The New Zealand Dollar remained volatile throughout the day, as it surprisingly gave back most of its post-rate cut gains and finished back near the 0.72 level. The Japanese Yen sold off on the public holiday, as global economic fears eased after another round of encouraging news regarding the U.S. economy. The U.S. Dollar climbed higher compared to most of its major peers on the news, as the Pound remained weak, and the Euro also retreated after two bullish sessions.

Oil produced a huge turnaround, as OPEC officials once again hinted on a production cut following the weak performance of the commodity earlier on this week. WTI Crude ended the day up by more than 4%, back to the crucial resistance that stopped the correction last time around near $44. Precious metals turned lower in late trading, as the Aussie also finished way below its intraday highs, following the Kiwi and oil lower amid the Dollar-rally.

GBP/USD (current price: 1.2975)

The pair continued lower again on Thursday, as investors continue to focus on the risks of the Brexit vote that effect the real estate market, consumer confidence, and corporate investments already despite the fact that the British exit won’t happen until at least mid-2017. Cable fell below the all-important 1.30 level yet again, and the prior lows look to be in danger despite the relative strength that the pair showed earlier on this week.

Our assessment: GBP/USD is still in a broad trading range, but the lower boundary if the range is getting closer as the pair is back below the prior 30-year low near 1.30.

USD/CAD (current price: 1.2975)

The Canadian Dollar had another bullish session, pushing the pair lower again, back below the crucial 1.30 level. The strength was primarily caused by the huge gains of oil, but the positive international environment also helped the risk-on currency on Thursday. The technical picture remains neutral, as the pair continues to trade in a broad range between 1.2650 and 1.3250, with a very important support/resistance level near 1.3015 also being in the focus of traders.

Our assessment: USD/CAD still tracks the movements of oil, although the Canadian Dollar is showing relative strength lately that might mean a re-test of the 1.2650 support zone.

USD/CHF (current price: 0.9745)

The pair is still stuck inside a declining long-term trend channel, just below the 200-day MA despite a huge rally that followed the U.S Employment Report last Friday that propelled USD/CHF to 0.985. The Swiss economy is still outperforming the other European countries although the currency has been declining following the Brexit vote as well. The Unemployment Rate was reported at 3.3% and the Swiss export segment continues to perform well, fueling growth in the country. The short-term technical picture shows a symmetrical consolidation that might lead to a break-out in either direction.

Our assessment: The cross faces strong resistance near 0.985 which coincides with the flat 20-day MA while support is at 0.965, bordering the short-term range on the downside.

Gold (current price: $1340.00) and Silver (current price: $20.01)

Precious metals turned lower after an encouraging start on Thursday, as both gold and silver finished the session close to the important support/resistance levels near $1350 and $20 respectively. The better than expected U.S. Unemployment Claims number caused renewed speculation about a possible FED rate  hike and that pushed the metals lower in late trading. The long-term uptrend still seems to be intact for both metals but gold is still closer to its prior high, despite the relative strength of silver in the past two weeks.

Our assessment: Silver has been outperforming gold lately, but yesterday’s bearish intraday reversal might signal further correction for the metal.

Economic Releases

Traders will likely focus on the two most traded currency, the U.S. Dollar and the Euro, today as the most important releases will be published in connection with them. The German, Italian, and the Eurozone Preliminary GDP prints will highlight the morning session, while the U.S. retail Sales number and the PPI Index will be announced during Wall Street hours. The UOM Consumer Sentiment will also be closely watched by investors, as the market continues to weigh the odds of a FED rate hike in 2016.