The dollar fell to a multi-year low, and the government shutdown was counted down again!

The US dollar (USD) remains under bearish pressure in the second half of the week, with the U.S. dollar index falling to its lowest level since March 2022, falling below 97.50. May durable goods orders and home sales data will appear in the U.S. economic calendar along with the number of weekly initial jobless claims. Policymakers from major central banks will speak throughout the day.

The dollar weakened against other currencies late Wednesday and it was difficult to find demand earlier on Thursday as news that U.S. President Donald Trump is considering early appointment of the next Fed presidential candidate to weaken Fed Chairman Jerome Powell. The Wall Street Journal reported, citing people familiar with the matter, that Trump may announce Powell's possible successor by September or October. National Economic avaforexcn.commissioner Kevin Hassett, director of the Council and Treasury Secretary Scott Bessent, are both considering Trump and Trump are evaluating their avaforexcn.commitment to lower interest rates. Meanwhile, U.S. stock index futures rose slightly in early European trading.

Basic Forex Market Market:

Euro/USD benefited from widespread weakness in the US dollar and traded on Thursday early on above 1.1700, the highest since September 2021.

The GBP/USD maintained its bullish momentum after its fourth straight trading day gain on Wednesday, trading above 1.3700 for the first time since January 2022.

USD/Canadian dollar fell slightly during the European period and tested 1.3700. Statistics Canada will release monthly gross domestic product (GDP) data for April on Friday.

The US dollar/yen continued to be at a disadvantage after a slight increase on Wednesday, trading around 144.00 on Thursday, with the daily line falling nearly 1%.

AUD/USD continues its weekly gains, trading above 0.6500 during the European session on Thursday.

Following a sharp decline earlier this week, gold gained support and gained a little on Wednesday.

Bulle market fundamentals:

Gold prices attracted some buyers for the second consecutive day on Thursday and remained positively biased in the first half of the European trading session.

Analysis of major currency trends:

Euro: Euro/USD continues to rise today, with intraday bias remaining upward, forecasting 1.0176 to 1.1572 from 1.1064 to 1.1927, with a forecast of 61.8%. Secondary support below 1.1589 will turn intraday bias into neutrality and lead to consolidation. But the downside space should be controlled above the 1.1452 support level to bring another rebound.

GBP: The GBP/USD rise continues today, and intraday bias remains upward. The current rise from 1.2099 should be targeted at a 100% forecast of 1.2099 to 1.3206, and next from 1.3138 to 1.3813. On the downside, a secondary support level below 1.3589 will turn intraday bias into neutral and lead to consolidation. But the downside space should be controlled above the 1.3369 support level to bring another rebound.

JPY: As range trading continues, the outlook for the US dollar/JPY has not changed. Intraday bias remains neutral. As long as the support level of 142.10 is held, further rises will be slightly favorable. Up. Resolutely breaking through 148.64 will resume the rise from 139.87 to 61.8%, and the retracement level from 158.86 to 139.87 will be 151.22.

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