06:47 AM EDT, 06/20/2024 (MT Newswires) -- The US dollar rose against most major counterparts during the European morning on Thursday but the Norwegian krone and Mexican peso bucked the trend as robust risk appetite in global markets appeared to support high beta currencies.

Norway's krone outperformed G10 peers when rising against an otherwise stronger US dollar but the greenback's gains were modest at best in relation to other high beta currencies like the Australian, New Zealand and Canadian dollars.

A hawkish Norges Bank statement helped the krone and an exit from technical recession supported the New Zealand dollar, while another rate cut from the Swiss National Bank saw the Swiss franc underperforming G10 peers.

The Mexican peso outperformed the G20 basket, meanwhile, as it and other carry favorites like the Indian rupee appeared to benefit from broad gains for equities in Europe and Asia, even as government bond yields edge higher in many parts.

Market attention now turns to the forthcoming Bank of England interest rate decision at 7:00 am ET, and the release of weekly unemployment claims data in the US around 8:30 am ET.

A quick summary of foreign exchange activity heading in the European lunch hour and US open;

In Europe, EUR/USD was quoted 0.19% lower around 1.0726 after coming under pressure in Asia and falling from 1.0750 around the end of the New York day on Wednesday. The single currency was up off European morning lows around 1.0712 despite a dearth of local economic data and seemingly in response to broad gains for risky assets like stocks. The next calendar highlight for the single currency is Friday's release of S&P Global PMI surveys of the manufacturing and services sectors.

Elsewhere in Europe, GBP/USD was quoted 0.12% lower around 1.2704 after falling steadily from highs around 1.2740 during North American trade on Wednesday as well as in Asia and Europe overnight. Sterling was up off European morning lows around 1.2694 but will be sensitive to any guidance given by the Bank of England on the timing of an initial interest rate cut after June inflation data prompted the market to pare the implied probability of an August rate cut to just 64% on Wednesday.

In Asia, USD/JPY was quoted 0.30% higher around 158.43, up sharply from 157.79 late afternoon Wednesday in New York, after remaining under persistent pressure in Asia and Europe overnight. The yen was the second-worst performing G10 currency behind only the Swiss franc after overlooking favorable investment flows data from the Cabinet Office and supportive, intervention-related comments from Vice Finance Minister for International Affairs Masato Kanda. The yen will be sensitive to national CPI data due for release at 7:30 pm ET on Thursday.

Back in North America, USD/CAD was quoted 0.06% higher around 1.3715 after climbing tepidly from Wednesday's intraday lows around 1.3694 in Asia and Europe overnight. There was no data released in Canada but the Loonie may be sensitive to Thursday's weekly unemployment claims report from the US and Friday's release of April retail sales figures.