EUR/GBP sticks to daily gains post-UK data, BoE in focus

Haresh Menghani FXStreet

• Stages a goodish rebound from near 2-week lows touched yesterday.
• Mixed UK economic releases did little to influence the price action.
• All eyes remain glued to the latest BoE monetary policy update.

The EUR/GBP cross held on to its daily gains, around the 0.8765-70 region, but had a rather muted reaction to UK economic data.

The cross snapped three consecutive days of losing streak and built on previous session's rebound from near 2-week lows amid easing bearish pressure around the EUR/USD major.

The British Pound's relative underperformance against its European counterpart could further be attributed to the latest mixed UK macro releases, showing manufacturing output fell by -0.1% and industrial production rose 0.1% in March.

Meanwhile, the UK trade balance data came-in to show a larger-than-expected deficit of £12.3 billion and did little to prompt any fresh GBP weakness. Moreover, investors continue to hold back from placing any aggressive bets ahead of the latest BoE monetary policy update, which might now contribute towards capping any further up-move.

Technical levels to watch

The 0.8770-75 region might continue to act as an immediate resistance, above which the up-move could further get extended towards the 0.8800 handle en-route 0.8840 heavy supply zone.

On the flip side, immediate support is pegged near mid-0.8700s, which if broken might turn the cross vulnerable to extend its recent slide and head towards testing sub-0.8700 level.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

AUD/USD edges higher above 0.7050 as hot CPI lifts RBA rate hike odds

The AUD/USD pair gathers strength to near 0.7055 during the Asian trading hours on Thursday. The Australian Dollar edges higher against the US Dollar as hotter inflation data bolsters expectations of Reserve Bank of Australia rate hikes. The US September Personal Consumption Expenditures inflation report will be in the spotlight later on Thursday.

USD/JPY retakes 158.00 as USD stalls the post-FOMC corrective slide

USD/JPY attracts some dip-buyers during the Asian session on Thursday, climbing back above 158.00 as the US Dollar reverses part of the post-FOMC pullback from a two-week high. Bulls, however, await key US macro data – the Advance Q3 GDP and the PCE Price Index – before positioning for further gains. Focus will then shift to the crucial BoJ policy update on Friday amid firming expectations for a December rate hike.

Gold remains sidelined just above $4,000

Gold leaves behind the recent three-day positive streak and faces renewed selling pressure near the $4,000 mark per troy ounce on Thursday. The precious metal’s daily decline comes amid marginal gains in the US Dollar and mixed US Treasury yields, while crude oil prices remain on the back foot.

Top Altcoins Price Forecast: Ripple and Solana under pressure as Hyperliquid recovers

Ripple is down over 2% on Thursday, extending losses below $1.30 and capped below crucial moving averages. Solana drops 2% so far, testing its 200-day EMA and the $100 psychological level amid mounting selling pressure.

BoJ preview: Hawkish hold

Having hiked rates by 25bp to 1.25% in September, the central messages from the BoJ were largely similar; upside price risks remained, real interest rates were still negative and further policy rate hikes should be expected.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.