Trading news

The GBP/USD advanced by some 0.78% on Thursday as market participants continued to price in further tightening by the Bank of England, even though it kept rates steady earlier. At the time of writing, trades at 1.3581, as a technical ‘bullish engulfing’ chart pattern, looms.

Standard Chartered strategists discuss how United Kingdom (UK) local elections on 7 May could intensify political pressure on Prime Minister Starmer and potentially trigger a Labour leadership challenge.

West Texas Intermediate (WTI) declines on Thursday, trading around $101.45 at the time of writing, down 3.70% on the day after three consecutive days of gains. Despite this technical pullback, US Crude remains above the psychological $100 level, reflecting a market that is still under strain.

The Dow Jones Industrial Average climbed sharply on Thursday, adding about 730 points, or 1.5%, after rallying from an overnight low below 48,500 to a session high just above 49,600.

USD/CAD trades on the back foot on Thursday as renewed weakness in the US Dollar (USD) supports the Canadian Dollar (CAD), while the latest US economic data fails to provide support to the Greenback. At the time of writing, the pair is trading around 1.3612, down nearly 0.53% on the day.

The Bank of England (BoE) kept rates unchanged at 3.75%, but unlike a passive pause, this was framed as a deliberate and active policy choice.

The EUR/GBP falls some 0.16% during the day as the central bank bonanza ends with the ECB and the BoE keeping interest rates unchanged as expected. The cross-pair trades at around 0.8644 after reaching a daily high of 0.8667.

The AUD/USD recovers toward the 0.7190 price region on Thursday, erasing Wednesday's losses, as the Australian Dollar (AUD) benefits from data showing a resilient Chinese economy and a weaker US Dollar (USD).

Silver (XAG/USD) moves higher on Thursday, trading around $73.40 at the time of writing, up 2.81% on the day, after undergoing a marked pullback in recent weeks. This technical rebound comes as the white metal attempts to stabilize following the rejection near the $80 threshold in mid-April.

United States 4-Week Bill Auction climbed from previous 3.595% to 3.6%

Sources speaking with Reuters revealed that the European Central Bank (ECB) policymakers are likely to hike rates “at least” twice this year, beginning in June if there’s no resolution to the Iran conflict.

Colombia National Jobless Rate down to 8.8% in March from previous 9.2%

ING’s Global Head of Macro, Carsten Brzeski, notes that the European Central Bank (ECB) kept interest rates on hold as stagflationary pressures in the Eurozone rise. The bank highlights weaker Gross Domestic Product (GDP) growth, mixed inflation dynamics and tighter credit conditions.

ABN AMRO’s US Senior Economist Rogier Quaedvlieg reviews the latest Federal Open Market Committee (FOMC) decision, noting that the Federal Reserve (Fed) kept rates unchanged and maintained an easing bias in its statement.

As widely telegraphed, the European Central Bank (ECB) kept its policy rates unchanged, but the tone of the meeting reflected a far more complicated backdrop.

USD/JPY shows signs of stabilizing after a sharp intraday slump triggered by intervention warnings from Tokyo, which sent the Japanese Yen soaring across the board.

US President Donald Trump is exploring options to end the Strait of Hormuz shutdown, according to an official who spoke anonymously to the Associated Press.

National Bank of Canada (NBC) economists Matthieu Arseneau and Alexandra Ducharme note that the Canadian economy expanded by 0.2% in February, with Q1 Gross Domestic Product (GDP) by industry tracking 1.7% annualized.

The GBP/USD pair surges 0.6% on Thursday, trading at around 1.3550 level, after the Bank of England (BoE) left interest rates unchanged at 3.75% with an 8-1 vote and amid lower-than-expected GDP growth in the US.

United States EIA Natural Gas Storage Change below forecasts (83B) in April 24: Actual (79B)