ไทม์ไลน์ข่าวสาร forex

23:52 AUD/JPY Price Analysis: Bears take control as pair falls below 94.00
AUD/JPY extended its losses on Thursday ahead of the Asian session, dipping below the key 94.00 level as selling pressure intensified.

AUD/JPY was seen trading around the 93.70 zone ahead of the Asian session, marking its second consecutive daily decline.The pair has slipped below the 20-day SMA at 94.00, signaling a potential shift in sentiment.The RSI has dropped below the 50 mark, reinforcing the bearish outlook and suggesting further downside pressure.AUD/JPY extended its losses on Thursday ahead of the Asian session, dipping below the key 94.00 level as selling pressure intensified. This marks the second consecutive session in the red, with technical indicators pointing toward further weakness. The Relative Strength Index (RSI) has now fallen below the 50 threshold, confirming a shift into bearish territory. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing flat green bars, indicating a lack of strong momentum from buyers. With the pair trading under 94.00, the next key support lies around the 93.20 area, where buyers could attempt to stabilize the decline. A break below this level could expose further downside toward the 92.50 zone. On the flip side, immediate resistance is seen at 94.50, followed by stronger resistance near 95.00. AUD/JPY daily chart

23:46 New Zealand Trade Balance NZD (MoM) came in at $510M, above forecasts ($-235M) in February
New Zealand Trade Balance NZD (MoM) came in at $510M, above forecasts ($-235M) in February

23:46 New Zealand Trade Balance NZD (YoY): $-6.51B (February) vs $-7.22B
New Zealand Trade Balance NZD (YoY): $-6.51B (February) vs $-7.22B

23:45 New Zealand Exports up to $6.74B in February from previous $6.19B
New Zealand Exports up to $6.74B in February from previous $6.19B

23:45 New Zealand Imports dipped from previous $6.68B to $6.23B in February
New Zealand Imports dipped from previous $6.68B to $6.23B in February

23:03 USD/JPY Price Forecast: Flat as traders eye Japan’s CPI
The USD/JPY remains flatlines late in the North American session after traders digested monetary policy decisions by the Bank of Japan (BoJ) and the Federal Reserve (Fed).

23:00 South Korea Producer Price Index Growth (MoM): 0% (February) vs previous 0.6%
South Korea Producer Price Index Growth (MoM): 0% (February) vs previous 0.6%

23:00 South Korea Producer Price Index Growth (YoY) fell from previous 1.7% to 1.5% in February
South Korea Producer Price Index Growth (YoY) fell from previous 1.7% to 1.5% in February

22:50 Australian Dollar weakens as AUD/USD slips below 0.6300 amid economic concerns
AUD/USD decline accelerates as the labor market weakens and the US Dollar (USD) strengthens.

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The pair is falling sharply on Thursday, slipping beneath a key support level as Australia’s labor market unexpectedly deteriorated. The latest employment report showed a significant drop in job figures, raising concerns about the country’s economic outlook. Meanwhile, the US Dollar remained resilient after the Federal Reserve (Fed) reaffirmed its stance on keeping rates restrictive, reinforcing expectations that monetary policy will remain tight for an extended period. Daily digest market movers: Australian Dollar struggles as weak labor data pressures sentiment Australia’s labor market showed signs of weakness in February, with payrolls shrinking by 52.8K, a stark contrast to market forecasts of a 30K increase. The unemployment rate remained unchanged at 4.1%, but the downturn in job creation heightened concerns about economic resilience. The US Dollar extended its gains, with the US Dollar Index (DXY) surpassing 104.00 as market participants digested the Federal Reserve’s latest policy statement. The Fed held interest rates steady in the 4.25%-4.50% range while maintaining its projection for two rate cuts later this year, reflecting persistent concerns over inflation. Uncertainty surrounding US trade policy continues to weigh on risk-sensitive currencies like the Australian Dollar. With investors closely monitoring potential retaliatory actions from global trade partners, fears of a broader economic slowdown remain elevated. Given Australia’s reliance on commodity exports to China, any weakness in Chinese demand could place additional downward pressure on the Aussie. The Reserve Bank of Australia (RBA) remains cautious, monitoring inflation trends and global trade risks before committing to further policy adjustments. While the central bank cut rates by 25 basis points in February, future decisions will depend on evolving economic conditions. Market attention now shifts to upcoming US labor market data, with Initial Jobless Claims coming in at 223K, aligning closely with projections. Investors will continue assessing the strength of the US labor market to determine the Fed’s next moves. AUD/USD Technical Analysis: Bearish pressure intensifies as key support levels break The AUD/USD pair extended its retreat on Thursday, hovering near the 0.6300 zone during the American session as sellers dominated price action. The pair dropped below both the 20-day and 100-day Simple Moving Averages (SMA), reinforcing a negative outlook. The Moving Average Convergence Divergence (MACD) indicator showed a decline in green bars, signaling weakening bullish momentum. Meanwhile, the Relative Strength Index (RSI) fell to 49, slipping into negative territory, which confirms growing downside risks. Immediate support appears near 0.6280, where some demand may emerge. If bearish momentum persists, the next downside target lies around 0.6220. On the upside, resistance is seen near 0.6340, with further advances likely to be met with selling interest. Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

22:32 Canadian Dollar whipsaws as tariff concerns prompt BoC policy planning shift
The Canadian Dollar (CAD) whipsawed on Thursday, rising and then falling six-tenths of a percent as Loonie traders digest new policy guidance plans from the Bank of Canada (BoC).

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The shift in approach was announced by BoC Governor Tiff Macklem, who was speaking at the Calgary Economic Development meeting in Calgary, noted that the US’s hamhanded dealings in on-again, off-again trade tariffs has prompted the Canadian central bank to take a looser, faster approach to dealing in rates with less forecasting to avoid inaccuracies in its track record. The BoC recently trimmed interest rates for a seventh consecutive call, slashing rates even as the Canadian economy heads into another inflation upturn. The string of inflationary data continued on Thursday, with Canadian Industrial Product Prices and the Raw Material Price Index both accelerating more than expected in February. Daily digest market movers: CAD plunges and rallies as BoC announces policy changes BoC Governor Tiff Macklem announced the Bank of Canada would be shifting its rate-call approach, reducing its forecasts in order to maintain accuracy. The stance shift from the BoC is meant to enable the Canadian central bank to react immediately to shocks in Canadian data as fallout from US tariffs weigh on the economy. Despite clear and obvious concerns warranting an immediate structural shift from the BoC, Governor Macklem insisted there’s no obvious signs of problems in Canadian data. Canadian Industrial Product Prices rose 0.4% MoM in February, slightly above the expected 0.3%. January’s hot print was revised slightly lower to 1.4%. The Canadian Raw Material Price Index also accelerated in February, rising another 0.3% MoM compared to the expected -0.3% contraction. January’s raw index was also revised slightly lower, to a still eye-watering 3.5%. Canadian Dollar price forecast Thursday’s whipsaw leaves the Canadian Dollar still stuck in familiar territory as the USD/CAD pair continues to churn near the 1.4300 handle. The pair briefly tapped the 1.4400 level in the early hours, before facing a downside rejection amid renewed Loonie bidding. USD/CAD is still trading well within its ongoing sideways channel as price action grinds laterally. However, Loonie bulls will be looking to drag the pair into fresh lows at March’s bottom bids near 1.4240. USD/CAD daily chart Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive. How does the price of Oil impact the Canadian Dollar? The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD. How does inflation data impact the value of the Canadian Dollar? While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar. How does economic data influence the value of the Canadian Dollar? Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.

22:05 Gold pulls back as bulls pause after Fed decision, geopolitical jitters persist
Gold price retreats on Thursday as bulls take a breather following the Federal Reserve's (Fed) latest monetary policy decision and an escalation of hostilities in the Middle East.

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The XAU/USD trades at $3,042, down over 0.19%. Market sentiment turned negative, while the Greenback stages a recovery as depicted by the US Dollar Index (DXY), which tracks a basket of six currencies against the buck. Gold traders failed to drive prices higher, even though the Fed held rates unchanged at the 4.25%–4.50% range for the second consecutive meeting. Officials added that they will slow down the pace of quantitative tightening (QT). Fed policymakers acknowledged that the jobs market remains solid but added that prices remain high. Therefore, they emphasized they would monitor risks for both sides of the dual mandate. They also updated their projections about interest rates, economic growth, the Unemployment rate and inflation. Policymakers foresee two rate cuts in 2025, revising the economy downward, and project inflation ticking higher alongside the Unemployment Rate. Traders are also digesting Fed Chair Powell's neutral and patient stance. He said that “uncertainty around the (economic) outlook has increased,” adding that some tariff inflation has been passed on to consumers. Powell commented, "Our current policy stance is well positioned to deal with the risk and uncertainties we face.” Powell added that some of Trump’s policies weighed on growth and increased prices. In Gaza, Israel airstrikes continued with at least 91 Palestinians killed and dozens wounded, according to Reuters. Daily digest market movers: Gold price poised to extend rally amid steady real yields The US 10-year T-note yield recovers and falls one basis point to 4.183%. At the same time, the US Dollar Index (DXY), which tracks the buck’s performance against a basket of six currencies, rises 0.34% to 103.80. US real yields, as measured by the US 10-year Treasury Inflation-Protected Securities (TIPS) yield that correlates inversely to Gold prices, are almost flat at 1.904%. The Summary of Economic Projections (SEP) revealed that Fed officials anticipate two rate cuts in 2025, keeping the fed funds rate forecast at 3.9%, unchanged from December’s projections. The PCE Price Index — the Fed’s preferred inflation gauge — and the Unemployment Rate were revised higher, while GDP growth is now projected to fall below 2%, signaling a slowdown linked to President Donald Trump’s trade policies. Initial Jobless Claims for the week ending March 15 edged up slightly from 221K to 223K, but remained below the 224K forecast, indicating a still-resilient labor market. Meanwhile, the Philadelphia Fed Manufacturing Index declined from 18.1 to 12.5 in February, pointing to slower manufacturing activity. The money market has priced in 69.5 basis points of Fed easing in 2025, which has sent US Treasury yields plunging alongside the American currency. XAU/USD technical outlook: Gold price conquers $3,000 and is set to end above that level Bullion’s trend remains upward even though today’s price action seems to be forming a Doji candlestick which could lead to a pullback before Gold resumes its rally. The Relative Strength Index (RSI) is overbought but is set to dip to 70 as bulls take risk off the table. This means that bears are not out of the woods but could enjoy some profits on Gold’s way down. XAU/USD’s first support would be the $3,000 mark. Once surpassed, the next stop would be the February 20 daily high at $2,954, followed by the $2,900 mark. Conversely, Gold rising above $3,050 would pave the way to challenge $3,100. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

21:18 Forex Today: Investors will look at Japanese inflation figures
The Greenback made a U-turn, building on Wednesday’s post-FOMC recovery and climbing to weekly highs as investors reassessed the Federal Reserve’s lack of urgency in cutting rates.

The Greenback made a U-turn, building on Wednesday’s post-FOMC recovery and climbing to weekly highs as investors reassessed the Federal Reserve’s lack of urgency in cutting rates.Here is what you need to know on Friday, March 21: The US Dollar Index (DXY) regained the smile and returned to the area beyond the 104.00 barrier despite further weakness in US yields across the various maturity periods. The speech by the Fed’s Williams will be the sole release on the US docket at the end of the week. EUR/USD succumbed to the marked rebound in the Greenback and receded to multi-day lows in the 1.0820-1.0810 band. The BuBa’s Mauderer is expected to speak. GBP/USD came under renewed selling pressure and retested the 1.2940 region amid the widespread retracement in the risk complex. The GfK’s Consumer Confidence gauge will be released followed by Public Sector Net Borrowing figures. USD/JPY reversed Wednesday’s drop and advanced marginally to the vicinity of the 149.00 level on Thursday. The Japanese Inflation Rate will be the salient event in the FX world on Friday along with Foreign Bond Investment readings. AUD/USD lost further impulse and slipped back to weekly lows near 0.6270 following renewed buying interest in the US Dollar. The next data release in Oz will be the Monthly CPI Indicator on March 26. Prices of the barrel of WTI maintained their choppy performance on Thursday, returning to the sub-$67.00 region on the back of the firm tone in the Greenback. Prices of Gold rose to an all time high near $3,060 per troy ounce, deflating afterwards following the strong demand for the US Dollar. Silver prices plummeted to the vicinity of the $33.00 mark per ounce, or five-day lows.

21:10 Dow Jones Industrial Average flip-flops as equities struggle to find footing
The Dow Jones Industrial Average (DJIA) continued to challenge the 42,000 key handle on Thursday, catching an early rise after US economic figures broadly beat forecasts.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Dow Jones tested higher on Thursday, but remains hobbled by 42,000.Equity markets lurched higher after better-than-expected housing figures before settling again.US Intitial Jobless Claims came in under their four-week average, and manufacturing sentiment fell less than expected.The Dow Jones Industrial Average (DJIA) continued to challenge the 42,000 key handle on Thursday, catching an early rise after US economic figures broadly beat forecasts. However, investor sentiment remains tepid overall as ongoing trade war fears continue to simmer on the back burner. The Dow Jones is trading within one-fifth of one percent of Thursday’s opening bids near 41,950, and the Standard & Poor’s 500 (S&P 500) shed around one-quarter of one percent, falling to 5,660. The NASDAQ tech index backslid 60 points to test below 17,700. The Philadelphia Federal Reserve (Fed) Bank’s Manufacturing Survey for March eased to 12.5 MoM, falling from the previous month’s 18.1 and declining for the second month in a row, but pulling the brakes and falling less than the median market forecast of 8.5. US weekly Initial Jobless Claims also rose slightly less than expected, clocking in at 223K net new jobless benefits seekers compared to the previous week’s 220K. Investors had expected a print of 224K. US Existing Home Sales also rose nearly a third of a million more transactions than expected, rising to 4.26 million units moved in February compared to January’s revised 4.09 million. Market watchers had expected a slight slowing to 3.95 million. Stocks news The majority of equity sectors are testing the low side on Thursday, with losses being led by the technology sector as the AI-fueled tech rally continues to sputter out. Energy and financial stocks rose moderately as economic data leaks back to the front of the pack over geopolitical headlines. Darden Restaurants (DRI) bounced over 5% to around $200 per share after posting better-than-expected earnings figures ahead of Thursday’s market open. Accenture PLC (ACN) plunged nearly 8% on the day, falling below $300 per share despite beatings earnings forecasts as investors grow uneasy about flat bookings growth and a general decrease in operating margins.Read more stock news: Home Depot stock leads Dow Jones index after Chair Powell’s ‘transitory’ optimismDow Jones price forecast The Dow Jones continues to churn just south of key price levels, marking in several failed attempts to crack back through the 200-day Exponential Moving Average (EMA) near the 42,000 major price handle. Price action is still tilted in favor of buyers, but a lack of topside momentum is keeping bids hobbled by a new technical ceiling. Dow Jones daily chart Dow Jones FAQs What is the Dow Jones? The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152. The index was founded by Charles Dow, who also founded the Wall Street Journal. In later years it has been criticized for not being broadly representative enough because it only tracks 30 conglomerates, unlike broader indices such as the S&P 500. What factors impact the Dow Jones Industrial Average? Many different factors drive the Dow Jones Industrial Average (DJIA). The aggregate performance of the component companies revealed in quarterly company earnings reports is the main one. US and global macroeconomic data also contributes as it impacts on investor sentiment. The level of interest rates, set by the Federal Reserve (Fed), also influences the DJIA as it affects the cost of credit, on which many corporations are heavily reliant. Therefore, inflation can be a major driver as well as other metrics which impact the Fed decisions. What is Dow Theory? Dow Theory is a method for identifying the primary trend of the stock market developed by Charles Dow. A key step is to compare the direction of the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation Average (DJTA) and only follow trends where both are moving in the same direction. Volume is a confirmatory criteria. The theory uses elements of peak and trough analysis. Dow’s theory posits three trend phases: accumulation, when smart money starts buying or selling; public participation, when the wider public joins in; and distribution, when the smart money exits. How can I trade the DJIA? There are a number of ways to trade the DJIA. One is to use ETFs which allow investors to trade the DJIA as a single security, rather than having to buy shares in all 30 constituent companies. A leading example is the SPDR Dow Jones Industrial Average ETF (DIA). DJIA futures contracts enable traders to speculate on the future value of the index and Options provide the right, but not the obligation, to buy or sell the index at a predetermined price in the future. Mutual funds enable investors to buy a share of a diversified portfolio of DJIA stocks thus providing exposure to the overall index.

21:00 Argentina Unemployment Rate (QoQ) : 6.4% (4Q) vs previous 6.9%
Argentina Unemployment Rate (QoQ) : 6.4% (4Q) vs previous 6.9%

20:35 BoC's Macklem: 'Part' of the CPI release was expected
Bank of Canada (BoC) Governor Tiff Macklem is squeezing his money's worth out of his appearance at the Calgary Economic Development meeting in Calgary, delivering further soundbites about the BoC's stance in regards to inflation and tariffs to followup his earlier appearance.

Bank of Canada (BoC) Governor Tiff Macklem is squeezing his money's worth out of his appearance at the Calgary Economic Development meeting in Calgary, delivering further soundbites about the BoC's stance in regards to inflation and tariffs to followup his earlier appearance. BoC Governor Macklem is selling a mutated forward guidance approach from the Bank of Canada that will shorten the BoC's forecasting range. Key highlights Part of the February CPI release was expected. February inflation has the bank's attention. We're still expecting March CPI to be around 2.5%, February data hasn't fundamentally changed our view. I expect shelter inflation to come down gradually. We're not really seeing evidence yet that consumer prices are being affected by tariffs. Broad-based and prolonged tariffs could lead to recession. We've demonstrated that we can use our instruments to control inflation. There are a range of possible outcomes. I don't think anybody in the Governing Council can have a very high conviction about what the most likely outcome is. Once uncertainty is over, we will move back more to a single projection for the Canadian economy. As things become clearer, that could affect our policy decisions and what we decide to do. We're going to be proceeding carefully with any further changes to our policy interest rate. I was not trying to convey the message that there is a higher chance of an unscheduled rate announcement.

20:29 US Dollar firms as markets digest Fed outlook and economic data
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is trading stronger against major peers on Thursday, avoiding further downside pressure.

19:26 BoC's Macklem: BoC needs to be less forward-looking than normal
Bank of Canada (BoC) Governor Tiff Macklem noted on Thursday that spillover risk from US tariff policies remains a key risk to the Canadian central bank's monetary policy outlook.

Bank of Canada (BoC) Governor Tiff Macklem noted on Thursday that spillover risk from US tariff policies remains a key risk to the Canadian central bank's monetary policy outlook. BoC Governor Macklem's statements caution that the BoC will likely be pivoting to a more trade-reactionary stance, and minimizing forward guidance statements from one meeting to the next, which is an incredibly convenient policy shift for a central bank that has continued to cut interest rates while heading into an inflation uptick. BoC Gov Macklem delivered a speech titled "Navigating Tariff Uncertainty" at the Calgary Economic Development initiative in Alberta. Key highlights BoC needs to set policy that minimizes the risk of errors; that means being less-forward looking than normal. That may also mean acting quickly when things crystallize, but we need to be flexible and adaptable. Given high degree of uncertainty about base case, our focus is less on best monetary policy for a specific economic outlook. There can be no doubt about the bank's commitment to low inflation. Monetary policy must prevent initial direct price increases from spreading. We need to make sure a tariff problem doesn't become an inflation problem. There remain too many unknowns about tariffs to predict what happens next. The more inflationary the impact of tariffs, the more monetary policy needs to focus on anchoring inflation expectations. Canadian economy managed a soft landing. Unfortunately, we're not going to stay on the tarmac for long. US tariffs could put downward pressure on Canadian energy prices and reduce the profitability of producers.

19:03 Mexican Peso extends losses as weak economic data weighs
The Mexican Peso (MXN) is extending its losses versus the US Dollar (USD) on Thursday, as Mexico’s economic data paints a gloomy outlook.

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At the same time, traders continued to assess the latest Federal Reserve (Fed) monetary policy decision. USD/MXN is trading at 20.13, up 0.46%. The Peso weakened sharply early as USD/MXN rose to a six-day high of 20.26 as the Instituto Nacional de Estadistica Geografia e Informatica (INEGI) revealed several economic data. First, INEGI revealed that Aggregate Demand on a quarterly and yearly basis dipped but continued to expand. On the other hand, Private Spending plunged in the fourth quarter of 2024. At the same time, the statistics agency revealed the preliminary reading of the Global Indicator of Economic Activity for February, which suggests Mexico’s economy slowed down on yearly figures despite improving monthly. On Wednesday, the Fed kept rates unchanged and announced it would slow the pace of the balance sheet reduction. Officials acknowledged that the labor market is solid but recognized that inflation is “somewhat” elevated. After releasing the monetary policy statement, Fed Chair Jerome Powell stated that economic uncertainty has increased, noting that some tariff-driven inflation has been passed on to consumers. Powell said, "Our current policy stance is well positioned to deal with the risk and uncertainties we face,” adding that the central bank is in no rush to cut rates.” Aside from this, US economic data was mixed. The number of Americans filing for unemployment claims rose, but it was mostly below estimates, while the Philadelphia Fed Manufacturing Index showed signs of cooling down. Daily digest market movers: Mexican Peso tumbles as data shows economy slowed in February Mexico’s Aggregate Demand in Q4 2024 was 0% down from 1.2% QoQ. On an annual basis, demand dipped from 2.3% to 1.9%, aligned with the consensus. Private Spending for Q4 plunged by 1.4%, down from 1.1% growth. In the twelve months for the same period, it barely grew 0.4%, beneath Q3’s 3% increase. Mexico’s Global Indicator of Economic Activity fell 0.7% YoY in February from the previous month a year earlier, revealed INEGI. Compared to January, the economy most likely grew 0.2% MoM. The Organization for Economic Cooperation and Development (OECD) revealed earlier this week that US tariffs on Mexican products could spur a recession in Mexico. If duties remain unchanged, the OECD projects that Mexico’s economy will shrink 1.3% in 2025 and 0.6% in 2026. Via the Summary of Economic Projections (SEP), Fed officials expect two rate cuts in 2025, with rates reaching 3.9%, unchanged from December’s projections. The Fed’s favorite inflation gauge, the Personal Consumption Expenditures (PCE) Price Index, and the Unemployment Rate were revised higher. At the same time, GDP growth is now expected to dip below 2%, reflecting a slowdown spurred by US President Donald Trump’s trade policies. Initial Jobless Claims for the week ending March 15 ticked up from 221K to 223K, but was below forecasts of 224K. Meanwhile, the Philadelphia Fed Manufacturing Index dipped from 18.1 to 12.5 in February. Traders had priced the Fed to ease policy by 68 basis points (bps) throughout the year, as revealed by data from the Chicago Board of Trade (CBOT). USD/MXN technical outlook: Mexican Peso retreats as USD/MXN climbs above 20.10 USD/MXN bounced off yearly lows reached on March 14 at 19.84, though it faces stiff resistance at the 100-day Simple Moving Average (SMA) at 20.35. Momentum seems constructive for buyers, as depicted by the Relative Strength Index (RSI), which cleared the latest through despite remaining below its neutral line. This means that bulls are gathering steam. Therefore, if USD/MXN closes on a daily basis above 20.00, look for some upside, with key resistance at 20.35, the 50-day SMA at 20.41, and the psychological 20.50 barrier. On the flipside, the first key support is the YTD low of 19.84, ahead of the 200-day SMA at 19.68. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso (MXN) is the most traded currency among its Latin American peers. Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States. Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity. How do decisions of the Banxico impact the Mexican Peso? The main objective of Mexico’s central bank, also known as Banxico, is to maintain inflation at low and stable levels (at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%). To this end, the bank sets an appropriate level of interest rates. When inflation is too high, Banxico will attempt to tame it by raising interest rates, making it more expensive for households and businesses to borrow money, thus cooling demand and the overall economy. Higher interest rates are generally positive for the Mexican Peso (MXN) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken MXN. How does economic data influence the value of the Mexican Peso? Macroeconomic data releases are key to assess the state of the economy and can have an impact on the Mexican Peso (MXN) valuation. A strong Mexican economy, based on high economic growth, low unemployment and high confidence is good for MXN. Not only does it attract more foreign investment but it may encourage the Bank of Mexico (Banxico) to increase interest rates, particularly if this strength comes together with elevated inflation. However, if economic data is weak, MXN is likely to depreciate. How does broader risk sentiment impact the Mexican Peso? As an emerging-market currency, the Mexican Peso (MXN) tends to strive during risk-on periods, or when investors perceive that broader market risks are low and thus are eager to engage with investments that carry a higher risk. Conversely, MXN tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

17:39 EUR/USD Price Analysis: Sellers push further as correction deepens
EUR/USD moved lower on Thursday after the European session, falling toward the 1.0830 region as bearish pressure intensified.

EUR/USD is trading around the 1.0830 zone, marking a sharp daily decline.The pair continued its correction as expected, shedding further ground with sellers eyeing a potential test of the 1.0800 area.EUR/USD moved lower on Thursday after the European session, falling toward the 1.0830 region as bearish pressure intensified. The pair extended its decline following recent signals of an overextended bullish run, with sellers pushing toward key downside levels. The technical setup shows increasing downside momentum. The Relative Strength Index (RSI) is in positive territory but declining sharply, reflecting waning buying interest. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing decreasing green bars, reinforcing the bearish outlook. On the downside, immediate support is at 1.0800, a level that sellers may target next. A break below this threshold could accelerate bearish momentum, exposing the 1.0765 area. To the upside, resistance is seen near 1.0885, followed by a stronger cap at 1.0920. That being said, a looming bullish crossover between the 20 and 100-day SMAs at round 1.0700 might give the bulls an edge over the sellers. EUR/USD daily chart

17:32 United States 4-Week Bill Auction: 4.215% vs previous 4.225%
United States 4-Week Bill Auction: 4.215% vs previous 4.225%

17:26 EUR/GBP inches lower on the BoE announcement – Danske Bank
EUR/GBP moved lower on the announcement with the hawkish vote split taking centre stage.

EUR/GBP moved lower on the announcement with the hawkish vote split taking centre stage. The still cautious guidance delivered today highlights the more gradual approach of the BoE, Danske Bank's analyst Kirstine Kundby-Nielsen reports. EUR/GBP to move lower in the coming quarters "More broadly, we expect EUR/GBP to move lower in the coming quarters driven by a relatively hawkish BoE compared to G10 peers, an investment environment characterised by continued tight credit spreads and a positive correlation for GBP to a USD positive investment environment (which we expect will return)." "While we continue to expect a growth pickup in the UK delivered from a fiscal boost, the shift in fiscal stance in Germany leaves the impact from the relative growth outlook more muted for the cross. The key risks are reignited debt concerns and a more forceful policy easing stance from the BoE."

17:24 GBP/USD drops as BoE holds rates, hints uncertainty on future cuts
The British Pound (GBP) depreciated against the US Dollar (USD) after the Bank of England (BoE) decided to keep rates unchanged and warned about interest rate cuts due to “a lot of economic uncertainty at the moment,” said BoE Governor Andrew Bailey.

17:24 BoE Review: Slow and steady – Danske Bank
As expected, the Bank of England (BoE) decided to keep the Bank Rate unchanged at 4.50% today.

As expected, the Bank of England (BoE) decided to keep the Bank Rate unchanged at 4.50% today. The vote split had a hawkish twist to it with 8 members voting for an unchanged decision and Dhingra voting for a 25bp cut, Danske Bank's analyst Kirstine Kundby-Nielsen reports. Gilt yields track slightly higher "As expected, the BoE today kept the Bank Rate unchanged at 4.50%. The vote split was slightly to the hawkish side but we do not see this as a broad shift in sentiment within the MPC." "Overall, the statement revealed that BoE still favours a 'gradual' and 'careful' approach to easing monetary policy whilst highlighting heightened uncertainty." "The market reaction was modest with Gilt yields tracking slightly higher and EUR/GBP moving lower on the hawkish vote split."

16:38 USD/JPY rises to near 149.00 as US Dollar advances
The USD/JPY pair moves higher to near 149.00 in North American trading hours on Thursday.

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The pair gains as the US Dollar (USD) gains sharply in the aftermath of the Federal Reserve’s (Fed) monetary policy outcome. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps to near 104.00 after attracting significant bids near the five-month low of 103.20. On Wednesday, the Fed kept interest rates unchanged in the range of 4.25%-4.50%, as expected, for the second time in a row. The central bank also maintained its forecast of two interest rate cuts this year. Fed Chair Jerome Powell stated that the central bank is not in a hurry to cut interest rates as the uncertainty is “unusually elevated” amid implementation of new policies by the new administration. Jerome Powell added that tariff policies by President Donald Trump could slow down the growth rate and accelerate inflationary pressures. On the economic data front, Initial Jobless Claims for the week ending March 14 come in at 223K, almost in line with estimates and the former release. Though investors have underpinned the US Dollar against the Japanese Yen (JPY), it is outperforming against other peers amid an uncertain market mood. Market sentiment seems unfavorable for risky currencies as US President Trump is poised to introduce reciprocal tariffs on April 2, which would result in a sharp slowdown in global economic growth. Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.69% 0.34% 0.09% 0.22% 1.16% 1.35% 0.68% EUR -0.69% -0.35% -0.58% -0.46% 0.46% 0.66% -0.01% GBP -0.34% 0.35% -0.23% -0.13% 0.81% 1.02% 0.35% JPY -0.09% 0.58% 0.23% 0.11% 1.05% 1.23% 0.66% CAD -0.22% 0.46% 0.13% -0.11% 0.94% 1.13% 0.46% AUD -1.16% -0.46% -0.81% -1.05% -0.94% 0.20% -0.46% NZD -1.35% -0.66% -1.02% -1.23% -1.13% -0.20% -0.69% CHF -0.68% 0.00% -0.35% -0.66% -0.46% 0.46% 0.69% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote). Domestically, the Bank of Japan (BoJ) kept interest rates unchanged at 0.5% on Wednesday and guided that uncertainty surrounding Japan's economy, prices remain high.US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

16:30 United States EIA Natural Gas Storage Change registered at 9B above expectations (3B) in March 14
United States EIA Natural Gas Storage Change registered at 9B above expectations (3B) in March 14

16:00 United States Existing Home Sales (MoM) came in at 4.26M, above expectations (3.95M) in February
United States Existing Home Sales (MoM) came in at 4.26M, above expectations (3.95M) in February

16:00 United States Existing Home Sales Change (MoM): 4.2% (February) vs -4.9%
United States Existing Home Sales Change (MoM): 4.2% (February) vs -4.9%

15:49 AUD/USD plunges to near 0.6280 on weak Aussie Employment data
The AUD/USD pair plummets to near 0.6280 during North American trading hours on Thursday.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}AUD/USD faces an intense sell-off as weak Aussie employment data pushes RBA dovish bets higher.The Australian laborforce declined in February, while the jobless rate remains steady at 4.1%.The Fed and the PBoC left interest rates unchanged on Wednesday and Thursday, respectively.The AUD/USD pair plummets to near 0.6280 during North American trading hours on Thursday. The Aussie pair faces an intense sell-off as the Australian Dollar (AUD) underperforms its peers are weak employment data for February. Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.74% 0.48% 0.04% 0.42% 1.34% 1.57% 0.68% EUR -0.74% -0.28% -0.68% -0.32% 0.58% 0.83% -0.07% GBP -0.48% 0.28% -0.42% -0.06% 0.86% 1.11% 0.20% JPY -0.04% 0.68% 0.42% 0.38% 1.28% 1.51% 0.70% CAD -0.42% 0.32% 0.06% -0.38% 0.91% 1.15% 0.24% AUD -1.34% -0.58% -0.86% -1.28% -0.91% 0.25% -0.65% NZD -1.57% -0.83% -1.11% -1.51% -1.15% -0.25% -0.92% CHF -0.68% 0.07% -0.20% -0.70% -0.24% 0.65% 0.92% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). The Australian Bureau of Statistics reported that the laborforce unexpectedly witnessed a massive lay-off. Australian employers fired 52.8K workers while economists expected fresh addition of 30K. In January, the economy added 30.5K payrolls, downwardly revised from 44K. The Unemployment Rate remains steady at 4.1%, as expected. Weak employment data has resulted in a slight increase in Reserve Bank of Australia (RBA) dovish bets. Traders see a 78% chance that the RBA will cut interest rates again in the May policy meeting, slightly up from 70%. Meanwhile, the People’s Bank of China (PBoC) has kept its one-year and five-year Loan Prime Rate (LPR) unchanged at 3.6% and 3.1%, respectively. The PBoC continues to maintain a dovish interest rate stance as Beijing aims to boost domestic consumption and revive the realty sector. The Australian Dollar benefits from China’s attempts to boost fiscal stimulus as the Australian economy relies significantly on exports to China. On the US Dollar (USD) front, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps slightly above 104.00 as dust settles over the Federal Reserve’s (Fed) monetary policy meeting on Wednesday. The Fed kept interest rates steady in the range of 4.25%-4.50%, as expected, for the second time in a row and maintained the forecast of two interest rate cuts this year. On the domestic front, Initial Jobless Claims for the week ending March 14 come in at 223K, almost in line with estimates and the former release. Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

15:38 EUR drifts lower after another failure around 1.0950 – Scotiabank
Spot has drifted a little lower through the overnight session after failing to progress through the mid-1.09s, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Spot has drifted a little lower through the overnight session after failing to progress through the mid-1.09s, Scotiabank's Chief FX Strategist Shaun Osborne notes. Bull trend is consolidating and EUR is still prone to pushing higher "Intraday volatility may have been accentuated by the sharp swings in Turkish markets earlier. Eurozone data showed a slowdown in Q4 Labour Costs (to 3.7% in the year, from 4.5%). Eurozone Feb CPI was revised a tenth lower (0.3% m/m, 2.3% y/y). Little substantive progress emerged from US/Russia talks on Ukraine yesterday—underscoring perhaps how hard it may be to get a lasting agreement." "The EUR has drifted a little lower after again failing to progress above the mid-1.09 point. There is some technical jeopardy for the EUR here, but only if spot losses extend below key short-term support at 1.0830 (double top trigger). Otherwise, the bull trend is consolidating and still prone to pushing higher. Minor dips are still likely to find willing buyers."

15:34 CAD slips back from probe through upper 1.42s – Scotiabank
The Canadian Dollar (CAD) rebound petered out below 1.43 yesterday, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) rebound petered out below 1.43 yesterday, Scotiabank's Chief FX Strategist Shaun Osborne notes. Unlikely to be a CAD recovery ahead of April 2’s tariff update "A slightly firmer USD ahead of the Fed has added to the lift in funds today but investors will be reluctant to bid up the CAD too far ahead of more clarity on tariff risks facing Canada. The USD still looks overvalued relative to what tariff action has been deployed—and what might yet emerge." "But there is unlikely to be a significant recovery in the CAD ahead of April 2’s tariff update and even then, wide short-term, rate spreads really do need to narrow significantly to drive the CAD sustainably higher." "A firm rebound from yesterday’s intraday low around 1.4270 set a bullish, short-term reversal signal on the 6-hour chart (outside range higher). The rebound coincided with spot testing trend support for the USD off the September low. USD/CAD gains may extend to the 1.4350/80 zone in the near term. A break above the upper 1.43s would pave the way for a return to the low/mid-1.44s. Support is 1.4250/70. "

15:30 USD lifted by short-covering into FOMC – Scotiabank
Markets are settling into ranges as investors curb risk-taking ahead of the FOMC.

Markets are settling into ranges as investors curb risk-taking ahead of the FOMC. Stocks are trading narrowly after yesterday’s US market declines. Bonds are a little softer in Europe while Treasurys are steady. Caution has given the USD a broad—short-covering—lift versus the majors. The main market mover is Turkey where the TRY and local bonds plunged on renewed domestic political risk, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD firmer as markets trade cautiously into Fed decision "There does appear to be a lot of uncertainty about what the Fed will deliver today. No change in policy is expected but rather more interest will be in how Fed Chair Powell articulates the risks around the outlook as the economy appears at risk of weakening sharply in Q1 amid uncertainty over US trade policy while core PCE remains sticky and inflation expectations have jumped as consumers fret about the impact of tariffs." "Swaps reflect a little more than 50bps of anticipated easing this year so what the dot plot implies in this respect will be key to how the USD reacts. It’s hard seeing the Fed sound more hawkish at this point but that might be what the USD needs to stage any sort of major turnaround. The Fed is the main event today but the late afternoon release of the January Treasury International Capital (TIC) flows data may warrant some attention." "Net inflows have been positive, if slowing after a sharp increase in net inflows last September, but December’s data reflected the largest ever one-month net outflow but official (i.e., central banks etc.) accounts from US assets. Earlier, the BoJ left policy unchanged, as expected. More tightening seems likely (possibly at the next policy decision), given rising wages and upside risks to the inflation outlook."

15:15 USD is buying oil at a slow pace – Danske Bank
The US bought crude for its strategic reserves last week for the second straight week, Danske Bank's FX analyst Jens Nærvig Pedersen reports.

The US bought crude for its strategic reserves last week for the second straight week, Danske Bank's FX analyst Jens Nærvig Pedersen reports. Oil market to continue struggling near-term "On the one hand, the US has started to support the oil market following the recent slump in prices and pause in buying, but on the other hand, it is buying at a slow pace given the current low level of prices." "The recent signs of weakness in the US economy coupled with the upcoming OPEC+ output hike and trade policy uncertainty have fed bearish sentiment in the oil market and if US buying does not pick up the oil market will likely continue to struggle near-term."

15:05 South Africa SARB Interest Rate Decision meets forecasts (7.5%)
South Africa SARB Interest Rate Decision meets forecasts (7.5%)

15:00 Russia Central Bank Reserves $ rose from previous $639.1B to $641.9B
Russia Central Bank Reserves $ rose from previous $639.1B to $641.9B

14:37 US: Initial Jobless Claims increased to 223K last week
US citizens filing new applications for unemployment insurance increased to 223K for the week ending March 15, as reported by the US Department of Labor (DOL) on Thursday.

Initial Jobless Claims rose below consensus to 223K.Continuing Jobless Claims climbed to 1.892M.US citizens filing new applications for unemployment insurance increased to 223K for the week ending March 15, as reported by the US Department of Labor (DOL) on Thursday. This print missed initial estimates and was a tad higher than the previous week's revised tally of 221K (revised from 220K). The report also highlighted a seasonally adjusted insured unemployment rate of 1.2%, while the four-week moving average rose by 750 to 227K from the prior week’s revised average. Moreover, Continuing Jobless Claims went up by 33K to reach 1.892M for the week ending March 8. Market reaction The Greenback manages to extend Wednesday’s bounce and prompts the US Dollar Index (DXY) to approach the key 104.00 barrier, contrasting with further downward bias in US yields across the curve.

14:33 Canada Employment Insurance Beneficiaries Change (MoM) remains unchanged at -0.4% in January
Canada Employment Insurance Beneficiaries Change (MoM) remains unchanged at -0.4% in January

14:30 United States Continuing Jobless Claims came in at 1.892M, above expectations (1.89M) in March 7
United States Continuing Jobless Claims came in at 1.892M, above expectations (1.89M) in March 7

14:30 United States Philadelphia Fed Manufacturing Survey came in at 12.5, above forecasts (8.5) in March
United States Philadelphia Fed Manufacturing Survey came in at 12.5, above forecasts (8.5) in March

14:30 United States Initial Jobless Claims 4-week average: 227K (March 14) vs 226K
United States Initial Jobless Claims 4-week average: 227K (March 14) vs 226K

14:30 United States Initial Jobless Claims came in at 223K, below expectations (224K) in March 14
United States Initial Jobless Claims came in at 223K, below expectations (224K) in March 14

14:30 United States Current Account came in at $-303.9B, above forecasts ($-325.5B) in 4Q
United States Current Account came in at $-303.9B, above forecasts ($-325.5B) in 4Q

14:30 Canada Industrial Product Price (MoM) above forecasts (0.3%) in February: Actual (0.4%)
Canada Industrial Product Price (MoM) above forecasts (0.3%) in February: Actual (0.4%)

14:30 Canada Raw Material Price Index registered at 0.3% above expectations (-0.3%) in February
Canada Raw Material Price Index registered at 0.3% above expectations (-0.3%) in February

14:03 Mexico Private Spending (YoY) climbed from previous 2.9% to 4.4% in 4Q
Mexico Private Spending (YoY) climbed from previous 2.9% to 4.4% in 4Q

14:01 Mexico Private Spending (QoQ): -1.4% (4Q) vs previous 1.1%
Mexico Private Spending (QoQ): -1.4% (4Q) vs previous 1.1%

14:00 United Kingdom BoE MPC Vote Rate Unchanged came in at 8, above forecasts (7)
United Kingdom BoE MPC Vote Rate Unchanged came in at 8, above forecasts (7)

14:00 United Kingdom BoE MPC Vote Rate Hike in line with forecasts (0)
United Kingdom BoE MPC Vote Rate Hike in line with forecasts (0)

14:00 United Kingdom BoE Interest Rate Decision meets forecasts (4.5%)
United Kingdom BoE Interest Rate Decision meets forecasts (4.5%)

13:42 NZD/USD is on the backseat amid a risk off sentiment – BBH
NZD is underperforming amid a risk off sentiment in FX markets, BBH FX analysts report.

NZD is underperforming amid a risk off sentiment in FX markets, BBH FX analysts report. RBNZ has penciled-in another 75bps of easing over the next 12 months "New Zealand’s economy recovered more than anticipated. Real GDP rose 0.7% q/q in Q4 (consensus: 0.4%, RBNZ forecast: 0.3%) after shrinking by -1.1% the previous two quarters. Higher spending by international visitors boosted growth in tourism-related industries like rental, hiring and real estate services, retail trade and accommodation." "The RBNZ has penciled-in another 75bps of easing over the next 12 months that would see the policy rate bottom at 3.00%. The swaps market price-in higher odds of a 3.25% terminal policy rate which offers NZD support."

13:34 India M3 Money Supply: 9.6% (March 3)
India M3 Money Supply: 9.6% (March 3)

13:34 USD/CNH is trading in a multi-day 7.2450-7.2215 range – BBH
USD/CNH is up near the top-end of a multi-day 7.2450-7.2215 range, BBH FX analysts report.

USD/CNH is up near the top-end of a multi-day 7.2450-7.2215 range, BBH FX analysts report. PBOC has limited room to slash interest rates "As was widely expected, China commercial banks kept the 1- and 5-year Loan Prime Rates (LPR) unchanged at 3.10% and 3.60%, respectively. The PBoC will set its 1-year MLF rate next week and is expected to keep it steady at 2.0%. The PBOC has limited room to slash interest rates because Chinese banks’ net interest margins have fallen to record lows."

13:31 EUR/CHF: A brief pullback is under way – BBH
EUR/CHF recently reclaimed the 200-DMA and broke out from a multi-month base resulting in an extended bounce, BBH FX analysts report.

EUR/CHF recently reclaimed the 200-DMA and broke out from a multi-month base resulting in an extended bounce, BBH FX analysts report. EUR/CHF can bounce back off of 0.9445 "The move has faced interim hurdle at 0.9660 earlier this month. A brief pullback is under way. Next support is located at the upper part of previous base near 0.9500. In case the pullback deepens, the 200-DMA near 0.9445 would be a key level. Defence of this can result in persistence of up move."

13:29 Bank of England is expected to keep the policy rate steady at 4.50% – BBH
GBP/USD is down on broad USD strength, BBH FX analysts report.

GBP/USD is down on broad USD strength, BBH FX analysts report. Swaps market is pricing in 50bps of cuts over the next 12 months "The UK January labor market data matched expectations and does not move the dial on BOE rate expectations. The unemployment rate printed at 4.4% vs. 4.4% in December, total regular pay was 5.9% y/y vs. 5.9% in December, and the policy-relevant private sector regular pay was 6.1% y/y vs. 6.2% in December." "Leading indicators point to a softer jobs market. In February, the KPMG/REC permanent placement index remained in contraction territory for a 29th month in a row, and the DMP survey showed firm expected no employment growth over the year ahead. Moreover, the vacancies-to-unemployment ratio is below the 0.6 level that Bank researchers consider to be consistent with a balanced labor market." "The Bank of England is expected to keep the policy rate steady at 4.50%. The BOE is also expected to stick to its guidance of a gradual and careful approach to further rate cuts. The UK economy unexpectedly contracted in January, but underlying inflation remains stubbornly high above 2%. The next Monetary Policy Report with updated macroeconomic projections is due in May. Over the next 12 months, the swaps market is pricing in 50bps of cuts and small odds of an additional 25bps cut.

13:25 GBP/USD can move towards 1.3150/1.3175 in the short term – Société Générale
GBP/USD crossed above a steep descending channel and evolved within a small base, Société Générale's FX analysts note.

GBP/USD crossed above a steep descending channel and evolved within a small base, Société Générale's FX analysts note. Daily MACD is at multi-month highs denoting a stretched move "It broke out from this range in February leading to a steady up move. Last November peak of 1.3045 is first hurdle. Daily MACD is at multi-month highs denoting a stretched move. If a short-term decline develops, 1.2810/1.2780, the 23.6% retracement from January could be an important support zone. Beyond 1.3045, next projections would be located at 1.3150/1.3175."

13:07 Silver Price Forecast: XAG/USD plummets to near $33 as US Dollar strengthens
Silver price (XAG/USD) plunges to near $33.10 during European trading hours on Thursday.

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The white metal weakens as the US Dollar (USD) gains sharply, with the US Dollar Index (DXY) climbing to near 104.00. The appeal of the US Dollar increases as the Federal Reserve (Fed) has expressed that it is no rush to cut interest rates soon amid “unusually elevated” uncertainty over the United States (US) economic outlook due to President Donald Trump’s economic policies. Fed Chair Jerome Powell said in the press conference after the central bank left interest rates unchanged in the range of 4.25%-4.50% that Trump’s tariff policies tend to bring “growth down and inflation up”. The Fed also maintained its forecast of two interest rate cuts this year. Technically, precious metals perform strongly in a high-inflation and low-growth environment, but higher interest rates by the Fed bode poorly for non-yielding assets, such as Silver. The Fed has revised core Personal Consumption Expenditure Price Index (PCE) for this year higher to 2.8% from 2.5% projected in the December meeting. The central bank has also revised GDP growth for this year lower to 1.7% from their previous forecast of 2.1%. On the geopolitical front, investors seek fresh cues on Trump’s tariff policies. Trump has been reiterating that he will introduce reciprocal tariffs on April 2, means equal tariffs for same products. Such a scenario would prompt economic uncertainty across the globe. Historically, the appeal of precious metals increases in heightened global uncertainty. Silver technical analysis Silver price struggles to revisit the flat border of the Ascending Triangle chart pattern formation on the daily timeframe near the October 22 high of $34.87. The upward-sloping border of the above-mentioned chart pattern is placed from the August 8 low of $26.45. Technically, the Ascending Triangle pattern indicates indecisiveness among market participants. Advancing 20-day Exponential Moving Average (EMA) near $32.901 indicates that the uptrend is intact. The 14-day Relative Strength Index (RSI) falls below 60.00, suggesting that the bullish momentum has come to an end. However, the bullish bias is still intact. Looking down, the March 6 high of $32.77 will act as key support for the Silver price. While, the October 22 high of $34.87 will be the major barrier. Silver daily chart Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. How does industrial demand affect Silver prices? Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. How do Silver prices react to Gold’s moves? Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

13:06 US Dollar stronger on Fed keeping its projections for 2025
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, rallies towards 104.00 on Thursday after the Federal Reserve (Fed) kept borrowing costs unchanged and projected two interest rate cuts for 2025.

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Traders see the Fed sticking to its projected cutting cycle for 2025.The US Dollar Index is still stuck between 103.00 and 104.00 for now. The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, rallies towards 104.00 on Thursday after the Federal Reserve (Fed) kept borrowing costs unchanged and projected two interest rate cuts for 2025. During Wednesday’s Fed meeting, Chairman Jerome Powell said that any tariff-driven bump in inflation will be “transitory.” However, he added later that it will be very challenging to say with confidence how much inflation stems from tariffs versus other factors. He also said recession odds have moved up, though are not high, Bloomberg reports. On the economic data front, the US jobless claims and the Philadelphia manufacturing data will be key. After Powell highlighted that the US economy might start to ease, traders will look for proof of that. Any data that comes in far below the benchmark could trigger some US Dollar weakness.Daily digest market movers: Back to data-driven to determine interest rate cutsAt 12:30 GMT, the most important data for this Thursday will be released: US Initial Jobless Claims are expected to tick up to 224,000, coming from 220,000. The US Continuing Jobless Claims are expected to come in at 1,890 million against 1,870 million last week. The Philadelphia Fed Manufacturing Survey for March is expected to fall to 8.5 from the previous 18.1. At 14:00 GMT, US Existing Home Sales month-on-month for February will be released. Expectations are for a contraction to 3.95 million compared to 4.08 million the previous month. Equities are struggling with European indices facing big profit-taking. The German Dax is down over 1%, while US futures are flat to marginally positive. According to the CME Fedwatch Tool, the probability of interest rates remaining at the current range of 4.25%-4.50% in May’s meeting is at 80.5%. For June, the odds for borrowing costs being lower stand at 71.1%. The US 10-year yield trades around 4.22%, heading back to its five-month low of 4.10% printed on March 4.US Dollar Index Technical Analysis: Contradictions and correlationsThe US Dollar Index (DXY) is trying to break out of a short-term technical descending triangle pattern. The tilted side of a triangle should act as strong resistance while the flat base of the triangle at 103.18 should act as strong support. Normally, the textbook logic is that sellers will build up positions alongside the tilted descending trend line in order to break through that flat base, which will result in more downturn. The fact that currently the DXY is trying to break out of that pattern could be a sign for a turnaround, though heavy resistance is awaiting just around the corner at 104.00. If bulls can avoid a technical rejection at 104.00, a large sprint higher towards the 105.00 round level could happen, with the 200-day Simple Moving Average (SMA) converging at that point and reinforcing this area as a strong resistance. Once broken through that zone, a string of pivotal levels, such as 105.53 and 105.89, could limit the upward momentum. On the downside, the 103.00 round level could be considered a bearish target in case US yields roll off on deteriorating US data, with even 101.90 on the table if markets further capitulate on their long-term US Dollar holdings. US Dollar Index: Daily Chart US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

12:41 Metals: Copper nears $10,000 – ING
Copper is nearing $10,000/t on the London Metal Exchange (LME), a level last reached in October last year, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Copper is nearing $10,000/t on the London Metal Exchange (LME), a level last reached in October last year, ING’s commodity analysts Warren Patterson and Ewa Manthey note. Copper prices are likely to remain supported in the near term "Copper prices are up around 14% year-to-date with Donald Trump’s tariff threats triggering a rush of copper flows into the US and tightening supplies elsewhere. Last month, President Trump ordered the US Commerce Department to investigate possible import tariffs on copper." "CME copper stocks have been rising steadily since Trump's election win in November. At the same time, LME stockpiles saw modest declines. The cancellation of copper warrants in the LME has soared since late February. The largest inventory drawdowns are in Asia, followed by Europe. Orders to withdraw metal from LME warehouses in Asia surged to the highest level since August 2017." "Copper prices are likely to remain supported in the near term amid front-loading ahead of tariffs. Another factor is the tightening of the ex-US physical market as Washington’s investigation into copper imports continues. And as more metal front runs any potential US levies. The US is reliant on copper imports for its domestic consumption. The US imported around 850,000 tonnes of copper – excluding scrap – in 2024, accounting for around 50% of its domestic consumption. It might be challenging to fill that gap with domestic production."

12:36 GBP: BoE is a secondary risk event compared to Spring Budget – ING
The Bank of England is widely expected to keep rates on hold today.

The Bank of England is widely expected to keep rates on hold today. ING's UK economist highlights how the deterioration in employment sentiment is still to show in official data. That should prevent the BoE from sounding much more dovish given a backdrop of sticky services inflation and wages. This morning, jobs figures for January showed unemployment was unchanged at 4.4% and wage growth was still close to 6%, ING’s FX analysts Francesco Pesole notes. BoE is widely expected to keep rates on hold "Markets aren’t pricing in any easing risk today, but February’s widely expected rate cut brought about a surprise vote split as former arch-hawk Catherine Mann voted for a larger, 50bp reduction. We expect that she will join perma-dove Swathi Dhingra as the only two members voting for a cut today. The risk is probably that dovish-leaning Alan Taylor joins them to make it a closer 6-3 vote split for a cut." "That may be read as a marginally dovish signal and partially weigh on sterling today, but markets seem to be aware that data progress is needed to tilt the balance decisively to the dovish side. Our call remains slightly more dovish than pricing as we expect three more 25bp reductions this year." "GBP saw some strengthening against the euro yesterday, mostly thanks to its higher beta to global sentiment and some unwinding of EUR/USD longs. The UK government announced plans to scale back social benefits yesterday, and Labour officials have signalled Chancellor Rachel Reaves will not raise taxes at next week’s Spring Statement. This means spending cuts, which will be closely scrutinised by gilt investors."

12:28 New Zealand: Signs of a floor – Standard Chartered
GDP expanded 0.7% q/q in Q4, exceeding both our forecast (0.5%) and the RBNZ’s projection (0.3%).

GDP expanded 0.7% q/q in Q4, exceeding both our forecast (0.5%) and the RBNZ’s projection (0.3%). Services drove the rebound, growing 0.8% q/q, while construction remained a major drag (-3.1% q/q). The economy posted its first quarterly growth since Q1-2024, ending the technical recession, Standard Chartered's economist report. Finding a foothold "New Zealand’s Q4 GDP expanded 0.7% q/q (-1.1% y/y), exceeding our forecast (0.5% q/q), the Reserve Bank of New Zealand’s (RBNZ) projection (0.3% q/q), and market consensus (0.4% q/q). However, in our view, this reflects a technical rebound rather than a sustained recovery, as the economy is coming off a weak base, following a cumulative 2.2% contraction over the prior two quarters." "While today’s print confirms that New Zealand has likely passed the worst of its downturn, we believe growth remains well below potential, and output is still far from levels that would threaten inflationary stability." "We expect the RBNZ to look through this stronger-than-expected Q4 print, as it has already placed greater weight on high-frequency indicators, which remain consistent with gradual monetary easing. In our view, the data does not challenge the RBNZ’s assessment that further policy restriction is no longer warranted. We maintain our call for three additional 25bp OCR cuts over the next three meetings, bringing the rate to 3.0% by Q3-2025."

12:23 Gold faces selling pressure after new all-time high of $3,057
Gold’s price (XAU/USD) has hit another new all-time high at $3,057 and currently resides near $3,044 at the time of writing on Thursday.

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Traders sent Gold higher after Powell said tariffs should only delay the inflation target. Gold benefits from geopolitical uncertainty as tensions remain in Gaza and Turkey.Gold’s price (XAU/USD) has hit another new all-time high at $3,057 and currently resides near $3,044 at the time of writing on Thursday. The uptick came on the back of the Federal Reserve (Fed) interest rate decision overnight, where the central bank kept rates unchanged in the range of 4.25%-4.50%. Fed Chairman Jerome Powell reiterated that tariffs should only be a delay in the timing to reach the inflation target. Meanwhile, on the geopolitical front, tensions are brewing in Gaza and Turkey. Israeli strikes continue across Gaza while calling on the population to relocate as ground offensive operations could be launched soon. Mass protests burst out in Turkey after Istanbul mayor Ekrem Imamoglu’s detention, President Tayyip Erdogan's main political rival. Daily digest market movers: Fed projects bumpy roadDuring the Federal Reserve meeting, Chairman Powell said his base case is that any tariff-driven bump in inflation will be “transitory,” but later added that it will be very challenging to say with confidence how much inflation stems from tariffs versus other factors. He also said recession odds have moved up, though are not high, Bloomberg reports. Swiss Gold exports to the US remained elevated in February at 147.4 tons, worth more than $14 billion, Reuters reports. Chinese media are advising investors to be cautious on Gold as prices are likely to be volatile going forward, according to a report published in the China Securities Journal on Thursday. The precious metal’s prices are elevated because of geopolitical uncertainties and a fast-changing global economic environment; investors should diversify assets, balance risks and avoid blindly chasing prices higher, Bloomberg reports. Technical Analysis: It is so easyGold looks to be trading in a very easy narrative for now, where traders are more than happy to buy every brief dip. A similar pattern was already seen on Monday and Wednesday this week. However, the risk grows for a squeeze soon, which should wash out short-term positioning. Regarding technical levels, the new all-time high at $3,057 is the first level to beat. The next target for this Thursday is the R1 resistance at $3,058, just below the $3,060 round number. If the last one is broken, then R2 resistance comes in at $3,069. On the downside, the intraday Pivot Point at $3,040 is the first line of defense, followed by the S1 support near $3,030 ahead of the $3,000 level. XAU/USD: Daily Chart Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

12:16 Hopes for a partial resumption in Russian gas flows to Europe fade – ING
European natural gas prices rallied yesterday, with the Title Transfer Facility (TTF) settling almost 6.4% higher, amid fading hopes for a partial resumption in Russian gas flows to Europe, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

European natural gas prices rallied yesterday, with the Title Transfer Facility (TTF) settling almost 6.4% higher, amid fading hopes for a partial resumption in Russian gas flows to Europe, ING’s commodity analysts Warren Patterson and Ewa Manthey note. Russia agrees to stop attacking Ukrainian energy infrastructure for 30 days "Russia failed to agree to an unconditional ceasefire with Ukraine; it only agreed to stop attacks on Ukrainian energy infrastructure for 30 days. Investment funds, which had been heavily selling TTF in recent weeks, reversed course over the last reporting week, buying 1TWh to leave them with a net long of 127.6TWh."

12:16 USD/CAD jumps to near 1.4370 as Fed is in no hurry to cut interest rates
The USD/CAD pair gains sharply to near 1.4370 in European trading hours on Thursday.

12:00 Eurozone Construction Output w.d.a (YoY) up to 0% in January from previous -0.1%
Eurozone Construction Output w.d.a (YoY) up to 0% in January from previous -0.1%

12:00 Eurozone Construction Output s.a (MoM): 0.2% (January) vs 0%
Eurozone Construction Output s.a (MoM): 0.2% (January) vs 0%

11:59 China SMEI: Seasonal recovery in March – Standard Chartered
Headline SMEI rebounded to an 11-month high of 51.2 in March on better performance and expectations.

Headline SMEI rebounded to an 11-month high of 51.2 in March on better performance and expectations. Both manufacturing and services activity recovered; credit conditions turned more stable. Average readings suggest growth momentum inched up in Q1 and the outlook turned more positive, Standard Chartered's economists report. Manufacturing growth slows in Q1; services improve "Our proprietary Small and Medium Enterprise Confidence Index (SMEI; Bloomberg: SCCNSMEI <Index>) picked up to an 11-month high of 51.2 in March from an average 50.7 in January-February. The performance and expectations sub-indices edged up to 51.5 and 51.7, respectively, indicating a solid m/m recovery. Compared to Q4, the average prints for sales, price and investment returned to above 50 in Q1, while that of profitability declined further. All the expectations sub-indices stayed at 50 or above on average in Q1, largely picking up from Q4 levels, indicating a further improvement in SME sentiment." "The performance sub-indices for manufacturing and non-manufacturing SMEs rebounded to expansionary territory in March. Key sub-indices such as production, sales, new orders and new export orders rose above 50. Real estate and construction SMEs continued to underperform. Activity in the accommodation and catering sector retreated after the Lunar New Year holidays. On average, the performance sub-index of non-manufacturing SMEs edged up to 50, while that of manufacturing SMEs fell 0.7pts from Q4 to 50.6, suggesting slower growth." "The credit sub-index eased to 50.4 in March as credit conditions stabilised. Access to bank credit picked up slightly, but funding costs rose again after falling in February. That said, SMEs’ funding costs dropped compared to Q4. In addition, liquidity conditions improved. Notably, nearly 95% of surveyed SMEs said they expect a stable USD/CNY exchange rate in the coming three months."

11:54 Oil: SPR refill noise – ING
Oil prices edged higher yesterday, with ICE Brent settling 0.31% higher on the day.

Oil prices edged higher yesterday, with ICE Brent settling 0.31% higher on the day. The gains were driven by a recovery in equity markets and a relatively supportive inventory report from the Energy Information Administration (EIA), ING’s commodity analysts Warren Patterson and Ewa Manthey note. Crude oil prices may provide an opportunity to refill the SPR "The EIA said US crude oil inventories increased by 1.75m barrels over the last week, much less than the 4.59m barrel increase the American Petroleum Institute (API) reported the previous day. Meanwhile, Cushing crude oil inventories fell by 1m barrels, while for refined products, gasoline and distillate stocks fell by 527k barrels and 2.81m barrels, respectively. US gasoline inventories have fallen for three consecutive weeks. They’re now the lowest since early January." "Another supportive factor: the US energy secretary saying current crude oil prices may provide an attractive opportunity to buy oil to refill the Strategic Petroleum Reserve (SPR). The SPR stands at a little under 396m barrels. That’s up from a low of 347m barrels in 2023, but still well below the 621m barrels it stood at in mid-2021." "Energy Secretary Chris Wright previously said it will take years to fully refill the SPR, requiring $20bn of funding. Considering the SPR has a capacity of around 700m barrels, this assumes refilling the SPR would cost around $65/bbl."

11:51 Spain 10-y Obligaciones Auction down to 3.382% from previous 3.507%
Spain 10-y Obligaciones Auction down to 3.382% from previous 3.507%

11:49 GBP/USD: BoE MPC is coming – OCBC
Pound Sterling (GBP) can be fairly active today due to BoE MPC.

Pound Sterling (GBP) can be fairly active today due to BoE MPC. Pair was last seen trading at 1.2954 levels., OCBC's FX analysts Frances Cheung and Christopher Wong note. GBP may revert to retrace lower "While BoE is widely expected to keep its policy Bank Rate unchanged at 4.5%, the vote split is the one that should cause some excitement. To recap at the Feb MPC meeting, the surprise came when 2 members voted for a 50bp cut while 7 other members voted for a 25bp cut. In particular, Mann voting for a 50bp cut was a surprise as she is typically a hawk." "The dovish shift then prompted markets to re-assess how a stagflation story may already be playing out for UK economy. BoE halved growth forecast and revised upward inflation projection. This time round, our rates strategist flagged out that the vote split could be 7 for hold and 2 for cut. A vote split that deviates from this 'neutral' scenario may trigger some mild market repricing, in turn having an impact of GBP." "Bullish momentum on daily chart is fading while RSI is near overbought conditions. GBP bulls need to clear above 1.3050 for gains to gather momentum. Next resistance at 1.3120 levels (76.4% fibo retracement of Sep high to Jan low). Failing which, GBP may revert to retrace lower. Support at 1.2920 (61.8% fibo), 1.2800/25 levels (21, 200 DMAs). That said, bullish crossovers still point to a GBP bull trend remaining intact."

11:30 Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.

11:28 EUR/USD slumps as ECB Lagarde warns of potential Eurozone economic shocks
EUR/USD declines to near 1.0860 in European trading hours on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD falls to near 1.0860 as ECB Lagarde expects US President Trump-led trade war could slowdown the Eurozone economic growth.The Fed kept borrowing rates steady and stuck to their two interest rate cut in 2025 forecasts on Wednesday.The Fed expects Trump’s policies to weigh on US economic growth and accelerate price pressures.EUR/USD declines to near 1.0860 in European trading hours on Thursday. The major currency pair drops as the Euro (EUR) faces pressure after European Central Bank (ECB) President Christine Lagarde warned of Eurozone economic risks due to potential tariffs by the United States (US). Lagarde testified before the Committee on Economic and Monetary Affairs of the European Parliament during European trading hours on Thursday. She said that US tariffs of 25% on imports from Europe, as threatened by US President Donald Trump, would lower “Euro area growth by about 0.3% in the first year”, according to an ECB analysis. The study also shows that retaliatory tariffs from Europe would further increase this to about 0.5%. Fears of soft Eurozone economic growth would dampen the Euro’s (EUR) appeal as it will force the ECB to lower interest rates further. However, Germany’s end to over a decade-long fiscal conservatism, aiming to boost domestic consumption and defense spending, would offset the impact of the trade war. On the inflation outlook, Christine Lagarde forecasted that retaliatory measures from the European Union (EU) and a weaker Euro exchange rate could lift inflation by around 0.5%. However, the ECB President expects that to be temporary as the effect would ease in the medium term due to “lower economic activity dampening inflationary pressures”. Daily digest market movers: EUR/USD drops as US Dollar gains EUR/USD slides below 1.0900 as the US Dollar (USD) strengthens, while investors digest the muddy United States economic outlook under the leadership of President Donald Trump, anticipated by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rose to near 103.65. On Wednesday, the Fed left key borrowing rates unchanged in the range of 4.25%-4.50%, as expected, for the second time in a row and stuck to their guidance of two interest rate cuts this year as projected in the December policy meeting. The Fed expressed no rush for monetary policy adjustments amid “unusually elevated” uncertainty on the President’s policies. “We are not going to be in any hurry to move on rate cuts,” Fed Chair Jerome Powell said in the press conference as “tariffs tend to bring growth down and inflation up.” The Fed revised their forecast for the core Personal Consumption Expenditures Price Index (PCE) for this year to 2.8%, up from the 2.5% projected in the December meeting. The central bank revised this year's Gross Domestic Product (GDP) growth lower to 1.7% from their previous forecast of 2.1% despite remaining confident that labor market conditions are solid. Contrary to the Fed’s “wait and see approach”, US President Trump said that the central bank should have cut interest rates as the impact of tariffs is transiting into the economy. “The Fed would be much better off cutting rates as US tariffs start to transition (ease!) their way into the economy. Do the right thing,” Trump said in a post on Truth Social after the Fed’s policy decision. Trump has been advocating lower interest rates to ramp up economic growth. Technical Analysis: EUR/USD corrects to near 1.0860 EUR/USD falls to near 1.0860 after failing to hold the key level of 1.0900 on Thursday. However, the long-term outlook of the major currency pair is still bullish as it holds above the 200-day Exponential Moving Average (EMA), which trades around 1.0660. The pair strengthened after a decisive breakout above the December 6 high of 1.0630 on March 5. The 14-day Relative Strength Index (RSI) cools down after turning overbought around 75.00, suggesting that the bullish momentum has moderated, but the upside bias is intact. Looking down, the December 6 high of 1.0630 will act as the major support zone for the pair. Conversely, the psychological level of 1.1000 will be the key barrier for the Euro bulls. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

11:17 The Turkish market is normalising after a massive sell-off on Wednesday – ING
In the CEEMEA FX space, developments in Turkey remain in close focus, ING’s FX analysts Francesco Pesole notes.

In the CEEMEA FX space, developments in Turkey remain in close focus, ING’s FX analysts Francesco Pesole notes. TRY erased roughly two-thirds of Wednesday's losses "The Turkish market is normalising after a massive sell-off yesterday morning triggered by political headlines. TRY erased roughly two-thirds of yesterday's losses after the morning peak in USD/TRY." "Finance Minister Simsek reiterated that the implementation of the government's programme and the healthy functioning of the market continue, which brought some relief to the market. We believe that the FX market will return to normal in the days ahead." "The key will be to monitor the behaviour of local players and potential conversions into FX in the weeks ahead depending on how much yesterday's move shook confidence in TRY."

11:13 GBP/JPY breaks below 193.00 ahead of BoE’s interest rate decision
GBP/JPY continues to slide for the second straight session, hovering around 192.80 during European trading hours on Thursday.

11:09 SNB’s Tschudin: Economic situation for Switzerland has become considerably more uncertain
Swiss National Bank (SNB) governing board member Petra Tschudin is addressing the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

Swiss National Bank (SNB) governing board member Petra Tschudin is addressing the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%. Key quotes Expect Swiss unemployment to rise slightly. Moderate economic activity abroad will have dampening effect on foreign trade. Domestic demand will benefit from rising wages, and monetary policy easing. See developments abroad as main risk.

11:07 SNB's Martin: Inflationary pressure should continue to ease gradually over next quarters
Swiss National Bank (SNB) Vice Chairman Antoine Martin is speaking at the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

Swiss National Bank (SNB) Vice Chairman Antoine Martin is speaking at the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%. Key quotes Inflationary pressure should continue to ease gradually over next quarters, particularly in Europe. High level of uncertainty around trade policy likely to weigh on investment. Increasing trade barriers could weaken global economic development. Scenario for global economy subject to high uncertainty. Inflation in the US is expected to remain elevated. More expansionary fiscal policy in Europe could provide stimulus in the medium term. Market reactionUSD/CHF was last seen trading 0.33% higher on the day at 0.8812, with traders digesting the SNB’s expected interest rate decision.

11:04 DXY: Mixed on the day – OCBC
Dollar Index (DXY) dipped, alongside the decline in UST yields post-FOMC.

Dollar Index (DXY) dipped, alongside the decline in UST yields post-FOMC. DXY was last at 103.72 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note. USD may enter into a mixed play "Bearish momentum on daily chart is fading while RSI shows signs of rising from near oversold conditions. Mild rebound risk is not ruled out. Resistance at 104 (61.8% fibo retracement of Oct low to Jan high), 105 levels (50% fibo, 21, 200 DMAs). Support at 103.10, 102.50 levels (76.4% fibo)." "Risk of broadening tariff war may potentially weigh on global growth, trade, undermine market sentiments and drag on Asian FX, especially ahead of 2 Apr reciprocal tariff risk. The likes of KRW, JPY and IDR may be undermined in the near term. In addition, there were some concerns of EM contagion risks after Turkish Lira and Colombian Pesos saw a sharp sell-off at one point yesterday, driven by idiosyncratic (domestic) factors." "Tariff war and EM contagion fears can bring back memories of the 2018 EM sell-off. This risk reinforces our view that USD may enter into a mixed play – USD gains to be more pronounced vs. selected EM Asian FX and high- beta majors like AUD and NZD while USD may stay sideways or modestly softer vs. G3 majors."

11:02 SNB's Schlegel: Will monitor situation closely and adjust policy if necessary
Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the post-meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the post-meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%. Key quotes Uncertainty about global economic development and inflation has increased significantly. Outlook for swiss inflation is very uncertain, sees mainly downside risks. Swiss inflation has developed in line with expectations. Inflation still being driven by domestic services. Will monitor situation closely and adjust policy if necessary. more to come ....

10:57 USD: Fed helping equities may be a dollar positive – ING
The dollar rallied in the hours leading to the FOMC announcement on the back of growing hawkish bets, which were, however, scaled back after the statement release.

The dollar rallied in the hours leading to the FOMC announcement on the back of growing hawkish bets, which were, however, scaled back after the statement release. Despite the post-FOMC correction, DXY is still trading above Tuesday’s close, signalling that there is probably not enough in the Fed communication to build fresh USD shorts, ING’s FX analysts Francesco Pesole notes. The 103.0 level seems like a good support for USD bulls "The revision lower in the dot plot, from 25bp to 50bp for 2025, is still more hawkish than market pricing (65bp) and the Fed’s greater uncertainty on unemployment also came with warning signals on inflation, effectively arguing against imminent dovish turns. We see no reason to change our call for two 25bp cuts in 2025." "Our bullish dollar views are also broadly unchanged. The reduction in quantitative tightening and Chair Powell’s downplaying of recession and long-lasting inflation risk helped US equities, and today’s futures also point to an open in the green. The rotation from US to European stocks hugely contributed to EUR/USD strength, and signs that this driver is fading are reinforcing our bearish view on the pair heading into the second quarter." "There are a few important data risk events for the dollar in the coming weeks, where the relatively unchanged Fed pricing will be tested. Barring an immediate deterioration in jobs or core PCE, we still think the start of universal US tariffs on 2 April can bring about fresh support for the greenback. For now, support around 103.0 in DXY can be as good as it gets for dollar bulls."

10:45 USD/CHF retakes 0.8800 after SNB cuts rates by 25 bps; remains below 200-day SMA
The USD/CHF pair reverses an intraday dip to the 0.8755 area or a one-week low touched during the early European session on Thursday and spikes to a fresh daily high in reaction to the Swiss National Bank (SNB) policy decision.

10:36 EUR/USD fails to move above 1.10 decisively – ING
EUR/USD has again failed to make a decisive move to 1.10+ this week, in line with our expectations, ING’s FX analysts Francesco Pesole notes.

EUR/USD has again failed to make a decisive move to 1.10+ this week, in line with our expectations, ING’s FX analysts Francesco Pesole notes. EUR/USD to move towards 1.07 "This FOMC announcement can give some breathing space to dollar-denominated assets and stabilise the greenback by keeping dovish expectations relatively capped. 1.07 is more likely than a break above 1.10 as the next big directional move for EUR/USD as US tariffs regain dominance in April. But the path to a EUR/USD decline won't be a smooth one." "The Swiss National Bank is expected to cut rates by 25bp to 0.25% today. While consensus is overwhelmingly pointing to a cut, markets are pricing in 17bp, meaning the Swiss franc should decline on a rate decrease today. The case for a hold is not uncompelling, considering core inflation was a bit higher than expected in January and February and the trade-weighted CHF has depreciated thanks to strong European sentiment." "However, SNB data suggests no interventions to weaken the franc after the US election, signalling policymakers' preference for a lower policy rate. We expect a cut today and a move higher in EUR/CHF. However, we are reluctant to see sustained support above the 0.97 level as European sentiment may well deteriorate in April and keep the pair capped below 0.96."

10:35 NZD/USD extends losing streak to near 0.5750 despite stronger economic growth
NZD/USD continues its decline for the third consecutive day, trading around 0.5760 during European hours on Thursday.

10:31 SNB cuts Sight Deposit Rate by 25 bps to 0.25% as expected
The Swiss National Bank (SNB) lowered the benchmark Sight Deposit Rate by 25 basis points (bps) to 0.25% from 0.50%, following its monetary policy assessment for the March quarter on Thursday.

The Swiss National Bank (SNB) lowered the benchmark Sight Deposit Rate by 25 basis points (bps) to 0.25% from 0.50%, following its monetary policy assessment for the March quarter on Thursday. The decision aligned with the market expectations.Summary of the SNB policy statementdeveloping story, please refresh the page for updates.

10:30 Sweden Riksbank Interest Rate Decision meets forecasts (2.25%)
Sweden Riksbank Interest Rate Decision meets forecasts (2.25%)

10:30 Switzerland SNB Interest Rate Decision in line with forecasts (0.25%)
Switzerland SNB Interest Rate Decision in line with forecasts (0.25%)

10:28 EUR/USD: Pace of gains moderate – OCBC
Euro (EUR) dipped before partially retracing losses. EUR was last seen at 1.0874 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Euro (EUR) dipped before partially retracing losses. EUR was last seen at 1.0874 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note. Pace of rise may moderate or may even turn lower "TRY sell-off saw some spillover risks to EUR (as European banks do have some exposure to Turkey borrowers but not as much as the 2018 episode). Markets also took opportunity to “sell the fact”, after German spending plan cleared the lower house. The spending plan will still need to clear the upper house on Fri. A 2/3 majority is required and there is some uncertainty as the Free voters of Bavaria party has yet to express support for the deal." "Any unexpected surprise may have an asymmetrically larger downward pressure on EUR. The German spending plan and hopes of a Ukraine peace deal are positive catalysts for EUR but given the sharp run-up in EUR, and ahead of reciprocal tariff risks on 2 Apr, we continue to caution for risk of near-term pullback." "Bullish momentum shows early signs of fading while RSI show signs of turning lower from overbought conditions. Pace of rise may moderate or may even turn lower. Resistance at 1.0940, 1.0970 (76.4% fibo). Support at 1.0820 (61.8% fibo retracement of Sep high to Jan low), 1.0700/20 levels (200 DMA, 50% fibo)."

10:22 Crude oil price today: WTI price bullish at European opening
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session.

10:20 Palladium price today: Rare metals down at the start of the European session
Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data.

10:16 Lagarde speech: EU retaliatory measures and a weaker Euro could lift inflation by around 0.5%
European Central Bank (ECB) President Christine Lagarde is testifying before the Committee on Economic and Monetary Affairs of the European Parliament on Thursday.

10:02 Pound Sterling declines after UK employment data, BoE policy awaited
The Pound Sterling (GBP) faces selling pressure against its major peers, except antipodeans, on Thursday after the release of the United Kingdom (UK) labor market data for three months ending January.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Pound Sterling falls slightly against its major peers after the release of the UK labor market data for three months ending January.UK Average Earnings Excluding Bonuses rose steadily by 5.9%, as expected.The BoE is widely anticipated to keep interest rates steady at 4.5% on Thursday.The Pound Sterling (GBP) faces selling pressure against its major peers, except antipodeans, on Thursday after the release of the United Kingdom (UK) labor market data for three months ending January. The Office for National Statistics (ONS) reported that the ILO Unemployment Rate came in at 4.4%, which aligns with expectations and the prior reading. The UK economy added 144K fresh workers, significantly higher than 107K additions in the three months ending December. Average Earnings Excluding bonuses, a key measure of wage growth that has been a major driver of high inflation in the services sector, rose in line with estimates and the former release of 5.9%. Technically, upbeat employment and steady wage growth data are a favorable scenario for the British currency. However, market participants see wage growth momentum softening and employment growth slowing in the near term as business owners are planning to freeze hiring plans amid dissatisfaction over the UK government’s decision to increase employers’ contributions to social security schemes. UK Chancellor of the Exchequer Rachel Reeves announced an increase in employers’ contribution to National Insurance (NI) from 13.8% to 15% in the Autumn Budget, which will be executed from April. Such a scenario would be unfavorable for the Pound Sterling as easing labor market conditions could force Bank of England (BoE) officials to ditch their ‘gradual and cautious’ monetary easing approach guided in the February policy meeting. Meanwhile, investors await the Bank of England’s (BoE) interest rate decision, which will be announced at 12:00 GMT. The BoE is widely anticipated to keep interest rates unchanged at 4.5%, with a 7-2 vote split. In the last policy meeting in February, the BoE reduced borrowing rates by 25 basis points (bps). BoE Monetary Policy Committee (MPC) members Catherine Mann and Swati Dhingra are expected to support an interest rate cut. In the February policy meeting, both officials voted for a larger-than-usual interest rate reduction of 50 bps, while others favored a usual cut of 25 bps. Daily digest market movers: Pound Sterling edges lower against US Dollar after Fed’s policy decision The Pound Sterling drops to near 1.2970 against the US Dollar (USD) in European trading hours on Thursday. Still, the GBP/USD pair is close to its five-month high of 1.3014 reached earlier in the day. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, turns sideways around 103.50 after the Federal Reserve’s (Fed) monetary policy decision on Wednesday. As expected, the Fed kept interest rates steady in the range of 4.25%-4.50% for the second time in a row and stuck with its two interest rate cuts projection for the year, as anticipated in the December meeting. The central bank guided that the net effect of implementation of significant policy changes by the new administration is what matters for the economy and monetary policy. Fed Chair Jerome Powell said in the press conference that the tariff policy by United States (US) President Donald Trump has resulted in a “unusually elevated” uncertainty over the US economic outlook, which tends to bring “growth down and inflation up”. This led them to revise their core Personal Consumption Expenditures (PCE) inflation forecast for this year to 2.8%, up from the 2.5% projected in the December meeting. The Fed also updated their Gross Domestic Product (GDP) growth forecast for this year to 1.7%, down from their prior forecast of 2.1%. Meanwhile, Donald Trump said that the Fed should have cut interest rates as the impact of tariffs has started to blend into the economy. “The Fed would be much better off cutting rates as US tariffs start to transition (ease!) their way into the economy. Do the right thing,” Trump said in a post on Truth Social after the Fed’s policy decision. In Thursday’s session, investors will focus on the US Initial Jobless Claims data for the week ending March 15, which will be published at 12:30 GMT. The Department of Labor is expected to report that individuals claiming jobless benefits for the first time increased to 224K from the former release of 220K. Technical Analysis: Pound Sterling sees more upside above 1.3000 The Pound Sterling struggles to extend its two-month rally above the key level of 1.3000 against the US Dollar on Thursday. GBP/USD bulls take a breather as the 14-day Relative Strength Index (RSI) reached overbought levels above 70.00. However, this doesn’t reflect that the bullish trend is over. The upside trend could resume once the momentum oscillator cools down to near 60.00. Advancing 20-day and 50-day Exponential Moving Averages (EMAs) near 1.2850 and 1.2705, respectively, suggest that the overall trend is bullish. Looking down, the 50% Fibo retracement at 1.2770 and the 38.2% Fibo retracement at 1.2615 will act as key support zones for the pair. On the upside, the October 15 high of 1.3100 will act as a key resistance zone. Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

09:56 USD/TRY advances to near 38.00 as political unrest erupts in Turkey
USD/TRY continues to gain ground as the US Dollar (USD) extends its gains, trading around 38.00 during the early European hours on Thursday.

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On Wednesday, the Federal Reserve held the federal funds rate steady at 4.25%–4.5% during its March meeting. Fed Chair Jerome Powell noted, “Labor market conditions are solid, and inflation has moved closer to our 2% longer-run goal, though it remains somewhat elevated.” Traders will likely observe the weekly Initial Jobless Claims, seconded by the Philly Fed Manufacturing Index and Existing Home Sales due on Thursday. However, the Greenback might have received downward pressure from declining yields after the Federal Reserve (Fed) reaffirmed its outlook for two rate cuts later this year. However, uncertainty surrounding US President Donald Trump’s tariff policies adds a layer of caution. The 2-year yield stands at 3.97%, and the 10-year yield at 4.24% at the time of writing. Meanwhile, US Treasury bonds gained traction following the Fed’s decision to slow the pace of quantitative tightening, citing concerns over reduced liquidity and potential risks tied to government debt limits. Additionally, the Turkish Lira faces headwinds as political unrest erupts following the arrest of Istanbul Mayor Ekrem Imamoglu. His detention on Tuesday has sparked widespread protests, the largest seen in years. Many political analysts view Imamoglu as President Recep Tayyip Erdogan’s strongest rival and the most likely opposition candidate for the 2028 presidential election. Earlier this month, the Central Bank of the Republic of Türkiye (CBRT) cut its benchmark one-week repo auction rate by 250 basis points to 42.5%—its lowest level since December 2023. The Monetary Policy Committee (MPC) justified the move by citing a decline in the core inflation trend in February, following January’s increase (39.05% vs. 42.12%). Despite supportive domestic demand for disinflation and improving inflation expectations, risks remain in Türkiye. The central bank has reaffirmed its commitment to maintaining a tight monetary policy stance until inflation and price stability are achieved. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

09:25 Forex Today: US Dollar struggles to gather strength after Fed, attention turns to BoE
Here is what you need to know on Thursday, March 20: The US Dollar (USD) finds it difficult to outperform its rivals on Thursday as markets digest the Federal Reserve's (Fed) policy announcements.

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The Bank of England (BoE) will release the interest rate decision later in the session and the US economic calendar will feature weekly Initial Jobless Claims data, alongside Existing Homes figures for February. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD -0.06% -0.31% -0.19% -0.24% 0.23% -0.39% -0.91% EUR 0.06% -0.37% -0.52% -0.17% 0.16% -0.34% -0.88% GBP 0.31% 0.37% 0.15% -0.01% 0.51% 0.02% -0.58% JPY 0.19% 0.52% -0.15% -0.03% 0.22% -0.14% -0.85% CAD 0.24% 0.17% 0.01% 0.03% 0.27% -0.15% -1.22% AUD -0.23% -0.16% -0.51% -0.22% -0.27% -0.47% -1.02% NZD 0.39% 0.34% -0.02% 0.14% 0.15% 0.47% -0.54% CHF 0.91% 0.88% 0.58% 0.85% 1.22% 1.02% 0.54% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). The Fed left the interest rate unchanged at 4.25%-4.5% following the March meeting, as widely anticipated. The revised Summary of Economic Projections showed that policymakers still project a total of 50 basis points (bps) reduction in rates in 2025. The Gross Domestic Product (GDP) growth forecast for this year got revised lower to 1.7% from 2.1% in December's SEP. In the post-meeting press conference, Fed Chairman Powell reiterated that they will not be in a hurry to move on rate cuts, adding that they can maintain policy restraint for longer if the economy remains strong. The USD Index failed to make a decisive move in either direction following the Fed event and closed marginally higher on Wednesday. Early Thursday, the index moves sideways at around 103.50. The UK's Office for National Statistics reported on Thursday that the ILO Unemployment Rate held steady at 4.4% in the three months to January, as expected. In this period, the Employment Change was up by 144,000. GBP/USD trades marginally lower on the day below 1.3000 following the UK jobs report. Later in the day, the BoE is widely anticipated to maintain its policy settings. There will not be a press conference following the release of the rate decision. Hence, investors are likely to pay close attention to the vote split. The Swiss National Bank (SNB) will also announce policy decisions on Thursday, and it's expected to lower the policy rate by 25 bps to 0.25%. Following a two-day decline, USD/CHF found support and closed virtually unchanged on Wednesday. The pair fluctuates in a relatively tight channel above 0.8750 in the European morning.EUR/USD lost about 0.4% on Wednesday and snapped a three-day winning streak. The pair struggles to gain traction and trades below 1.0900 to begin the European session. European Central Bank (ECB) President Christine Lagarde will deliver a speech before the European Parliament on Thursday. After testing 150.00 on Wednesday, USD/JPY reversed its direction and ended the day in the red. The pair continues to edge lower and trades below 148.50 on Thursday.Gold closed marginally higher on Wednesday and touched a new record-high above $3,050 in the Asian session on Thursday before going into a consolidation phase below this level. BoE FAQs What does the Bank of England do and how does it impact the Pound? The Bank of England (BoE) decides monetary policy for the United Kingdom. Its primary goal is to achieve ‘price stability’, or a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall. This also impacts the value of the Pound Sterling (GBP). How does the Bank of England’s monetary policy influence Sterling? When inflation is above the Bank of England’s target it responds by raising interest rates, making it more expensive for people and businesses to access credit. This is positive for the Pound Sterling because higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls below target, it is a sign economic growth is slowing, and the BoE will consider lowering interest rates to cheapen credit in the hope businesses will borrow to invest in growth-generating projects – a negative for the Pound Sterling. What is Quantitative Easing (QE) and how does it affect the Pound? In extreme situations, the Bank of England can enact a policy called Quantitative Easing (QE). QE is the process by which the BoE substantially increases the flow of credit in a stuck financial system. QE is a last resort policy when lowering interest rates will not achieve the necessary result. The process of QE involves the BoE printing money to buy assets – usually government or AAA-rated corporate bonds – from banks and other financial institutions. QE usually results in a weaker Pound Sterling. What is Quantitative tightening (QT) and how does it affect the Pound Sterling? Quantitative tightening (QT) is the reverse of QE, enacted when the economy is strengthening and inflation starts rising. Whilst in QE the Bank of England (BoE) purchases government and corporate bonds from financial institutions to encourage them to lend; in QT, the BoE stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive for the Pound Sterling.

09:15 EUR/GBP holds positive ground near 0.8400 after UK employment data
The EUR/GBP cross holds positive ground near 0.8390 during the early European trading hours on Thursday.

09:08 United Kingdom Claimant Count Rate: 4.7% (February) vs 4.6%
United Kingdom Claimant Count Rate: 4.7% (February) vs 4.6%

09:01 Germany Producer Price Index (YoY) came in at 0.7% below forecasts (1%) in February
Germany Producer Price Index (YoY) came in at 0.7% below forecasts (1%) in February

09:01 UK Unemployment Rate steadies at 4.4% in the quarter to January as expected
The United Kingdom’s (UK) ILO Unemployment Rate stayed unchanged at 4.4% in the three months to January, data published by the Office for National Statistics (ONS) showed on Thursday.

The UK Unemployment Rate stays at 4.4% in three months to January.The Claimant Count Change for Britain came in at 44.2K in January.GBP/USD remains below 1.3000 after mixed UK employment data.The United Kingdom’s (UK) ILO Unemployment Rate stayed unchanged at 4.4% in the three months to January, data published by the Office for National Statistics (ONS) showed on Thursday. The market consensus was for a 4.4% reading in the reported period. Additional details of the report showed that the number of people claiming jobless benefits increased by 44.2K in February, compared with a gain of 22K in January, missing the expected 7.9K figure.

09:01 Switzerland Exports (MoM) rose from previous 24450M to 24744M in February
Switzerland Exports (MoM) rose from previous 24450M to 24744M in February

09:01 Switzerland Imports (MoM) climbed from previous 18326M to 19941M in February
Switzerland Imports (MoM) climbed from previous 18326M to 19941M in February

09:01 United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) meets forecasts (5.9%) in January
United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) meets forecasts (5.9%) in January

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) below forecasts (5.9%) in January: Actual (5.8%)
United Kingdom Average Earnings Including Bonus (3Mo/Yr) below forecasts (5.9%) in January: Actual (5.8%)

09:00 Switzerland Trade Balance declined to 4803M in February from previous 6124M
Switzerland Trade Balance declined to 4803M in February from previous 6124M

09:00 United Kingdom Employment Change (3M) up to 144K in January from previous 107K
United Kingdom Employment Change (3M) up to 144K in January from previous 107K

09:00 Germany Producer Price Index (MoM) below forecasts (0.1%) in February: Actual (-0.2%)
Germany Producer Price Index (MoM) below forecasts (0.1%) in February: Actual (-0.2%)

09:00 United Kingdom ILO Unemployment Rate (3M) meets forecasts (4.4%) in January
United Kingdom ILO Unemployment Rate (3M) meets forecasts (4.4%) in January

09:00 United Kingdom Claimant Count Change above expectations (7.9K) in February: Actual (44.2K)
United Kingdom Claimant Count Change above expectations (7.9K) in February: Actual (44.2K)

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) in line with expectations (5.9%) in January
United Kingdom Average Earnings Including Bonus (3Mo/Yr) in line with expectations (5.9%) in January

09:00 BoE expected to hold interest rate at 4.50% amid stubborn inflation and weak economic outlook
The Bank of England (BoE) is set to reveal its monetary policy decision on Thursday, marking the second meeting of 2025.

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50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Bank of England is expected to hold its policy rate at 4.50%.UK inflation figures remain well above the BoE’s target.GBP/USD extends its rally past the psychological 1.3000 barrier.The Bank of England (BoE) is set to reveal its monetary policy decision on Thursday, marking the second meeting of 2025. Expectations are high among market watchers that the central bank will keep its benchmark rate at 4.50%, following a 25 basis point reduction in the previous month. Alongside the decision, the BoE will publish the meeting Minutes, and Governor Andrew Bailey will hold a press conference to shed light on the reasoning behind the move. Barring any surprises in the interest rate decision, all eyes will then shift to the bank’s forward guidance and economic outlook. UK economic outlook: Stubborn inflation, fading growth The Bank of England (BoE) lived up to expectations in February, delivering a hawkish rate cut backed unanimously by the nine-member Monetary Policy Committee (MPC). Meanwhile, fresh data from the Office for National Statistics (ONS) revealed an unexpected uptick in the UK’s annual headline inflation, which climbed to 3.0% in January from 2.5% in December. Core inflation, which excludes food and energy costs, also rose, hitting 3.7% over the last 12 months. In addition, growth figures painted a less optimistic picture. The UK’s Gross Domestic Product (GDP) unexpectedly shrank by 0.1% in January. Furthermore, downbeat Industrial and Manufacturing Production data also added to the gloomy picture, while the S&P Global Manufacturing PMI remained stuck in contraction territory during the same month. Following these disheartening prints, the swaps market now sees around 56 basis points of easing by the BoE through year-end. At the BoE’s latest monetary policy gathering, Governor Andrew Bailey explained that global economic uncertainty played a key role in the decision to add the word "careful" to the bank's future interest rate guidance. At a news conference, he remarked that this uncertainty was "two-sided" — suggesting it could either hinder the disinflation process or, conversely, accelerate it. "It could lead to conditions which actually make the path of disinflation less assured," Bailey noted, before adding that it "frankly could also... lead to conditions which have the opposite effect and lead to it being a faster path for disinflation." How will the BoE interest rate decision impact GBP/USD? As previously mentioned, investors widely anticipate the BoE keeping its interest rate unchanged on Thursday at 12:00 GMT. With that in mind, the British Pound (GBP) will likely stand pat to the decision, but it could show some reaction to how rate-setters vote. Investors will also pay close attention to Governor Andrew Bailey’s remarks. Ahead of the event, GBP/USD managed to trespass, albeit briefly, the psychological 1.3000 barrier, with the pair closely following USD dynamics as well as developments in the US tariff narrative. Pablo Piovano, Senior Analyst at FXStreet, noted that GBP/USD managed to break above the critical 1.3000 hurdle earlier in the week, coming under some renewed downside pressure since then. “Once Cable clears its 2025 high of 1.3009 (set on March 18), it could embark on a potential visit to the November 2024 top at 1.3047”, Piovano added. “On the downside, the 200-day SMA at 1.2795 serves as the initial safety net, supported by the transitory 100-day SMA at 1.2621 and the weekly low of 1.2558 (February 28). If selling pressure accelerates, the pair could dip toward the 55-day SMA at 1.2552, followed by deeper support at the February trough of 1.2248 (February 3) and the 2025 bottom at 1.2099 (January 13)”, Piovano concluded. Economic Indicator BoE Interest Rate Decision The Bank of England (BoE) announces its interest rate decision at the end of its eight scheduled meetings per year. If the BoE is hawkish about the inflationary outlook of the economy and raises interest rates it is usually bullish for the Pound Sterling (GBP). Likewise, if the BoE adopts a dovish view on the UK economy and keeps interest rates unchanged, or cuts them, it is seen as bearish for GBP. Read more. Next release: Thu Mar 20, 2025 12:00 Frequency: IrregularConsensus: 4.5%Previous: 4.5%Source: Bank of England UK gilt yields FAQs What are UK Gilt Yields? UK Gilt Yields measure the annual return an investor can expect from holding UK government bonds, or Gilts. Like other bonds, Gilts pay interest to holders at regular intervals, the ‘coupon’, followed by the full value of the bond at maturity. The coupon is fixed but the Yield varies as it takes into account changes in the bond's price. For example, a Gilt worth 100 Pounds Sterling might have a coupon of 5.0%. If the Gilt's price were to fall to 98 Pounds, the coupon would still be 5.0%, but the Gilt Yield would rise to 5.102% to reflect the decline in price. What factors influence the level of Gilt Yields? Many factors influence Gilt yields, but the main ones are interest rates, the strength of the British economy, the liquidity of the bond market and the value of the Pound Sterling. Rising inflation will generally weaken Gilt prices and lead to higher Gilt yields because Gilts are long-term investments susceptible to inflation, which erodes their value. Higher interest rates impact existing Gilt yields because newly-issued Gilts will carry a higher, more attractive coupon. Liquidity can be a risk when there is a lack of buyers or sellers due to panic or preference for riskier assets. How do interest rates impact UK Gilt Yields? Probably the most important factor influencing the level of Gilt yields is interest rates. These are set by the Bank of England (BoE) to ensure price stability. Higher interest rates will raise yields and lower the price of Gilts because new Gilts issued will bear a higher, more attractive coupon, reducing demand for older Gilts, which will see a corresponding decline in price. How does inflation influence UK Gilt Yields? Inflation is a key factor affecting Gilt yields as it impacts the value of the principal received by the holder at the end of the term, as well as the relative value of the repayments. Higher inflation deteriorates the value of Gilts over time, reflected in a higher yield (lower price). The opposite is true of lower inflation. In rare cases of deflation, a Gilt may rise in price – represented by a negative yield. What is the relationship between Gilt Yields and the Pound Sterling? Foreign holders of Gilts are exposed to exchange-rate risk since Gilts are denominated in Pound Sterling. If the currency strengthens investors will realize a higher return and vice versa if it weakens. In addition, Gilt yields are highly correlated to the Pound Sterling. This is because yields are a reflection of interest rates and interest rate expectations, a key driver of Pound Sterling. Higher interest rates, raise the coupon on newly-issued Gilts, attracting more global investors. Since they are priced in Pounds, this increases demand for Pound Sterling.

07:56 US Dollar Index Price Forecast: Bearish outlook remains in play near 103.50
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in positive territory near 103.50 during the early European session on Thursday.

07:31 Netherlands, The Unemployment Rate s.a (3M): 3.8% (February)
Netherlands, The Unemployment Rate s.a (3M): 3.8% (February)

07:12 EUR/USD remains subdued around 1.0900 ahead of ECB’s Lagarde speech
EUR/USD loses ground for the second successive day, trading around 1.0900 during Asian hours on Thursday.

07:06 FX option expiries for Mar 20 NY cut
FX option expiries for Mar 20 NY cut at 10:00 Eastern Time via DTCC can be found below.

FX option expiries for Mar 20 NY cut at 10:00 Eastern Time via DTCC can be found below. EUR/USD: EUR amounts 1.0800 1.6b 1.0860 834m 1.0875 1.6b 1.0900 2.7b 1.0910 1.5b GBP/USD: GBP amounts 1.3000 452m USD/JPY: USD amounts 150.00 813m 150.70 905m USD/CHF: USD amounts 0.8800 419m AUD/USD: AUD amounts 0.6400 1b 0.6405 639m USD/CAD: USD amounts 1.4125 485m 1.4500 731m NZD/USD: NZD amounts 0.5670 1.5b EUR/GBP: EUR amounts 0.8400 655m

06:54 GBP/JPY Price Forecast: Slides below 193.00 ahead of BoE; set up warrants caution for bears
The GBP/JPY cross attracts sellers for the second successive day on Thursday and extends this week's retracement slide from the vicinity of the 195.00 psychological mark, or over a two-month high.

06:53 USD/CHF attracts some sellers to near 0.8750 ahead of SNB rate decision
The USD/CHF pair attracts some sellers to near 0.8760 during the Asian trading hours on Thursday.

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On Wednesday, the Fed kept interest rates unchanged in a range of 4.25% to 4.5% at its March meeting, as widely expected. The US central bank signaled it will cut rates two more times this year, in line with its previous projection from December.

However, the Fed officials lowered its forecast for economic growth and revised both its inflation projection and unemployment estimates higher. This, in turn, weighs on the USD against the Swiss Franc (CHF). Traders are now pricing in nearly 66 basis points (bps) of rate cuts this year from the Fed, about two rate reductions of 25 bps each, with a cut in July fully priced in, according to the LSEG data.

On the Swiss front, the markets expect the SNB to lower its benchmark interest rate by 25 bps to 0.25% at its policy meeting on Thursday. The decision follows a 50 bps reduction in December and comes amid subdued inflation, a strong CHF, and an uncertain global economic outlook. Nonetheless, worries about the CHF's strength remain, and the Swiss central bank could attempt to alleviate this pressure by cutting interest rates and maybe intervening in the foreign currency market. Swiss Franc FAQs What key factors drive the Swiss Franc? The Swiss Franc (CHF) is Switzerland’s official currency. It is among the top ten most traded currencies globally, reaching volumes that well exceed the size of the Swiss economy. Its value is determined by the broad market sentiment, the country’s economic health or action taken by the Swiss National Bank (SNB), among other factors. Between 2011 and 2015, the Swiss Franc was pegged to the Euro (EUR). The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc (CHF) is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks. Turbulent times are likely to strengthen CHF value against other currencies that are seen as more risky to invest in. How do decisions of the Swiss National Bank impact the Swiss Franc? The Swiss National Bank (SNB) meets four times a year – once every quarter, less than other major central banks – to decide on monetary policy. The bank aims for an annual inflation rate of less than 2%. When inflation is above target or forecasted to be above target in the foreseeable future, the bank will attempt to tame price growth by raising its policy rate. Higher interest rates are generally positive for the Swiss Franc (CHF) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken CHF. How does economic data influence the value of the Swiss Franc? Macroeconomic data releases in Switzerland are key to assessing the state of the economy and can impact the Swiss Franc’s (CHF) valuation. The Swiss economy is broadly stable, but any sudden change in economic growth, inflation, current account or the central bank’s currency reserves have the potential to trigger moves in CHF. Generally, high economic growth, low unemployment and high confidence are good for CHF. Conversely, if economic data points to weakening momentum, CHF is likely to depreciate. How does the Eurozone monetary policy affect the Swiss Franc? As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland’s main economic partner and a key political ally, so macroeconomic and monetary policy stability in the Eurozone is essential for Switzerland and, thus, for the Swiss Franc (CHF). With such dependency, some models suggest that the correlation between the fortunes of the Euro (EUR) and the CHF is more than 90%, or close to perfect.

06:35 India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Thursday, according to data compiled by FXStreet.

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The price for Gold stood at 8,472.91 Indian Rupees (INR) per gram, up compared with the INR 8,452.50 it cost on Wednesday. The price for Gold increased to INR 98,821.50 per tola from INR 98,588.26 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,472.91 10 Grams 84,724.63 Tola 98,821.50 Troy Ounce 263,538.00 2025 Gold Forecast Guide [PDF] Download your free copy of the 2025 Gold Forecast Daily Digest Market Movers: Gold price continues to attract safe-haven flows amid trade jitters, geopolitical risks Asian equity markets track the overnight gains on Wall Street, bolstered by the Federal Reserve's decision to keep interest rates unchanged and maintain its rate cut forecast for the year. As was widely expected, the US central bank held interest rates steady for the second straight meeting and signaled that it would deliver two 25 basis points rate cuts by the end of this year. Adding to this, US President Donald Trump and Russian President Vladimir Putin agreed on Tuesday for an immediate pause in strikes against energy infrastructure in the Ukraine war. Moreover, Ukrainian President Volodymyr Zelenskiy and Trump also agreed to work together to end the protracted Russia-Ukraine war, which further boosted investors' confidence. Meanwhile, Fed officials trimmed their growth forecast for the year amid the growing uncertainty over the impact of the Trump administration's aggressive trade policies on economic activity. Trump imposed a flat 25% duty on steel and aluminum since February and has threatened to impose reciprocal and sectoral tariffs, fueling worries about a global trade war. Traders now see over a 65% chance that the Fed would resume its rate-cutting cycle at the June policy meeting. This, in turn, fails to assist the US Dollar in registering any meaningful recovery from a multi-month low touched earlier this week and should lend some support to the non-yielding Gold price amid the risk of a further escalation of tensions in the Middle East. The Israeli military said that it launched a limited ground incursion into Gaza, a day after an aerial bombardment of the strip that shattered the two-month-old ceasefire with Hamas. Moreover, Israeli Prime Minister Benjamin Netanyahu warned of fierce war expansion, which should continue to underpin the safe-haven precious metal and limit any corrective slide. Traders now look forward to the latest monetary policy updates from the Bank of England and the Swiss National Bank. Later during the North American session, the US economic docket – featuring the usual Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, and Existing Home Sales data – could produce short-term opportunities around the XAU/USD. FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. (An automation tool was used in creating this post.)

06:11 Gold price bulls retain control near all-time peak amid the flight to safety
Gold price (XAU/USD) enters a bullish consolidation phase after touching a fresh all-time peak during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Gold price hits fresh record high as a combination of factors continues to boost safe-haven demand.The Fed’s dovish outlook keeps the USD bulls on the defensive and further underpins the XAU/USD.Slightly overbought conditions and a positive risk tone act as a headwind for the precious metal.Gold price (XAU/USD) enters a bullish consolidation phase after touching a fresh all-time peak during the Asian session on Thursday. Bulls now seem reluctant to place fresh bets amid slightly overbought conditions and a positive risk tone, which tends to undermine the safe-haven precious metal. Any meaningful corrective decline, however, still seems elusive in the wake of the growing uncertainty over US President Donald Trump's trade policies and their impact on the global economy. Apart from this, geopolitical risk and dovish Federal Reserve (Fed) expectations should act as a tailwind for the non-yielding Gold price. Meanwhile, the US Dollar (USD) struggles to gain any meaningful traction and languishes near its lowest level since October touched earlier this week amid bets that the Fed will resume its rate-cutting cycle soon. This could further contribute to limiting the downside for the commodity and warrants caution before confirming a near-term top for the bullion. Daily Digest Market Movers: Gold price continues to attract safe-haven flows amid trade jitters, geopolitical risks Asian equity markets track the overnight gains on Wall Street, bolstered by the Federal Reserve's decision to keep interest rates unchanged and maintain its rate cut forecast for the year. As was widely expected, the US central bank held interest rates steady for the second straight meeting and signaled that it would deliver two 25 basis points rate cuts by the end of this year. Adding to this, US President Donald Trump and Russian President Vladimir Putin agreed on Tuesday for an immediate pause in strikes against energy infrastructure in the Ukraine war. Moreover, Ukrainian President Volodymyr Zelenskiy and Trump also agreed to work together to end the protracted Russia-Ukraine war, which further boosted investors' confidence. Meanwhile, Fed officials trimmed their growth forecast for the year amid the growing uncertainty over the impact of the Trump administration's aggressive trade policies on economic activity. Trump imposed a flat 25% duty on steel and aluminum since February and has threatened to impose reciprocal and sectoral tariffs, fueling worries about a global trade war. Traders now see over a 65% chance that the Fed would resume its rate-cutting cycle at the June policy meeting. This, in turn, fails to assist the US Dollar in registering any meaningful recovery from a multi-month low touched earlier this week and should lend some support to the non-yielding Gold price amid the risk of a further escalation of tensions in the Middle East. The Israeli military said that it launched a limited ground incursion into Gaza, a day after an aerial bombardment of the strip that shattered the two-month-old ceasefire with Hamas. Moreover, Israeli Prime Minister Benjamin Netanyahu warned of fierce war expansion, which should continue to underpin the safe-haven precious metal and limit any corrective slide. Traders now look forward to the latest monetary policy updates from the Bank of England and the Swiss National Bank. Later during the North American session, the US economic docket – featuring the usual Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, and Existing Home Sales data – could produce short-term opportunities around the XAU/USD. Gold price needs to consolidate before the next leg up amid slightly overbought conditions on the daily chart The daily Relative Strength Index (RSI) remains above the 70 mark, flashing overbought conditions and holding back bulls from placing fresh bets. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before traders start positioning for an extension of the recent well-established uptrend witnessed over the past three months or so. That said, the recent breakout through the $3,000 psychological mark and the subsequent move up suggest that the path of least resistance for the Gold price remains to the upside. Meanwhile, any meaningful corrective slide is likely to attract some dip-buyers around the $3,023-3,022 area. This should help limit the downside near the $3,000 mark, which should now act as a key pivotal point for short-term traders. A convincing break below the latter might prompt some technical selling and drag the Gold price to the $2,980-2,978 intermediate support en route to the $2,956 region. The downward trajectory could extend further towards the $2,930 support before the XAU/USD drops to the $2,900 mark and last week's swing low, around the $2.880 area. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

05:53 GBP/USD Price Forecast: Holds position above 1.3000 near five-month highs
The GBP/USD pair remains in positive territory for the fourth successive session, trading around 1.3010 during the Asian hours on Thursday.

05:13 Silver Price Forecast: XAG/USD remains below $34.00 after Fed rate decision
Silver price (XAG/USD) holds onto gains after a previous session of losses, trading around $33.80 per troy ounce during Asian hours on Thursday.

04:59 Japanese Yen hits fresh weekly high against USD amid divergent BoJ-Fed expectations
The Japanese Yen (JPY) attracts buyers for the second straight day and strengthens to a fresh weekly high against its American counterpart during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Japanese Yen draws support from BoJ rate hike bets and the global flight to safety.Trade jitters and escalating geopolitical tensions continue to benefit safe-haven assets. The divergent BoJ-Fed expectations also exert downward pressure on the USD/JPY pair.The Japanese Yen (JPY) attracts buyers for the second straight day and strengthens to a fresh weekly high against its American counterpart during the Asian session on Thursday. Expectations that strong wage growth could boost consumer spending and contribute to rising inflation give the Bank of Japan (BoJ) headroom to keep hiking interest rates. This led to the recent sharp narrowing of the rate differential between Japan and other countries, which continues to support the lower-yielding JPY. Apart from this, the uncertainty over US President Donald Trump's trade policies and their impact on the global economy, along with geopolitical risks and the Turkish political crisis, drive some safe-haven flows toward the JPY. The US Dollar (USD), on the other hand, struggles to gain any meaningful traction amid increased economic uncertainty on the back of US President Donald Trump’s trade tariffs. This, in turn, exerts pressure on the USD/JPY pair and contributes to the intraday downfall. Japanese Yen is underpinned by hawkish BoJ expectations and persistent safe-haven demand The Bank of Japan decided to keep its key policy rate steady at the end of a two-day review meeting on Wednesday and noted that the uncertainty surrounding Japan's economy, and prices remains high. In the post-meeting presser, BoJ Governor Kazuo Ueda said that the central bank wants to conduct policies before it is too late and that achieving a 2% inflation target is important for long-term credibility. The Federal Reserve, as was widely anticipated, also held interest rates steady for the second meeting in a row and signaled that it is likely to deliver two 25 basis points rate cuts by the end of this year. Meanwhile, policymakers trimmed their growth forecast for the year amid the growing uncertainty over the impact of US President Donald Trump's aggressive trade policies on economic activity. Furthermore, the Fed gave a bump higher to its inflation projection. Traders, however, still see over a 65% chance that the US central bank would resume its rate-cutting cycle at the June policy meeting. Ukrainian President Volodymyr Zelenskiy and Trump agreed to work together to end the Russia-Ukraine war. Russian President Vladimir Putin, however, rejected a proposed full 30-day ceasefire. The Israeli military said that it launched a limited ground incursion into Gaza, a day after an aerial bombardment of the strip that shattered the two-month-old ceasefire with Hamas. Israeli Prime Minister Benjamin Netanyahu warned of fierce war expansion, raising the risk of a further escalation of Middle East tensions and benefiting safe-haven assets, including the Japanese Yen. USD/JPY seems vulnerable to weaken further and aim to test the 147.75 next relevant support From a technical perspective, the overnight failure to find acceptance above the 150.00 psychological mark and the subsequent decline suggests that the recent bounce from a multi-month low has run out of steam. Moreover, negative oscillators on the daily chart support prospects for a further depreciating move for the USD/JPY pair. Hence, some follow-through weakness below the 148.00 mark, towards the next relevant support near the 147.75 horizontal support, looks like a distinct possibility. The downward trajectory could extend further towards the 147.30 region en route to the 147.00 round figure and the 146.55-146.50 area, or the lowest level since early October touched earlier this month. On the flip side, any attempted recovery might now confront an immediate hurdle near the Asian session high, just ahead of the 149.00 mark. This is followed by the 149.25-149.30 supply zone, above which the USD/JPY pair could aim to reclaim the 150.00 mark. Some follow-through buying beyond the overnight swing high, around the 150.15 region, could prompt a short-covering rally and lift spot prices to the 150.60 intermediate barrier en route to the 151.00 mark and the monthly peak, around the 151.30 region. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. How does the differential between Japanese and US bond yields impact the Japanese Yen? Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

04:45 USD/INR remains strong after Fed leaves interest rates unchanged
The Indian Rupee (INR) trades in negative territory on Thursday.

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However, India’s latest current account data, which showed a surplus in February, might help limit the INR’s losses. The Reserve Bank of India (RBI) has likely been "opportunistically" absorbing USD inflows over the past few sessions, probably to replenish the foreign exchange reserve expanded to support the INR over the past few months, according to reports. Looking ahead, the US weekly Initial Jobless Claims will be released later on Thursday, followed by the Philly Fed Manufacturing Index, Existing Home Sales, and the CB Leading Index. Indian Rupee remains fragile amid multiple headwinds India's foreign exchange reserves have risen from $624 billion in January to $654 billion by early March, though they remain $50 billion below their peak in October. The Fed held rates steady at the 4.25%-4.50% range at the March meeting on Wednesday, as widely anticipated. Fed officials still see reducing borrowing costs by half a percentage point by the end of this year due to slowing economic growth and a downturn in inflation. Fed Chair Jerome Powell highlighted the high degree of uncertainty from US President Donald Trump’s significant policy changes, adding that the Fed officials can wait for more clarity on the impact of those policies on the economy before acting. Powell stated during a press conference, “Labor market conditions are solid, and inflation has moved closer to our 2% longer-run goal, though it remains somewhat elevated.” USD/INR keeps the bullish vibe in the longer term The Indian Rupee trades on a softer note on the day. In the longer term, the USD/INR pair maintains its constructive outlook on the daily timeframe. Nonetheless, in the near term, the pair has broken out of a symmetrical triangle, while the 14-day Relative Strength Index (RSI) stands below the midline near 37.00, suggesting that further downside looks favorable.

The 87.00 psychological level appears to be a tough nut to crack for USD/INR. A decisive break above this level could see a rally to 87.38, the high of March 11, en route to 87.53, the high of February 28.

On the downside, the crucial support level is located at 86.00, the round mark and the 100-day EMA. A breach of the mentioned level could attract some sellers and drag the pair lower to 85.60, the low of January 6. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference. What macroeconomic factors influence the value of the Indian Rupee? Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee. How does inflation impact the Indian Rupee? Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.

04:39 US President Trump: Federal Reserve would benefit from reducing rates
In his latest post on the Truth Social platform, US President Donald Trump called on the Federal Reserve (Fed) to lower interest rates, as tariffs are hurting the economy.

In his latest post on the Truth Social platform, US President Donald Trump called on the Federal Reserve (Fed) to lower interest rates, as tariffs are hurting the economy. Key quotes "The Fed would be MUCH better off CUTTING RATES as US tariffs start to transition (ease!) their way into the economy.” “Do the right thing.” “April 2nd is Liberation Day in America!!!"

04:22 AUD/JPY falls to near 94.00 following disappointing Australia’s Employment Change
AUD/JPY continues its losing streak for the third consecutive session, trading around 94.00 during Asian hours on Thursday.

03:43 Australian Dollar declines following employment figures, China’s interest rates
The Australian Dollar (AUD) weakens against the US Dollar (USD) on Thursday, reversing gains from the previous session.

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p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Australian Dollar depreciated as Employment Change declined by 52.8K in February, missing the consensus forecast of a 30.0K increase.The PBOC kept its Loan Prime Rates (LPRs) unchanged, with the one- and five-year rates at 3.10% and 3.60%, respectively.The Fed reaffirmed its expectation of two rate cuts later this year but highlighted uncertainty arising from Trump’s tariff policies.The Australian Dollar (AUD) weakens against the US Dollar (USD) on Thursday, reversing gains from the previous session. The AUD/USD pair declines as the AUD receives downward pressure following the release of domestic employment data. Australia’s Employment Change dropped by 52.8K in February against the 30.5K increase in January (revised from 44K), falling short of the consensus forecast of 30.0K rise. Meanwhile, the seasonally adjusted Unemployment Rate remained steady at 4.1% in February, aligning with market expectations. In China, the People’s Bank of China (PBOC) kept its Loan Prime Rates (LPRs) unchanged on Thursday, with the one-year rate at 3.10% and the five-year rate at 3.60%. The Federal Reserve maintained the federal funds rate at 4.25%–4.5% in its March meeting, as widely expected. The Fed reaffirmed its outlook for two rate cuts later this year but cited uncertainty stemming from US President Donald Trump’s tariff policies. Australian Dollar could find support as US Dollar struggles following Fed decision The US Dollar Index (DXY), which measures the USD against six major currencies, is trading lower near 103.40. The Greenback faced pressure as yields on US Treasury bonds declined, with the 2-year yield at 3.97% and the 10-year yield at 4.24%. However, the US Dollar found some stability after hawkish remarks from Fed Chair Jerome Powell, who stated, “Labor market conditions are solid, and inflation has moved closer to our 2% longer-run goal, though it remains somewhat elevated.” President Trump and Russian President Vladimir Putin, on Tuesday, agreed to an immediate pause in strikes targeting energy infrastructure in the Ukraine war. In a Truth Social post following his call with Putin, Trump stated that both sides had committed to a 30-day halt on attacks against each other's energy infrastructure, mirroring statements from the Kremlin. Putin declined to endorse a broader month-long ceasefire negotiated by Trump’s team with Ukrainian officials in Saudi Arabia, signaling continued tensions despite the temporary agreement on energy targets. Trump reaffirmed plans to impose reciprocal and sectoral tariffs on April 2. Trump confirmed that there would be no exemptions for steel and aluminum and mentioned that reciprocal tariffs on specific countries would be implemented alongside auto duties. According to Reuters, Trump’s proposal to boost US shipbuilding by imposing steep fees on China-linked vessels entering American ports is causing a buildup of US coal inventories and increasing uncertainty in the already struggling agriculture sector. Treasurer Jim Chalmers addressed trade tensions in a speech on Tuesday, rejecting a "race to the bottom" on tariffs. Chalmers criticized the Trump administration’s trade policies as "self-defeating and self-sabotaging," emphasizing Australia’s need to focus on economic resilience rather than retaliation. He also condemned the US decision to exclude Australia from steel and aluminum tariff exemptions, calling it "disappointing, unnecessary, senseless, and wrong," as per "The Guardian". On Monday, Reserve Bank of Australia (RBA) Assistant Governor (Economic) Sarah Hunter reiterated the central bank’s cautious stance on rate cuts. The RBA’s February statement signaled a more conservative approach than market expectations, with a strong focus on monitoring US policy decisions and their potential impact on Australia’s inflation outlook. Australian Dollar breaks below 0.6350, ascending channel’s lower boundary AUD/USD is trading near 0.6330 on Thursday, with technical analysis suggesting a weakening bullish bias as the pair breaks below the ascending channel pattern. However, the 14-day Relative Strength Index (RSI) remains above 50, indicating that bullish momentum is still in play. The pair may attempt to surpass the immediate resistance at the nine-day Exponential Moving Average (EMA) of 0.6337, which aligns with the lower boundary of the ascending channel. A return to the channel could reinforce the bullish outlook, potentially leading AUD/USD to retest its three-month high of 0.6408, last reached on February 21. Further resistance is seen at the upper boundary of the channel near 0.6490. On the downside, immediate support lies at the 50-day EMA at 0.6312. A decisive break below this key level could weaken the medium-term price momentum, exposing the AUD/USD pair to further downside pressure toward the six-week low of 0.6187, recorded on March 5. AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD -0.05% -0.01% -0.30% 0.02% 0.32% 0.36% -0.15% EUR 0.05% 0.03% -0.23% 0.06% 0.36% 0.41% -0.10% GBP 0.00% -0.03% -0.25% 0.02% 0.33% 0.38% -0.13% JPY 0.30% 0.23% 0.25% 0.30% 0.59% 0.62% 0.21% CAD -0.02% -0.06% -0.02% -0.30% 0.31% 0.35% -0.17% AUD -0.32% -0.36% -0.33% -0.59% -0.31% 0.05% -0.46% NZD -0.36% -0.41% -0.38% -0.62% -0.35% -0.05% -0.54% CHF 0.15% 0.10% 0.13% -0.21% 0.17% 0.46% 0.54% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Economic Indicator Employment Change s.a. The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. The statistic is adjusted to remove the influence of seasonal trends. Generally speaking, a rise in Employment Change has positive implications for consumer spending, stimulates economic growth, and is bullish for the Australian Dollar (AUD). A low reading, on the other hand, is seen as bearish. Read more. Last release: Thu Mar 20, 2025 00:30 Frequency: MonthlyActual: -52.8KConsensus: 30KPrevious: 44KSource: Australian Bureau of Statistics

03:34 WTI rises above $67.00 on geopolitical risks, Fed rate decision might cap gains
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.20 during the early Asian session on Thursday.

03:17 PBOC sets USD/CNY reference rate at 7.1754 vs. 7.1697 previous
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1754 as compared to the previous day's fix of 7.1697 and 7.2402 Reuters estimate.

03:04 PBOC leaves Loan Prime Rates unchanged in March
The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Thursday.

03:00 China PBoC Interest Rate Decision in line with forecasts (3.1%)
China PBoC Interest Rate Decision in line with forecasts (3.1%)

02:39 Australia Part-Time Employment dipped from previous -10.1K to -17K in February
Australia Part-Time Employment dipped from previous -10.1K to -17K in February

02:39 Australia Part-Time Employment up to 17K in February from previous -10.1K
Australia Part-Time Employment up to 17K in February from previous -10.1K

02:32 Australia’s Unemployment Rate steadies at 4.1% in February vs. 4.1% expected
Australia’s Unemployment Rate steadied at 4.1% in in February from 4.1% in January, according to the official data released by the Australian Bureau of Statistics (ABS) on Thursday.

02:30 Australia Unemployment Rate s.a. in line with forecasts (4.1%) in February
Australia Unemployment Rate s.a. in line with forecasts (4.1%) in February

02:30 Australia Participation Rate came in at 66.8%, below expectations (67.3%) in February
Australia Participation Rate came in at 66.8%, below expectations (67.3%) in February

02:30 Australia Employment Change s.a. below expectations (30K) in February: Actual (-52.8K)
Australia Employment Change s.a. below expectations (30K) in February: Actual (-52.8K)

02:30 Australia Full-Time Employment dipped from previous 54.1K to -35.7K in February
Australia Full-Time Employment dipped from previous 54.1K to -35.7K in February

02:11 NZD/USD gathers strength above 0.5800 as New Zealand exits recession
The NZD/USD pair trades in a positive territory around 0.5820 during the early Asian session on Thursday.

02:10 EUR/USD holds steady after Fed treads water on rates
EUR/USD remained bolstered above the 1.0900 handle on Wednesday, propped up by a general easing in Greenback flows after the Federal Reserve (Fed) met markets in the middle and held rates steady for another meeting.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD remains hobbled on the south side of 1.1000.The Fed held interest rate steady, as investors expected.Despite downside risks to growth and inflation, Fed still sees rate cuts in 2025.EUR/USD remained bolstered above the 1.0900 handle on Wednesday, propped up by a general easing in Greenback flows after the Federal Reserve (Fed) met markets in the middle and held rates steady for another meeting. Fed Chair Jerome Powell noted that growth projections for 2025 have been significantly hindered by the Trump administration's erratic policy of announcing trade tariffs on social media only to later retract them. As a result, the Federal Open Market Committee (FOMC) revised its end-2025 Gross Domestic Product (GDP) forecast to 1.7%, a sharp decline from the 2.1% estimate shared in December.Fed's Powell: We are not going to be in any hurry to move on rate cutsAdditionally, the median dot plot suggests that the end-2025 interest rate will remain at 3.9%, indicating little change since the last policy meeting. The FOMC plans to begin slowing down its balance sheet runoff starting in April. Rate markets continue to signal a greater than 50% chance of a quarter-point rate cut in June, with most rate traders assigning a 65% probability of a quarter-point or larger cut on June 18. Despite rising risks to the US economy from lagging growth metrics and increasing concerns that the US's erratic tariff policy could trigger both new inflation and an economic recession simultaneously, Fed Chair Jerome Powell stated on Wednesday that the current economic outlook remains generally healthy, and the Fed is not in a hurry to alter its expectations of at least two more rate cuts later in the year. European Central Bank (ECB) President Christine Lagarde will be making an appearance on Thursday, and the latest round of the EU’s Leadership Summit also kicks off. ECB talking points are highly unlikely to produce nearly as many sparks as the Fed’s outing on Wednesday, so Fiber impacts are set to remain muted. EUR/USD price forecast From a technical viewpoint, the Stochastic Oscillator is currently in overbought territory above 80.00, though it is showing signs of flattening, indicating a reduction in bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) displays flat green bars, suggesting a lack of strong trend conviction. Collectively, these indicators imply that the pair may enter a consolidation phase prior to making a definitive move. Looking ahead, resistance is positioned at the 1.1000 level, which has historically served as a significant barrier. On the downside, initial support can be found around 1.0850, with more substantial support near the 20-day moving average close to 1.0800. A decline below these thresholds could trigger a corrective reaction, while consistent trading above 1.0900 would maintain the overall bullish outlook. EUR/USD daily chart Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

01:48 GBP/USD remains attached to 1.3000 after Fed rate hold
GBP/USD remained pinned to recent highs near the 1.3000 handle on Wednesday, with market sentiment bolstered into the high side after the Federal Reserve (Fed) held steady on its plans to deliver more rate cuts in 2025, albeit later in the year.

01:15 USD/CAD edges higher above 1.4300 as Fed holds rates steady, eyes on BoC’s Macklem speech
The USD/CAD pair gathers strength to around 1.4320 during the late American session on Wednesday.

00:55 GBP/JPY Price Forecast: Retreats below 193.50 after struggling near 195.00
The GBP/JPY retreats after rallying for three straight trading days since last Friday.

00:15 New Zealand’s Gross Domestic Product grows 0.7% QoQ in Q4 vs. 0.4% expected
New Zealand's Gross Domestic Product (GDP) grew by 0.7% QoQ in the fourth quarter (Q4) compared with a 1.1% contraction (revised from -1.0%) in the third quarter, Statistics New Zealand showed on Thursday.

00:05 NZD/USD Price Analysis: Bulls defend ground despite stalled momentum
NZD/USD traded near the 0.5810 area on Wednesday ahead of the Asian session, marking a day of choppy price action.

NZD/USD holds around 0.5810, posting a neutral session after reversing earlier losses.Despite bulls fighting back, indicators seem to have stalled in positive territory, limiting further upside potential.NZD/USD traded near the 0.5810 area on Wednesday ahead of the Asian session, marking a day of choppy price action. The pair initially saw mild losses but managed to stabilize, as bulls stepped in to defend recent gains. Technical indicators show a mixed picture. The Relative Strength Index (RSI) is positioned near the overbought zone but is declining sharply, indicating a slowdown in buying momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) is still printing rising green bars, suggesting the broader trend remains bullish despite some hesitation. On the downside, immediate support is found at 0.5775, aligning with the 20-day Simple Moving Average (SMA). A break below this level could expose further weakness toward 0.5730. To the upside, resistance sits near 0.5850, followed by a key hurdle at 0.5900. NZD/USD daily chart

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23:52 AUD/JPY Price Analysis: Bears take control as pair falls below 94.00 AUD/JPY extended its losses on Thursday ahead of the Asian session, dipping below the key 94.00 level as selling pressure intensified.

23:46 New Zealand Trade Balance NZD (MoM) came in at $510M, above forecasts ($-235M) in February New Zealand Trade Balance NZD (MoM) came in at $510M, above forecasts ($-235M) in February

23:46 New Zealand Trade Balance NZD (YoY): $-6.51B (February) vs $-7.22B New Zealand Trade Balance NZD (YoY): $-6.51B (February) vs $-7.22B

23:45 New Zealand Exports up to $6.74B in February from previous $6.19B New Zealand Exports up to $6.74B in February from previous $6.19B

23:45 New Zealand Imports dipped from previous $6.68B to $6.23B in February New Zealand Imports dipped from previous $6.68B to $6.23B in February

23:03 USD/JPY Price Forecast: Flat as traders eye Japan’s CPI The USD/JPY remains flatlines late in the North American session after traders digested monetary policy decisions by the Bank of Japan (BoJ) and the Federal Reserve (Fed).

23:00 South Korea Producer Price Index Growth (MoM): 0% (February) vs previous 0.6% South Korea Producer Price Index Growth (MoM): 0% (February) vs previous 0.6%

23:00 South Korea Producer Price Index Growth (YoY) fell from previous 1.7% to 1.5% in February South Korea Producer Price Index Growth (YoY) fell from previous 1.7% to 1.5% in February

22:50 Australian Dollar weakens as AUD/USD slips below 0.6300 amid economic concerns AUD/USD decline accelerates as the labor market weakens and the US Dollar (USD) strengthens.

22:32 Canadian Dollar whipsaws as tariff concerns prompt BoC policy planning shift The Canadian Dollar (CAD) whipsawed on Thursday, rising and then falling six-tenths of a percent as Loonie traders digest new policy guidance plans from the Bank of Canada (BoC).

22:05 Gold pulls back as bulls pause after Fed decision, geopolitical jitters persist Gold price retreats on Thursday as bulls take a breather following the Federal Reserve's (Fed) latest monetary policy decision and an escalation of hostilities in the Middle East.

21:18 Forex Today: Investors will look at Japanese inflation figures The Greenback made a U-turn, building on Wednesday’s post-FOMC recovery and climbing to weekly highs as investors reassessed the Federal Reserve’s lack of urgency in cutting rates.

21:10 Dow Jones Industrial Average flip-flops as equities struggle to find footing The Dow Jones Industrial Average (DJIA) continued to challenge the 42,000 key handle on Thursday, catching an early rise after US economic figures broadly beat forecasts.

21:00 Argentina Unemployment Rate (QoQ) : 6.4% (4Q) vs previous 6.9% Argentina Unemployment Rate (QoQ) : 6.4% (4Q) vs previous 6.9%

20:29 US Dollar firms as markets digest Fed outlook and economic data The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is trading stronger against major peers on Thursday, avoiding further downside pressure.

19:26 BoC's Macklem: BoC needs to be less forward-looking than normal Bank of Canada (BoC) Governor Tiff Macklem noted on Thursday that spillover risk from US tariff policies remains a key risk to the Canadian central bank's monetary policy outlook.

19:03 Mexican Peso extends losses as weak economic data weighs The Mexican Peso (MXN) is extending its losses versus the US Dollar (USD) on Thursday, as Mexico’s economic data paints a gloomy outlook.

17:39 EUR/USD Price Analysis: Sellers push further as correction deepens EUR/USD moved lower on Thursday after the European session, falling toward the 1.0830 region as bearish pressure intensified.

17:32 United States 4-Week Bill Auction: 4.215% vs previous 4.225% United States 4-Week Bill Auction: 4.215% vs previous 4.225%

17:26 EUR/GBP inches lower on the BoE announcement – Danske Bank EUR/GBP moved lower on the announcement with the hawkish vote split taking centre stage.

17:24 BoE Review: Slow and steady – Danske Bank As expected, the Bank of England (BoE) decided to keep the Bank Rate unchanged at 4.50% today.

16:38 USD/JPY rises to near 149.00 as US Dollar advances The USD/JPY pair moves higher to near 149.00 in North American trading hours on Thursday.

16:30 United States EIA Natural Gas Storage Change registered at 9B above expectations (3B) in March 14 United States EIA Natural Gas Storage Change registered at 9B above expectations (3B) in March 14

16:00 United States Existing Home Sales (MoM) came in at 4.26M, above expectations (3.95M) in February United States Existing Home Sales (MoM) came in at 4.26M, above expectations (3.95M) in February

16:00 United States Existing Home Sales Change (MoM): 4.2% (February) vs -4.9% United States Existing Home Sales Change (MoM): 4.2% (February) vs -4.9%

15:49 AUD/USD plunges to near 0.6280 on weak Aussie Employment data The AUD/USD pair plummets to near 0.6280 during North American trading hours on Thursday.

15:38 EUR drifts lower after another failure around 1.0950 – Scotiabank Spot has drifted a little lower through the overnight session after failing to progress through the mid-1.09s, Scotiabank's Chief FX Strategist Shaun Osborne notes.

15:34 CAD slips back from probe through upper 1.42s – Scotiabank The Canadian Dollar (CAD) rebound petered out below 1.43 yesterday, Scotiabank's Chief FX Strategist Shaun Osborne notes.

15:30 USD lifted by short-covering into FOMC – Scotiabank Markets are settling into ranges as investors curb risk-taking ahead of the FOMC.

15:15 USD is buying oil at a slow pace – Danske Bank The US bought crude for its strategic reserves last week for the second straight week, Danske Bank's FX analyst Jens Nærvig Pedersen reports.

15:05 South Africa SARB Interest Rate Decision meets forecasts (7.5%) South Africa SARB Interest Rate Decision meets forecasts (7.5%)

15:00 Russia Central Bank Reserves $ rose from previous $639.1B to $641.9B Russia Central Bank Reserves $ rose from previous $639.1B to $641.9B

14:37 US: Initial Jobless Claims increased to 223K last week US citizens filing new applications for unemployment insurance increased to 223K for the week ending March 15, as reported by the US Department of Labor (DOL) on Thursday.

14:33 Canada Employment Insurance Beneficiaries Change (MoM) remains unchanged at -0.4% in January Canada Employment Insurance Beneficiaries Change (MoM) remains unchanged at -0.4% in January

14:30 United States Continuing Jobless Claims came in at 1.892M, above expectations (1.89M) in March 7 United States Continuing Jobless Claims came in at 1.892M, above expectations (1.89M) in March 7

14:30 United States Philadelphia Fed Manufacturing Survey came in at 12.5, above forecasts (8.5) in March United States Philadelphia Fed Manufacturing Survey came in at 12.5, above forecasts (8.5) in March

14:30 United States Initial Jobless Claims 4-week average: 227K (March 14) vs 226K United States Initial Jobless Claims 4-week average: 227K (March 14) vs 226K

14:30 United States Initial Jobless Claims came in at 223K, below expectations (224K) in March 14 United States Initial Jobless Claims came in at 223K, below expectations (224K) in March 14

14:30 United States Current Account came in at $-303.9B, above forecasts ($-325.5B) in 4Q United States Current Account came in at $-303.9B, above forecasts ($-325.5B) in 4Q

14:30 Canada Industrial Product Price (MoM) above forecasts (0.3%) in February: Actual (0.4%) Canada Industrial Product Price (MoM) above forecasts (0.3%) in February: Actual (0.4%)

14:30 Canada Raw Material Price Index registered at 0.3% above expectations (-0.3%) in February Canada Raw Material Price Index registered at 0.3% above expectations (-0.3%) in February

14:03 Mexico Private Spending (YoY) climbed from previous 2.9% to 4.4% in 4Q Mexico Private Spending (YoY) climbed from previous 2.9% to 4.4% in 4Q

14:01 Mexico Private Spending (QoQ): -1.4% (4Q) vs previous 1.1% Mexico Private Spending (QoQ): -1.4% (4Q) vs previous 1.1%

14:00 United Kingdom BoE MPC Vote Rate Unchanged came in at 8, above forecasts (7) United Kingdom BoE MPC Vote Rate Unchanged came in at 8, above forecasts (7)

14:00 United Kingdom BoE MPC Vote Rate Hike in line with forecasts (0) United Kingdom BoE MPC Vote Rate Hike in line with forecasts (0)

14:00 United Kingdom BoE Interest Rate Decision meets forecasts (4.5%) United Kingdom BoE Interest Rate Decision meets forecasts (4.5%)

13:42 NZD/USD is on the backseat amid a risk off sentiment – BBH NZD is underperforming amid a risk off sentiment in FX markets, BBH FX analysts report.

13:34 India M3 Money Supply: 9.6% (March 3) India M3 Money Supply: 9.6% (March 3)

13:34 USD/CNH is trading in a multi-day 7.2450-7.2215 range – BBH USD/CNH is up near the top-end of a multi-day 7.2450-7.2215 range, BBH FX analysts report.

13:31 EUR/CHF: A brief pullback is under way – BBH EUR/CHF recently reclaimed the 200-DMA and broke out from a multi-month base resulting in an extended bounce, BBH FX analysts report.

13:29 Bank of England is expected to keep the policy rate steady at 4.50% – BBH GBP/USD is down on broad USD strength, BBH FX analysts report.

13:25 GBP/USD can move towards 1.3150/1.3175 in the short term – Société Générale GBP/USD crossed above a steep descending channel and evolved within a small base, Société Générale's FX analysts note.

13:07 Silver Price Forecast: XAG/USD plummets to near $33 as US Dollar strengthens Silver price (XAG/USD) plunges to near $33.10 during European trading hours on Thursday.

12:41 Metals: Copper nears $10,000 – ING Copper is nearing $10,000/t on the London Metal Exchange (LME), a level last reached in October last year, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

12:36 GBP: BoE is a secondary risk event compared to Spring Budget – ING The Bank of England is widely expected to keep rates on hold today.

12:28 New Zealand: Signs of a floor – Standard Chartered GDP expanded 0.7% q/q in Q4, exceeding both our forecast (0.5%) and the RBNZ’s projection (0.3%).

12:23 Gold faces selling pressure after new all-time high of $3,057 Gold’s price (XAU/USD) has hit another new all-time high at $3,057 and currently resides near $3,044 at the time of writing on Thursday.

12:16 USD/CAD jumps to near 1.4370 as Fed is in no hurry to cut interest rates The USD/CAD pair gains sharply to near 1.4370 in European trading hours on Thursday.

12:00 Eurozone Construction Output w.d.a (YoY) up to 0% in January from previous -0.1% Eurozone Construction Output w.d.a (YoY) up to 0% in January from previous -0.1%

12:00 Eurozone Construction Output s.a (MoM): 0.2% (January) vs 0% Eurozone Construction Output s.a (MoM): 0.2% (January) vs 0%

11:59 China SMEI: Seasonal recovery in March – Standard Chartered Headline SMEI rebounded to an 11-month high of 51.2 in March on better performance and expectations.

11:54 Oil: SPR refill noise – ING Oil prices edged higher yesterday, with ICE Brent settling 0.31% higher on the day.

11:51 Spain 10-y Obligaciones Auction down to 3.382% from previous 3.507% Spain 10-y Obligaciones Auction down to 3.382% from previous 3.507%

11:49 GBP/USD: BoE MPC is coming – OCBC Pound Sterling (GBP) can be fairly active today due to BoE MPC.

11:30 Silver price today: Silver falls, according to FXStreet data Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.

11:28 EUR/USD slumps as ECB Lagarde warns of potential Eurozone economic shocks EUR/USD declines to near 1.0860 in European trading hours on Thursday.

11:17 The Turkish market is normalising after a massive sell-off on Wednesday – ING In the CEEMEA FX space, developments in Turkey remain in close focus, ING’s FX analysts Francesco Pesole notes.

11:13 GBP/JPY breaks below 193.00 ahead of BoE’s interest rate decision GBP/JPY continues to slide for the second straight session, hovering around 192.80 during European trading hours on Thursday.

11:07 SNB's Martin: Inflationary pressure should continue to ease gradually over next quarters Swiss National Bank (SNB) Vice Chairman Antoine Martin is speaking at the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

11:04 DXY: Mixed on the day – OCBC Dollar Index (DXY) dipped, alongside the decline in UST yields post-FOMC.

11:02 SNB's Schlegel: Will monitor situation closely and adjust policy if necessary Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the post-meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0.25%.

10:57 USD: Fed helping equities may be a dollar positive – ING The dollar rallied in the hours leading to the FOMC announcement on the back of growing hawkish bets, which were, however, scaled back after the statement release.

10:36 EUR/USD fails to move above 1.10 decisively – ING EUR/USD has again failed to make a decisive move to 1.10+ this week, in line with our expectations, ING’s FX analysts Francesco Pesole notes.

10:35 NZD/USD extends losing streak to near 0.5750 despite stronger economic growth NZD/USD continues its decline for the third consecutive day, trading around 0.5760 during European hours on Thursday.

10:31 SNB cuts Sight Deposit Rate by 25 bps to 0.25% as expected The Swiss National Bank (SNB) lowered the benchmark Sight Deposit Rate by 25 basis points (bps) to 0.25% from 0.50%, following its monetary policy assessment for the March quarter on Thursday.

10:30 Sweden Riksbank Interest Rate Decision meets forecasts (2.25%) Sweden Riksbank Interest Rate Decision meets forecasts (2.25%)

10:30 Switzerland SNB Interest Rate Decision in line with forecasts (0.25%) Switzerland SNB Interest Rate Decision in line with forecasts (0.25%)

10:28 EUR/USD: Pace of gains moderate – OCBC Euro (EUR) dipped before partially retracing losses. EUR was last seen at 1.0874 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

10:22 Crude oil price today: WTI price bullish at European opening West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session.