On Thursday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.0968 as compared to the previous day's fix of 7.0959 and 7.2622 Reuters estimates.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.
EUR/USD remains on the back foot below 1.1750 in the European session on Thursday. Traders move to the sidelines and refrain from placing any fresh directional bets on the pair ahead of the ECB policy announcements and the US CPI inflation data.
The Bank of England decided to cut the benchmark interest rate by 25 basis points as expected. The MPC voting was tight, with just 5 out of 9 officials backing the decision. Sterling Pound advances on relief as investors anticipated a more dovish outcome.
Gold struggles to capitalize on the previous day's move higher and holds its pullback below $4,350 in the European session on Thursday. The downtick could be attributed to some profit-taking amid a US Dollar bounce. All eyes now remain on the US CPI inflation data.
The US Consumer Price Index is forecast to rise 3.1% YoY in November, a mild uptick compared with September. The inflation report will not include monthly CPI figures.
Bitcoin price hovers around $87,000 on Thursday, stabilizing after declining earlier this week. US-listed spot ETFs recorded $457.29 million in inflows on Wednesday, the highest single-day inflows since November 11.
Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.
