Daily market news

EUR/GBP trades around 0.8670 on Thursday at the time of writing, up 0.30% on the day, supported by some weakness in the Pound Sterling (GBP) ahead of the Bank of England’s (BoE) monetary policy decision, which is due later in the day, despite mixed economic indicators from the Eurozone.

The Euro is practically flat on Thursday, trading around 1.1800 at the time of writing after bouncing from levels near two-week lows, at 1.1777.

Here is what you need to know on Thursday, February 5:

The USD/CAD pair gathers strength to near 1.3690 during the early European trading hours on Thursday.

West Texas Intermediate (WTI) Oil price declines after two days of gains, trading around $63.50 per barrel during the Asian hours on Thursday.

The USD/CHF pair holds positive ground near 0.7780 during the early European session on Thursday, bolstered by renewed US Dollar (USD) demand. Analysts expect the Greenback’s recovery will be short-lived as traders remain concerned about the Federal Reserve’s (Fed) independence.

The EUR/USD pair loses ground to around 1.1785 during the early European trading hours on Thursday. The Euro (EUR) softens against the US Dollar (USD) as Eurozone inflation declined well below target ahead of the European Central Bank (ECB) interest rate decision.

USD/CAD extends its gains for the second successive session, trading around 1.3680 during the Asian hours on Thursday. The pair is supported by a firmer US Dollar (USD) as markets price in a slower pace of potential Federal Reserve (Fed) rate cuts.

GBP/USD remains trapped in a near-term cycling pattern on Wednesday, continuing to churn aimlessly between 1.3700 and 1.3650.