According to the Commerce Department’s Bureau of Economic Analysis (BEA), the advanced GDP Growth Rate is expected to have contracted by 0.2% in the January-March period. The readings show a marked pullback from the prior quarter’s 2.4% expansion.

South Africa SARB Interest Rate Decision in line with expectations (7.25%)

Russia Central Bank Reserves $: $678.5B vs $667.5B

The Pound Sterling (GBP) recovers from early losses against the US Dollar (USD) and reclaims the key level of 1.3500 during North American trading hours on Thursday.

Gold price (XAU/USD) claws back the majority of its initial losses and recovers above $3,300 in Thursday’s North American trading session from the weekly low of $3,245 posted earlier in the day.

US citizens filing new applications for unemployment insurance climbed to 240K for the week ending May 24, as reported by the US Department of Labor (DOL) on Thursday. This print came in above initial estimates and the previous week's revised tally of 226K (from 227K).

Canada Current Account registered at -2.13B above expectations (-3.25B) in 1Q

United States Initial Jobless Claims came in at 240K, above expectations (230K) in May 23

United States Continuing Jobless Claims above forecasts (1.9M) in May 16: Actual (1.919M)

United States Gross Domestic Product Price Index in line with forecasts (3.7%) in 1Q

United States Initial Jobless Claims 4-week average down to 230.75K in May 23 from previous 231.5K

United States Core Personal Consumption Expenditures (QoQ) came in at 3.4% below forecasts (3.5%) in 1Q

United States Gross Domestic Product Annualized came in at -0.2%, above expectations (-0.3%) in 1Q

United States Personal Consumption Expenditures Prices (QoQ) in line with forecasts (3.6%) in 1Q

Canada Current Account came in at -2.1B, above forecasts (-3.25B) in 1Q

In an interview with Fox Business Network on Thursday, Kevin Hassett, Director of the United States (US) National Economic Council (NEC), said that he is confident in the success of the tariff ruling appeal, per Reuters.

The Mexican Peso (MXN) swings between mild gains and losses against the US Dollar (USD) on Thursday as markets digest a court ruling that blocks US President Donald Trump from imposing tariffs on imports. 

EUR/USD is trading with moderate losses, around 1.1285 at the time of writing, after bouncing up from 1.1213 lows.

The US Dollar rallied earlier on Thursday, to find sellers at the 0.8345 area.

Japanese Yen (JPY) is underperforming the G10 currencies with a modest 0.2% decline vs. the US Dollar (USD), entering Thursday’s NA session with an impressive recovery from earlier sentiment-driven losses related to headlines on trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The USD/JPY pair retreats to near 144.90 during European trading hours on Thursday after facing stiff resistance above 146.00.

Pound Sterling (GBP) is also entering Thursday’s NA session flat vs. the USD, trading in tandem with its G10 peers and responding headline risk related to trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Euro (EUR) is entering Thursday’s NA session nearly flat against the US Dollar (USD), having recovered from sizeable Asian session losses driven by headlines related to trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) has picked up—marginally—on the back of the latest twist in the tariff saga but the gains are minimal relative to yesterday’s close.

Late yesterday, a US court blocked a large part of President Trump’s tariff plans, striking down reciprocal and fentanyl-related tariffs.

The US Dollar has given away all the ground taken after the court ruling against US trade tariffs, and is trading with moderate losses ahead of the US Session opening, as the Canadian Dollar draws support from the rebound in Oil prices.A US federal court ruled on Wednesday that the US Congress has t

AUD/USD is holding above key support at 0.6400 but faces near-term resistance between 0.6500-0.6540, BBH FX analysts report.

Increase in momentum is likely to lead to US Dollar (USD) advance, potentially to 7.2130. In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

US Dollar (USD) is expected to strengthen; the significant resistance at 147.50 is unlikely to come under threat. In the longer run, price action suggests further USD upside; too early to tell whether 147.50 is within reach, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

New Zealand Dollar (NZD) is expected to continue to trade sideways, most likely in a range of 0.5925/0.5975. In the longer run, upward momentum has faded; NZD is likely to trade in a range between 0.5900 and 0.6000 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.