Short-term forecast for oil, gold, and euro-dollar today. Oil prices are still rising.

Anticipated gains have broken above 98.50 to reach 98.74

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday.

Cautious trade around 1.3500 is giving way to a drift lower

The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for April to be released by the S&P Global on Thursday, later in the day at 08:30 GMT.

AUD/USD is giving up weekly gains, trading range‑bound near 0.7150 as market sentiment turns more risk‑averse following fresh attacks in the Strait of Hormuz. Ongoing uncertainty surrounding the Middle East conflict has supported the US dollar, weighing modestly on the pair.

The EUR/USD exchange rate has pulled back in the past two consecutive days as investors reflect on the next stages of the ongoing US-Iran war.

The GBP/USD exchange rate pulled back on Thursday as traders reacted to the ongoing US-Iran crisis and the latest UK consumer inflation report.

United Overseas Bank (UOB) Strategists Quek Ser Leang and Lee Sue Ann describe GBP/USD momentum indicators as mostly flat, expecting intraday consolidation between 1.3475 and 1.3530.

Overall the Dollar Index and Euro are range bound between the broad 98-99 and 1.16-1.18 region. USDJPY can trade within 157-160 region for the near term while the EURJPY is stuck in the 186-188 zone. EURINR may test 109/108 before again rising towards 110-112.