According to a senior oil ministry official, Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, Reuters reports.

The British Pound (GBP) trims losses against the Japanese Yen (JPY) on Thursday, with the GBP/JPY pair trading around 213.40 after bouncing from lows near 212.50 on Wednesday.

ING’s Francesco Pesole says calmer markets are allowing the Euro (EUR) to pause against the strong US Dollar (USD), with AI-related sentiment now the main driver for EUR/USD. He expects that if risk stabilisation continues and equities firm, the pair could slowly return toward 1.1400.

XAG/USD remains weaker for the third consecutive day, trading around $57.40 per troy ounce during the European hours on Thursday. The technical analysis of the daily chart shows that the spot price is moving downwards within the descending channel pattern, indicating a prevailing bearish bias.

United Kingdom (UK) Chancellor of the Exchequer Rachel Reeves confirms during the European trading session on Thursday that Greater Manchester Mayor Andy Burnham will be the next Prime Minister (PM), following the resignation of PM Keir Starmer.

MUFG analysts stress that USD/JPY is highly sensitive to United States (US) Personal Consumption Expenditures (PCE) Price Index surprises, especially in the current environment of Fed focus on inflation persistence.

UBS’s Chief Economist Paul Donovan focuses on United States (US) consumers ahead of May income and spending data, stressing their persistent willingness to spend despite tariff and Oil price shocks.

US Secretary of State Marco Rubio criticizes Iran for considering a tolling system near the Strait of Hormuz, a critical chokepoint to all 20% of global energy supply, saying, “Hormuz tolling would set an unacceptable precedent” during the European trading session on Thursday.

Deutsche Bank strategists report that Micron’s strong revenue outlook has reignited hopes for AI-driven growth, boosting NASDAQ 100 and S&P 500 futures after recent losses.

Italy Industrial Sales n.s.a. (YoY) down to 3.2% in April from previous 4.4%

Italy Industrial Sales s.a. (MoM) declined to 0.3% in April from previous 2%

Italy Industrial Sales s.a. (MoM) down to 0.3% in April from previous 2%

Dow Jones futures advance 0.15%, trading near 52,350 during the European hours on Thursday. Meanwhile, S&P 500 futures are up by 0.80% near 7,490, and Nasdaq 100 futures rise 2.25%, trading near 30,180 at the time of writing.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note AUD/USD’s sharp fall to 0.6883 before a modest recovery to 0.6901, with deeply oversold conditions pointing to near-term range trading between 0.6880 and 0.6920.

The Canadian Dollar (CAD) consolidates losses on Thursday, as the US Dollar (USD) remains buoyed by heightened hopes that the Federal Reserve (Fed) will tighten its monetary policy later this year.

Commerzbank notes that the Bank of Thailand (BoT) kept its policy rate at 1.0% and signalled a cautious stance, prioritizing growth risks over inflation. USD/THB has risen for five consecutive sessions, up 0.9% to 33.43.

Societe Generale notes that Indian money markets have continued to unwind tightening expectations, with the 1-year swap rate dropping to 5.75% and the 10-year IGB yield easing to 6.80%.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, continues its winning streak for the fourth successive day and is trading around 101.60 during the European hours on Thursday.

Here is what you need to know on Thursday, June 25:

ING’s Francesco Pesole argues the Dollar rally may be nearing its peak as calmer risk sentiment and softer Federal Reserve (Fed) pricing take hold.

European Central Bank (ECB) policymaker Isabel Schnabel reiterates that the central bank is not done with monetary tightening yet, according to her remarks released by Econostream released during the European trading session on Thursday.

Bitcoin (BTC) recovers slightly, trading at $61,700 on Thursday after reaching a new yearly low of $59,103 and a 21-month low the previous day. This bearish price action is supported by the ongoing institutional sell-off, which recorded an outflow of over $469 million on Wednesday.

The Euro (EUR) edges lower against the US Dollar (USD) on Thursday, extending its decline for the fourth consecutive day.

BNY’s Geoff Yu notes that Gold has broken below $4,000/ounce after a weak spell since mid-March, as rising global front-end yields and fading debasement fears pressure precious metals.

Spain Gross Domestic Product (QoQ) meets forecasts (0.6%) in 1Q

Spain Gross Domestic Product (YoY) meets expectations (2.7%) in 1Q

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that GBP/USD briefly broke below 1.3160 to 1.3140 before recovering to 1.3170, with intraday price action expected to probe 1.3130 while keeping 1.3110 out of reach.