy rate unchanged at 2.25% for the second consecutive meeting, adopting a more cautious tone.

The Pound holds right below weekly highs against the Japanese Yen, trading at 211.65 at the time of writing following Wednesday’s rebound from 210.00 lows.

Nomura's Global Markets Research report discusses the Riksbank's decision to hold the policy rate at 1.75%.

AUD/USD trades around 0.7050 on Thursday at the time of writing, up 0.25% on the day, extending a positive momentum fueled by renewed optimism surrounding monetary policy in Australia.

Eurozone Business Climate up to -0.41 in January from previous -0.56

Belgium Consumer Price Index (MoM) increased to 0.44% in January from previous 0.07%