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After a focus on the US, markets now shift to the old continent. The ECB has its inflation numbers. Will it decide to initiate the beginning of the end of the QE program? Or will Draghi drag down the euro? In the UK, the night between Thursday and Friday could be critical for the pound as eyes will be glued to the television screens.

Watch full analysis: Live Europe Market: Dollar looking for a direction

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EUR/USD resumes advance, reaches fresh highs

The EUR/USD pair is firmly advancing beyond 1.2100, trading at levels that were last seen in April 2018. The dollar is under pressure amid hopes for US fiscal stimulus and an upcoming vaccine. Investors are shrugging off Germany's extended restrictions.


USD/JPY holds lower ground around 104.50 amid cautious mood

USD/JPY holds the lower ground around 104.50 amid a mixed risk appetite mid-week following a strong start in global equities and high-beta forex which dampened demand for the greenback. Vaccine and stimulus hopes remain alive, limiting the downside. 


GBP/USD hits three-month highs amid Brexit hopes

GBP/USD is rising toward 1.3450, the highest since September, shrugging off Brexit concerns. France may reportedly veto a deal if it sees too many compromises from the EU. The final US Services PMI, vaccine developments and US data are all awaited. 


XAU/USD clings to gains near $1840 area, over one-week tops

Gold maintained its bid tone through the mid-European session and was last seen trading near the top end of its daily range, or over one-week highs around the $1840 region.

Gold news

WTI attempts a bounce above $45 ahead of OPEC+ decision

WTI (futures on NYMEX) reverses a dip below $45 so far this Thursday, as it holds the higher ground ahead of the highly-influential OPEC and its allies (OPEC+) oil output cuts policy decision. The OPEC+ is widely expected to extend oil cuts of 7.7 million barrels per day.

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