GBP/USD extended its gains on Thursday following the release of another inflation report in the United States (US), which increased the odds that the Federal Reserve (Fed) could resume its easing cycle sooner than expected.

Germany Current Account n.s.a.: €23.5B (April) vs previous €34.1B

Brazil Retail Sales (MoM) above forecasts (-0.8%) in April: Actual (-0.4%)

Euro (EUR) is strong and entering Thursday’s NA session with a 1.0% gain, propelled by the combination of trade-related sentiment and fundamentally-driven ECB headlines that have pushed it to levels last seen in November 2021, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) is extending its recent gains and trading at fresh marginal highs, reaching levels last seen in early October, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The EUR/JPY pair revisits the seven-month high near 166.60 during European trading hours on Thursday after recovering initial losses.

The US Dollar is being hammered across the board, with the safe-haven CHF rallying on risk aversion.

EUR/USD is regaining upside traction after defending its 50-DMA and breaking above a short-term channel, with momentum indicators supporting a test of key resistance levels, Société Générale's FX analysts note.

The current price movements are likely part of a range trading phase between 143.60 and 145.10. In the longer run, Increase in momentum is not sufficient to indicate a sustained advance just yet; US Dollar (USD) must first break and hold above 145.50, UOB Group's FX analysts Quek Ser Leang and Pete

New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.6015/0.6055 against US Dollar (USD). In the longer run, upward momentum remains largely unchanged, but there is a chance for NZD to test 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Euro (EUR) extended its move above 1.15-handle on broad US Dollar (USD) softness overnight (post-CPI) and ECB comments. EUR was last at 1.1552 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Australian Dollar (AUD) is expected to trade in a range against US Dollar (USD), likely between 0.6490 and 0.6535. In the longer run, bias remains on the upside, but it remains to be seen if AUD can break clearly above 0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/MXN edges higher after hitting a 10-month low at 18.82, which was recorded on Wednesday, currently trading around 18.90 during the European hours on Thursday.

Further rebound is not ruled out, but Pound Sterling (GBP) is unlikely to reach 1.3620 against US Dollar (USD). In the longer run, GBP appears to have moved into a 1.3495/1.3620 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Scope for Euro (EUR) to continue to rise; the major resistance at 1.1535 is probably out of reach for now. In the longer run, EUR could continue to rise to 1.1535; it is too early to tell if there is enough momentum for it to reach 1.1575, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar is posting a mild recovery against its Canadian counterpart on Thursday’s European trading session.

The Euro (EUR) has been doing well this week and seems to be the big winner from the de-dollarisation story, ING's FX analyst Chris Turner notes.

NZD/USD is extending its losses for the second successive session, trading around 0.6020 during the European hours on Thursday. The technical analysis of the daily chart suggests a bullish bias as the pair moves upwards within an ascending channel pattern.

The Pound accelerates its reversal against the Japanese Yen and is nearing the bottom of the last week's trading range, at 194.70 hammered by downbeat UK monthly GDP and manufacturing production figures.Higher taxes and Trump’s tariff turmoil hit the UK economy in April, and the GDP shrank at a 0.3

The EUR/USD pair has broken above the range of the last few days and is trading above 1.1500 for the first time in almost two months on Thursday.

The NZD/USD claws back its initial losses and rises to near 0.6040 during early European trading hours on Thursday. The Kiwi pair attracts bids as the US Dollar (USD) declines as uncertainty surrounding the outlook of the United States' (US) tariff policy has escalated.

The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3660 during the Asian hours on Thursday.

The GBP/JPY cross struggles to capitalize on the previous day's modest gains and attracts fresh sellers during the Asian session on Thursday, though it lacks follow-through.

The AUD/JPY cross trades in negative territory for the second consecutive day around 93.55 during the early European trading hours on Thursday. Rising geopolitical tensions in the Middle East boost the safe-haven flows, supporting the Japanese Yen (JPY).

EUR/JPY halts its five-day winning streak, trading around 165.80 during the Asian hours on Thursday. The strengthening of a bullish bias appears as the currency cross moves upwards within an ascending channel pattern, suggested by the technical analysis of the daily chart.

The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1803 as compared to the previous day's fix of 7.1815 and 7.1703 Reuters estimate.

The AUD/JPY failed to clear the 94.00 resistance level and dropped by over 0.56% on Wednesday, following a monthly high of 94.73, after an upbeat risk mood and a weaker-than-expected US inflation report. At the time of writing, the pair traded near 93.90, virtually unchanged.

GBP/USD found some bullish tailwinds on Wednesday, erasing the previous session’s gains and climbing back into the 1.3550 level.

The EUR/USD surged during the North American session but remains shy of clearing the 1.1500 figure, following the release of a softer-than-expected inflation report in the United States (US), which could prompt the Federal Reserve (Fed) to reduce borrowing costs in the near term.

The Australian Dollar (AUD) is trading lower against the US Dollar (USD) on Wednesday, erasing earlier gains following the progress in US-China trade talks.