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The NZD/JPY soared sharply and posted gains of more than 0.70% on Thursday, courtesy of broad Japanese Yen (JPY) weakness across the board.

According to Bart Melek, Head of Commodity Strategy from Toronto-Dominion Securities (TDS), Crude Oil markets could be headed for chronic undersupply heading through 2024 despite Thursday’s widening fossil product overhang.

The US Dollar (USD) gained traction during the American session, with the Dollar Index (DXY) trading at 102.45 after an initial dip to 102.20.

In Thursday's session, the EUR/GBP was recorded at 0.8630, gaining 0.20% with a peak at 0.8640.

The Canadian Dollar (CAD) is mostly flat on Thursday as markets focus elsewhere in the run-up to Friday’s US Nonfarm Payrolls (NFP) print.

The NZD/USD kicked into an early intraday peak of 0.6286 in the first half of Thursday’s trading, propped up by Chinese Services Purchasing Managers’ Index (PMI) figures beating expectations, but a surge in US labor and jobless claims sees investors pulling back to familiar midranges ahead of Friday’s US Nonfarm Payrolls (NFP labor print.

The EUR/JPY rallied on Thursday by more than 1%, but it remains below the Ichimoku Cloud (Kumo), meaning that its bearish bias stays intact.

The Pound Sterling (GBP) faces selling pressure as market sentiment has dampened after the release of the upbeat United States private Employment data for December.

Gold price (XAU/USD) surrenders their entire intraday gains as United States labor market conditions have improved broadly.

The ADP Research Institute will release the December Jobs Survey on Thursday.