Societe Generale’s Kit Juckes notes that the Dollar Index is closely tracking EUR/USD and highlights how President Trump’s policies weakened the Dollar relative to what economic and monetary fundamentals implied.

Brown Brothers Harriman notes Norges Bank kept its policy rate at 4.25% but delivered a hawkish hold by reinforcing guidance for another hike at an upcoming meeting.

United Kingdom BoE MPC Vote Rate Unchanged in line with expectations (7)

United Kingdom BoE MPC Vote Rate Hike in line with forecasts (2)

United Kingdom BoE Interest Rate Decision in line with expectations (3.75%)

In the same note, Societe Generale’s Kit Juckes describes EUR/USD as a near‑mirror of the Dollar Index, reflecting the Dollar’s past weakness under President Trump and its current recoupling with relative interest rates.

Silver (XAG/USD) advances toward $68.10 on Thursday, up 1.05% on the day at the time of writing.

Brown Brothers Harriman reports the Swiss National Bank left its policy rate at 0.00% for a fourth meeting, characterizing the decision as a neutral hold.

Rabobank’s FX Strategy team notes the Dollar has recently been supported by both safe haven demand and shifting expectations for Federal Reserve policy.

Bittensor (TAO) price edges below $250 at press time on Thursday, marking its fourth straight day of losses. The AI token is losing retail demand as TAO futures Open Interest dips over 8% in the last 24 hours.

Gold (XAU/USD) shows marginal gains on Thursday, but remains close to weekly lows at $4,220.

NZD/USD trades around 0.5765 at the time of writing on Thursday, down a modest 0.07% on the day. The pair struggles to extend its rebound despite solid economic data from New Zealand, while the US Dollar (USD) continues to draw support from the Federal Reserve’s (Fed) more hawkish stance.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $68.29 per troy ounce, up 1.34% from the $67.39 it cost on Wednesday.

ING’s Chris Turner argues EUR/USD’s test of 1.1500 after the hawkish FOMC is unlikely to extend much lower, with 1.14/1.15 seen as the summer range floor given ING’s view that the Fed will not hike.

AUD/USD pares its daily gains, remaining in the positive territory and trading around 0.7010 during the European hours on Thursday. The pair appreciated as the Australian Dollar (AUD) received support from prevailing hawkish sentiment surrounding the Reserve Bank of Australia’s (RBA) policy outlook.

Eurozone Construction Output s.a (MoM) fell from previous 0.8% to 0.6% in April

Eurozone Construction Output w.d.a (YoY) up to 0.9% in April from previous -1.2%

The Euro (EUR) is trading practically flat against the US Dollar (USD) on Thursday, changing hands at 1.1504 at the time of writing, after failing to find acceptance above 1.1525.

Spain 10-y Obligaciones Auction dipped from previous 3.392% to 3.383%

MUFG’s Lee Hardman notes that the Fed’s latest policy update has lifted US rates and supported the Dollar, with the Dollar Index back above 100.00 and markets now pricing multiple Fed hikes.

ING’s Chris Turner expects the Bank of England to leave policy unchanged in a 7–2 vote while sounding hawkish, but ultimately sees UK inflation peaking near 3.5% later this year without triggering tightening.

ING’s Chris Turner notes the Dollar is holding gains after the Federal Reserve’s hawkish shift under Chair Kevin Warsh, with markets pricing about 44bp of tightening by Q2 2026.

The USD/JPY pair extends its sideways consolidative price move through the early European session on Thursday and trades just above mid-160.00s, near the highest level since July 2024, touched the previous day.

Swiss National Bank governing board member Petra Tschudin said at the post-monetary policy assessment press conference on Thursday that the “economic activity in Switzerland is resilient, with solid GDP growth in the first quarter.

Swiss National Bank (SNB) Vice Chairman Antoine Martinis is speaking at the press conference following the June monetary policy assessment, in which the central bank held interest rates unchanged at 0%.

The Swiss Franc gives away previous gains against the US Dollar (USD) with the USD/CHF pair turning positive on daily charts as the Swiss National Bank (SNB) confirmed its decision to leave rates unchanged.

Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the press conference post the June monetary policy assessment, in which the central bank held interest rates unchanged at 0%.