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GBP/USD recovers to 1.2800 area as markets assess BoE policy decisions
After falling to a multi-week low at 1.2750 on Bank of England's (BoE) decision to cut policy rate by 25 basis points, GBP/USD recovers toward 1.2800 on Thursday. BoE Governor Bailey's cautious comments on additional policy easing seem to be helping Pound Sterling find support.
EUR/USD stays near 1.0800, eyes on US PMI data
EUR/USD stays in negative territory at around 1.0800 in the second half of the day on Thursday. The data from the US showed that weekly Initial Jobless Claims rose to 249K from 235K, limiting the USD's gains and allowing the pair to find support ahead of US PMI data.
Gold holds near $2,450 as focus shifts to US data
After climbing to a two-week high near $2,460, Gold lost its bullish momentum and retreated to the $2,450 area. Following Wednesday's sharp decline, the 10-year US Treasury bond yield holds steady above 4%, not allowing XAU/USD to gather bullish momentum.
Bitcoin price falls to $64,000 following $3.1 billion BTC transfer by Mt. Gox
Mt. Gox moved $3.1 billion worth of BTC on Wednesday. Grayscale Mini BTC ETF receives a $1.8 billion inflow on Wednesday. The FOMC decided to hold US interest rates steady, resulting in a BTC price decline.
Bank of England cuts rates and there are more to come this year
The Bank of England is staying tight-lipped on when it expects to cut rates again. But we think better news on services inflation and wage growth can unlock one, or more likely two rate cuts by year-end.