USD/CNY Exchange rate

EUR/USD stretches higher above 1.0500 in the European session on Thursday amid a broad US Dollar retreat. However, the upside could be capped amid expectations for more ECB rate cuts in 2025. ECB policy announcements and Lagarde's press conference are on tap. 

GBP/USD recovers its recent losses and heads toward 1.2800 in the European morning on Thursday. The pair bounces as the US Dollar corrects downwards after breaking its four-day winning streak despite higher US Treasury yields. Focus shifts to US PPI and Jobless Claims data. 

Gold price seems to have stabilized following good two-way price swings and trades around the $2,720 area during the early European session, just below the highest level in more than a month touched earlier this Thursday.

The European Central Bank is expected to cut benchmark interest rates by 25 bps at the December policy meeting. ECB President Christine Lagarde’s presser will be closely scrutinized for fresh policy cues.

Bitcoin price hovers around $98,400 on Wednesday after declining 4.47% since Monday. Microsoft shareholders rejected the proposal to add Bitcoin to the company’s balance sheet on Tuesday.