Societe Generale analysts highlight a strong rebound in global risk appetite, benefiting the South African Rand. USD/ZAR is seen as vulnerable after failing to hold above its 200-day moving average at 17.00, with scope to grind toward 16.00.

Russia Central Bank Reserves $ up to $774.8B from previous $767.5B

Brown Brothers Harriman’s (BBH) Elias Haddad notes that the recovery narrative is overshadowing the International Monetary Fund's (IMF) weaker growth outlook, with global equities at record highs and the US Dollar (USD) retracing losses.

Federal Reserve Bank of New York President John Williams said on Thursday that they are seeing emerging signs of supply chain disruptions and added that he is projecting inflation to hit 2.75%-3% this year, due to rising energy prices, per Reuters.

Gold (XAU/USD) trades with a mild upward bias on Thursday, though it remains confined within a multi-week range as traders refrain from placing strong directional bets while awaiting clearer signals on US-Iran peace talks.

Rabobank’s Senior FX Strategist Jane Foley highlights that the Australian Dollar (AUD) is the best performing G10 currency year-to-date, supported by expectations of further Reserve Bank of Australia tightening.

The US Department of Labor (DOL) reported that the number of US citizens filing new applications for unemployment insurance decreased to 207K for the week ending April 11, down 11K from the previous week's revised level.

United States Continuing Jobless Claims came in at 1.818M, above expectations (1.81M) in April 3

Danske Bank analysts discuss US political risk around Federal Reserve (Fed) leadership, noting Kevin Warsh’s Senate hearing is scheduled for 21 April as part of his confirmation process as Fed chair.

United States Philadelphia Fed Manufacturing Survey above forecasts (10) in April: Actual (26.7)

United States Initial Jobless Claims came in at 207K below forecasts (215K) in April 10

United States Initial Jobless Claims 4-week average up to 209.75K in April 10 from previous 209.5K

TD Securities strategists report that United Kingdom (UK) Gross Domestic Product (GDP) for February significantly beat expectations, with broad-based strength across services, production and construction.

The European Central Bank (ECB) kept its interest rates unchanged in March, and the meeting accounts released on Thursday show a central bank determined to preserve flexibility in an environment marked by heightened uncertainty.

The Australian Dollar (AUD) outperforms its major currency peers, except the Canadian Dollar (CAD), during the European trading session on Thursday.

Commerzbank analysts highlight that India’s March trade deficit narrowed more than expected as imports slumped, but warn this may reverse as Oil prices rise and exports face Middle East-related disruptions.

Gold’s (XAU/USD) nurses minor gains in an “inside day” on Thursday, trading at around $4,820, with price action constrained within Wednesday’s ranges. Hopes of new peace talks between the US and Iran keep precious metals buoyed, but the XAU/USD pair is failing to break resistance at the $4,850 area.

Lee Hardman at MUFG observes that both Euro (EUR) and Pound (GBP) have fully reversed their initial Middle East conflict losses versus the US Dollar (USD), helped by falling European energy prices and stronger United Kingdom (UK) Gross Domestic Product (GDP) data.

BNY reports that European Central Bank (ECB) officials are signaling a preference to hold rates at the April meeting, despite Eurozone inflation rising to 2.6% year-on-year in March. Policymakers stress the need for more data given Iran-related growth and oil risks.

ING’s Chris Turner argues that while global risk assets are rallying and weighing on the US Dollar (USD), conditions for a sustained Dollar decline are not yet in place.

EUR/JPY loses 0.15% on Thursday, trading near 187.30 at the time of writing and extending its consolidation above the 187.00 level seen since the beginning of the week.

The GBP/USD pair trades 0.1% lower to near 1.3545 during the European trading session on Thursday, struggling to extend the rally above the 1.3600 hurdle.

TD Securities strategists note that Australian employment data for March broadly matched the Reserve Bank of Australia’s (RBA) expectations, with steady unemployment and solid full-time job gains.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that the recovery narrative is overshadowing the International Monetary Fund's (IMF) weaker growth outlook, with global equities at record highs and the US Dollar (USD) retracing losses.

MUFG’s Senior Currency Analyst Lee Hardman notes that the Japanese Yen (JPY) has remained weak even as the Dollar has corrected lower, with USD/JPY still threatening the 160.00 level.

The Indian Rupee (INR) opens slightly higher against the US Dollar (USD) on Thursday. The USD/INR pair edges down to near 93.20 due to improving hopes of a permanent ceasefire between the United States (US) and Iran.

The US Dollar (USD) has retraced previous losses against the Japanese Yen (JPY) on Thursday, returning to levels right above 159.00 at the time of writing, as the US-Iran rift over the Strait of Hormuz dampens optimism about the peace process.

Commerzbank’s Dr. Henry Hao notes that China’s Q1 2026 GDP grew 5.0% year-on-year, at the top of Beijing’s 4.5%–5.0% target, easing immediate pressure for aggressive stimulus.

EUR/CHF trades around 0.9230 on Thursday at the time of writing, virtually unchanged on the day. The pair is nevertheless rebounding from its intraday low of 0.9215 reached earlier in the day, following the release of the Eurozone’s March inflation data.

Crude prices edge up on Thursday, but remain trading within the previous day’s range.