Current price action is non-trending; Pound Sterling (GBP) is likely to trade in a range between 1.3220 and 1.3320. In the longer run, buildup in momentum has faded; GBP is likely to trade in a 1.3140/1.3405 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR/USD slipped below 1.12 as a Bloomberg report helped the USD recover ground, but confidence in the greenback remains fragile ahead of key US data releases, Danske Bank's FX analysts report.
The dollar is drifting a little lower against major currencies and remains tarnished by April's events. US Treasuries continue to trade on a soft footing, and whether judged against the risk-free SOFR swap rate or German bunds, they have failed to reverse much of the spread widening seen in April.
There has been no increase in either downward or upward momentum; EUR is likely to trade in a 1.1130/1.1230 range vs US Dollar (USD). In the longer run, EUR is likely to consolidate between 1.1100 and 1.1290 for the time being, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
West Texas Intermediate (WTI) Oil price fell by approximately 3% on Thursday, extending the previous session’s losses of over 1%. WTI price is hovering around $60.70 per barrel during European trading hours.
The Pound Sterling (GBP) jumps slightly above 1.3300 against the US Dollar in North American trading hours. The GBP/USD pair gains as the US Dollar faces selling pressure after the release of the softer-than-expected United States (US) Producer Price Index (PPI) report for April.
NZD/USD appreciates after registering a loss of more than 0.50% in the previous session, trading around 0.5910 during the early European hours on Thursday.
Indian Rupee (INR) crosses trade on the front foot at the beginning of Thursday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.11, with the EUR/INR pair rising from its previous close at 95.43.
The EUR/GBP cross pares recent gains near 0.8430 during the early European session on Thursday. The Pound Sterling (GBP) edges higher after the release of UK growth numbers.
Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data. Palladium (XPD) changes hands at $950.05 a troy ounce, with the XPD/USD pair easing from its previous close at $955.70.
West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $60.97 per barrel, down from Wednesday’s close at $62.45.
The UK economy grew 0.7% QoQ in the three months to March 2025, following a 0.1% increase in the final quarter of 2024. The data beat the estimated 0.6% rise in the reported period.
The GBP/JPY cross remains under some selling pressure around 193.85 during the early European session on Thursday. The Japanese Yen (JPY) edges higher against the Pound Sterling (GBP) amid the prospect that the Bank of Japan (BoJ) will hike rates again.
The USD/CAD pair struggles to capitalize on the previous day's goodish rebound from the 1.3900 mark and attracts fresh sellers during the Asian session on Thursday. Spot prices, however, lack bearish conviction and currently trade around the 1.3865 area, down less than 0.10% for the day.
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