Daily market news

GBP/USD surges during Thursday’s North American session as following the release of a benign US inflation report and a “hawkish” rate cut by the Bank of England (BoE). The pair trades at 1.3410 up 0.28% after reaching a daily low of 1.3340.

The Euro (EUR) regains ground against the US Dollar (USD) on Thursday after the European Central Bank (ECB) kept its three key policy rates unchanged. At the time of writing, EUR/USD trades around 1.1756, reversing higher after dipping to an intraday low near 1.1712.

The Euro accelerated its decline from levels near 0.8800 against the Pound Sterling, to reach intra-day lows near 0.8750 at the time of writing, with the weekly low of 0.8745 at a short distance.The Bank of England met the market’s expectations and cut its Bank Rate by 25 basis points to 3.75% on Th

EUR/USD trades above 1.1700 as markets await today’s European Central Bank (ECB) meeting. The central bank is expected to keep rates at 2.00%, with President Lagarde’s remarks on future hikes likely to influence the euro’s near-term direction, BBH FX analysts report.

Gold price (XAU/USD) trades 0.4% lower to near $4,320 during the European trading session on Thursday, though it remains close to its all-time high of $4,381.

EUR/USD has been rejected at 1.1750 and trades lower for the third consecutive day, changing hands 1.1720 at the time of writing, but still within the weekly range, above 1.1700.

The Yen remains on its back foot on Thursday, despite market expectations that the BoJ will hike interest rates on Friday.