USD/JPY outlook still unclear, rangebound likely near term – UOB

The EUR/USD pair hovered around 1.1750 but is still unable to conquer the price zone. The European Central Bank left interest rates unchanged, as expected, upwardly revising growth figures. The US CPI rose 2.7% YoY in November, down from the 3.1% posted in October.

The GBP/USD pair jumped towards the 1.3440 area on Thursday, following the Bank of England decision to cut rates, and US CPI data, which resulted much softer than anticipated. The pair holds on to substantial gains early in the American session.

The bright metal advances in the American session on Thursday, following European central banks announcements and the United States latest inflation update. XAU/USD approaches weekly highs in the $4,350 region.

Bitcoin eyes short-term breakout above $87,000, underpinned by a significant increase in ETF inflows. Ethereum defends support around $2,800 as mild ETF outflows suppress its recovery. XRP holds above at $1.82 amid bearish technical signals and persistent inflows into ETFs.

The Bank of England has cut rates to 3.75%, but the decision was more hawkish than expected, leaving market rates higher and sterling slightly stronger. It's a close call whether the Bank cuts again in February or March.

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.