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Silver (XAG/USD) keeps rallying on Thursday, with precious metals buoyed by lower Treasury yields amid a pullback in oil prices that has eased bets on US Federal Reserve (Fed) rate hikes.

USD/JPY trades around 156.30 on Thursday at the time of writing, down a modest 0.05% on the day, as the Japanese Yen (JPY) remains supported by speculation that Japanese authorities could step into the market to curb the currency’s weakness.

TD Securities strategists Izidor Flajsman and Prashant Newnaha argue that Australia is entering a rare phase of unilateral RBA tightening, with the Fed expected to cut while the RBA continues hiking.

Front-month Brent Crude futures dropped to below $100 per barrel again in morning trade in Europe on Thursday, reversing earlier gains, as the market hopes the U.S. and Iran could be able to reach an agreement that would eventually reopen the Strait of Hormuz. Following a steep selloff on Wednesday,

OCBC strategists Sim Moh Siong and Christopher Wong characterize recent moves in Asian FX as a relief rally driven by lower Oil and hopes of a US–Iran deal. They stress that any agreement and normalization of flows through the Strait of Hormuz remain uncertain.

The Australian Dollar (AUD) trades higher against its major currency peers, except the New Zealand Dollar (NZD), during the European trading session on Thursday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second successive day, trading around 97.90 during the European hours on Thursday.

Asia is facing plastics shortages because of the oil and gas supply crunch caused by the war in the Middle East, with medical supplies, packaging, and consumer products most vulnerable to a shock, the Financial Times has reported. The biggest problem for the world’s largest plastics-producing region

MUFG’s Lloyd Chan notes the US Dollar (USD) has softened as US Dollar Index (DXY) retests support and US yields fall, while equities hit new highs. Recent US data show stronger ADP employment but worrying ISM services inflation and weak employment.

Crude Oil prices extend losses for the third consecutive day on Thursday, with the US benchmark West Texas Intermediate (WTI) trading at $90.66 at the time of writing, as progress in the US-Iran peace talks has sparked speculation about the reopening of the Strait of Hormuz.

European Central Bank (ECB) policymaker and Bank of France Governor Francois Villeroy de Galhau said in the European trading session on Thursday that the central bank should focus on the data and not the timing of any monetary policy adjustment