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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD clings to minor recovery gains, but remains below 1.3200 in the European session on Thursday. However, the potential upside for the pair appear limited amid UK political instability and rising expectations of US interest rate hikes this year. Traders await the US May PCE inflation data on Thursday for a clear direction.
EUR/USD trades better bid above 1.1350 in European trading on Thursday. A pause in the US Dollar rally is helping the pair stay afloat. Markets look to the key US Personal Consumption Expenditures report for fresh trading impetus.
Gold enters a bearish consolidation phase during the first half of the European session, and currently trades around the $4,000 psychological mark. The commodity sticks to its bearish bias for the third straight day, and remains close to the lowest level since November 2025, touched on Wednesday, as traders await the crucial US inflation data.
The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.
Bitcoin recovers slightly, trading at $61,700 after reaching a new yearly low of $59,103 and a 21-month low the previous day. This bearish price action is supported by the ongoing institutional sell-off, which recorded an outflow of over $469 million on Wednesday.
The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.
