Forex Today: BoJ to leave rates unchanged
The US Dollar (USD) has come under renewed downside pressure on Thursday, receding to three-day lows while market participants assessed the ECB’s interest rate decision and kept monitoring developments from the Middle East crisis.
On Thursday, the US Dollar faced renewed downside pressure, sliding to three-day lows as traders assessed the ECB's interest rate decision and monitored Middle East developments. The US Dollar Index dropped below the 102.00 support level for the second consecutive day. The Chicago PMI and Employment Cost Index data will conclude the economic calendar.
The ECB's hawkish tone and US Dollar sell-offs bolstered EUR/USD, pushing it past 1.1170. Germany would release labor market data, Q3 GDP growth, and inflation figures. GBP/USD continued its rally, approaching the 1.3400 mark. The UK housing market data and BoE's Decision Maker Panel would be released. The USD/JPY pair rebounded from the previous day's dip, trading above 158.00.
The Bank of Japan is expected to keep interest rates unchanged. Meanwhile, AUD/USD saw momentum wane after hitting five-week highs, ending the day near the 0.7000 level. WTI futures were trading slightly lower, regaining some ground after dipping below $100 per barrel. Gold lost momentum, reverting to the $4,000 mark.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
