The US Dollar (USD) saw a notable uptick on Wednesday, bolstered by a cautious market sentiment and advancing against major currencies. After hitting its lowest point in over a year near 100.50 on Tuesday, the US Dollar Index rose by nearly 0.5% on Wednesday before stabilizing around 101.00. Meanwhile, US stock index futures presented a mixed picture as investors evaluated Nvidia’s quarterly earnings report. Nvidia reported a record $30 billion in revenue for the three months ending in July, marking a more than twofold increase from the previous year.
In the forex market, EUR/USD dipped significantly, nearing the 1.1100 mark on Wednesday. The currency pair remained stable early on Thursday but faced challenges in gaining upward traction, trading slightly higher at approximately 1.1130.
GBP/USD experienced a decline of over 0.5% on Wednesday, losing its earlier bullish momentum. However, the pair saw a rebound in the European morning session and was trading above the 1.3200 level.
The USD/JPY pair saw modest gains on Wednesday but stayed within its weekly trading range. It moved within a tight band above 144.50 during the early European session. Japanese data revealed that the Consumer Confidence Index remained unchanged at 36.7 for August.
Gold prices fell below $2,500 during the American trading session on Wednesday but managed to recover and close above this crucial threshold. On Thursday, XAU/USD edged up towards $2,520.
In New Zealand, the ANZ Business Confidence Index surged to 50.6 in August from 27.1 in July. Following a minor dip on Wednesday, NZD/USD gained momentum and was last observed trading at its highest level since early January, approaching 0.6300.
