Gold (XAU/USD) remains under pressure on Thursday but holds near $4,700 at the time of writing, showing some resilience despite an unfavorable backdrop.

Deutsche Bank analysts note Brent Oil remains on an upward trajectory, trading above $103 per barrel and heading for a fourth consecutive daily gain as the Iran conflict persists.

The Euro (EUR) depreciates for the third consecutive day against the British Pound (GBP) on Thursday.

ING’s Francesco Pesole notes that resilient United States (US) equities and higher Oil prices have driven flows away from low-yielding, energy-importer currencies toward the Dollar and commodity FX.

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann see EUR/USD biased lower in the near term after breaking below 1.1720, but doubts a move to major support at 1.1665 today. For the coming weeks, they expect range trading between 1.1665 and 1.1795.

TD Securities strategists Prashant Newnaha and Alex Loo note that Australian activity has stabilised in April, with services rebounding into expansion while manufacturing remains in contraction. However, they stress that input and output prices across both sectors have surged to multi‑year highs.

GBP/USD trades around 1.3500 on Thursday, virtually unchanged on the day, after recovering earlier losses following the release of stronger-than-expected UK activity data.

BNY’s Geoff Yu argues that recent European inflation data do not yet justify pre-emptive tightening by the European Central Bank (ECB) or Bank of England (BoE).

The Indian Rupee (INR) extends its losing streak for the fourth trading day against the US Dollar (USD) on Thursday.

The Euro (EUR) posts marginal losses against the US Dollar (USD) on Wednesday, trading at 1.1700 at the time of writing, following mixed Eurozone business activity data for April.

Deutsche Bank strategists report the S&P 500 closed at a fresh record, supported by strong earnings and tech leadership, even as most constituents declined. Futures now point lower as the Iran conflict and higher Oil prices weigh on risk sentiment.

West Texas Intermediate (WTI), futures on NYMEX, trades 2% higher to near $93.70 during the European trading session on Thursday.

EUR/CAD extends its losing streak for the seventh consecutive day, trading around 1.5980 during the European hours on Thursday. The currency cross remains in the negative territory following the release of Purchasing Managers’ Index (PMI) data from Germany and the Eurozone.

Rabobank’s Global Strategist Michael Every warns that conflict around Iran and disruptions in the Strait of Hormuz could significantly extend the energy normalization timeline.

ING analysts Warren Patterson and Ewa Manthey report that Gold and Silver have rebounded after recent losses, supported by a weaker Dollar and easing geopolitical tensions.

Danske Research Team underlines that Japan’s March national Consumer Price Index (CPI) is unlikely to show a surge, contrasting with global inflation trends, with consensus at 1.8% for CPI excluding fresh food.

United Kingdom (UK) S&P Global Composite Purchasing Managers' Index (PMI) unexpectedly expands at a faster pace to 52.0 in April, according to flash estimates, due to a significant growth in both manufacturing and the services sector activity.

The US Dollar (USD) trades higher for the third consecutive day against the Swiss Franc (CHF) on Thursday, as the lack of progress in the US-Iran peace process dampens investors’ appetite for risk.

United Kingdom S&P Global Services PMI came in at 52, above expectations (50) in April

United Kingdom S&P Global Manufacturing PMI came in at 53.6, above forecasts (49.9) in April

United Kingdom S&P Global Composite PMI registered at 52 above expectations (49.8) in April

Dow Jones futures fall 0.54% to near 49,400, with S&P 500 and Nasdaq 100 futures also declining 0.39% and 0.36% below 7,150 and 27,000, respectively, during the European hours on Thursday ahead of the United States (US) regular opening.

OCBC strategists Sim Moh Siong and Christopher Wong highlights that stronger United States (US) equities and higher Oil prices are creating an unusual risk mix that is keeping US Dollar (USD) weakness contained.

Commerzbank’s Antje Praefcke expects EUR/USD to remain in sideways trading as multiple uncertainties limit conviction in either direction for the Dollar. She highlights the Middle East war, the unclear path for the next Fed Chair and policy, and possible delays to Warsh’s confirmation.

Eurozone's preliminary HCOB Composite PMI unexpectedly declines in April to 48.6. Economists expected the overall business activity to have grown at a moderate pace to 50.2 from 50.7 in March.

Eurozone HCOB Manufacturing PMI above expectations (50.8) in April: Actual (52.2)

Eurozone HCOB Composite PMI registered at 48.6, below expectations (50.2) in April

Eurozone HCOB Services PMI below expectations (49.8) in April: Actual (47.4)

Gold (XAU/USD) remains depressed through the first half of the European session, albeit it has been showing some resilience below the $4,700 mark. The US Dollar (USD) gains positive traction for the third straight day and turns out to be a key factor undermining the commodity.

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday.