Societe Generale strategists highlight that GBP/USD has rebounded from the lower boundary of its multi‑month range and reclaimed its 200‑DMA, suggesting scope for further recovery. The bank sees resistance near 1.3555/1.3600 and 1.3660, with first support at the 200‑DMA around 1.3420.

Eurozone Producer Price Index (MoM) meets expectations (2.5%) in September

Eurozone Producer Price Index (YoY) above forecasts (10.9%) in September: Actual (11.1%)

Antje Praefcke at Commerzbank reports that the Riksbank raised its policy rate from 1.75% to 2.00% as expected and remains in restrictive mode, but the statement weakens the case for a December hike.

EUR/CHF remains flat after recovering daily losses, trading around 0.9170 during European hours on Thursday. The currency cross may see upward momentum as the Euro (EUR) gains support from falling crude oil prices.

The British Pound (GBP) faces pressure in an attempt to extend the rally above 1.3500 against the US Dollar (USD) on Thursday. The British currency comes under pressure ahead of the Bank of England’s (BoE) monetary policy decision at 12:00 GMT.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann, GBP/USD jumped to a seven-week high near 1.3503 before easing to 1.3472, with intraday action expected to consolidate between 1.3445 and 1.3505.

The USD/CAD pair remains under some selling pressure for the second straight day and trades around mid-1.3900s during the early European session on Thursday, close to its lowest level since September 16, set the previous day.

The Euro (EUR) ticks up against the British Pound (GBP) on Thursday but remains within previous days’ ranges as investors await the outcome of the Bank of England’s (BoE) monetary policy meeting, due later on Thursday, to make investment decisions.

EUR/JPY depreciates after three days of gains, trading around 177.90 during European hours on Thursday. The technical analysis of the daily chart suggests that the currency cross is remaining within a descending channel pattern, indicating a prevailing bearish bias.

The NZD/USD pair gains positive traction for the second straight day on Thursday, building on the previous day's recovery from the 0.5575 area, or a three-week low.

The Euro (EUR) appreciated for the second consecutive day against the US Dollar (USD) on Thursday, buoyed by the sharp decline in Oil prices, although it has pulled back from session highs following the release of lower-than-expected German Factory Orders figures.

The Japanese Yen (JPY) trades higher against the US Dollar (USD) on Thursday. In the European trade, the USD/JPY pair is down 0.3% to near 157.90.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD rallied to 1.1272 before closing at 1.1227 as the US Dollar (USD) weakened on lower US yields.

USD/CHF extends its losses for the second consecutive day, trading around 0.8140 during Asian hours on Thursday.

The British Pound (GBP) is down 0.16% to near 212.93 against the Japanese Yen (JPY) during the European trading session on Thursday. The cross is under pressure as the British currency trades with caution ahead of the Bank of England’s (BoE) monetary policy announcement at 12:00 GMT.

The GBP/USD pair trades in positive territory near 1.3490 during the early European trading hours on Thursday. The US Dollar (USD) softens against the British Pound (GBP) after the Democrats take control of the US Congress in midterm elections.

The AUD/USD pair attracts some buyers for the second straight day on Thursday as a Democratic sweep in US midterm elections and sliding US bond yields drag the US Dollar (USD) to a fresh low since late September.

The EUR/JPY cross trades in negative territory around 177.90 during the early European session on Thursday. The Japanese Yen (JPY) strengthens against the Euro (EUR) after minutes of the Bank of Japan's (BoJ) September meeting reinforced expectations for further interest ‌rate hikes.

The EUR/USD pair gains positive traction for the second straight day on Thursday, trading around the 1.1265 region during the Asian session, close to a near one-week high touched the previous day.

Silver price (XAG/USD) gains ground for the second successive day, trading around $53.10 per troy ounce during the Asian hours on Thursday.

NZD/USD appreciates for the second consecutive day, trading around 0.5650 during Asian hours on Thursday.

The GBP/USD pair gains ground to near 1.3485 during the Asian trading hours on Thursday. The US Dollar (USD) edges lower against the British Pound (GBP) following an overwhelming victory by Democrats in the US midterm elections.

The USD/JPY pair struggles to capitalize on the previous day's goodish rebound from the 157.40 area, or the weekly low, attracting some sellers for the second straight day on Thursday.

USD/CAD loses ground for the second successive day, trading around 1.3950 during Asian hours on Thursday.

The EUR/USD pair gathers strength to near 1.1245 during the early Asian trading hours on Thursday. The US Dollar (USD) weakens against the Euro (EUR) as the Democrats take control of the US Congress in midterm elections. Germany’s Factory Orders data for September is due later on Thursday.

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.7156 compared to the previous day's fix of 6.7180 and 6.6783 Reuters estimate.

The Democratic blue sweep in the US midterm elections weighed on the US Dollar and boosted the Australian Dollar, which has bounced from a 12-day low of 0.6954 and reclaimed 0.7000, gaining over 0.59% at the time of writing.

The Mexican Peso rallies against the US Dollar following the Democratic blue sweep in the US midterm elections, with Democrats set to control the US Senate and the House of Representatives starting in January 2027.

Scotiabank’s FX strategists note the Pound rising about 0.4% intraday against the US Dollar, with UK PMI revisions having little impact. Market focus shifts to the Bank of England decision, where a 25bp hike is largely priced and further tightening expected.