Author
FXStreet Team
FXStreet
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 rebounds from the vicinity of the lowest level since November 2025, set the previous day, and trades near the $4,000 psychological mark. A modest US Dollar downtick offers some support to the commodity amid some repositioning trade ahead of the release of the US Personal Consumption Expenditures Price Index.
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.
Ripple (XRP) remains under pressure, trading at $1.06 on Thursday after losing nearly 5% so far this week. Ripple and SBI Group partnered to launch RLUSD stablecoin in Japan following approval from the Japan Financial Services Agency on Thursday, but the move failed to lift sentiment.
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.
