Argentina Trade Balance (MoM) came in at $3504M, above expectations ($2200M) in May

Wall Street's blue-chip index spent Thursday picking up the pieces of Wednesday's hawkish Federal Reserve (Fed) selloff, and not even a roaring chip trade could coax it back into the green.

Silver price retreats on Thursday by nearly 2%, as the Greenback refreshes year-to-date (YTD) highs, spurred by the Federal Reserve's hawkish tilt, with nearly half of the board members supporting rate hikes in 2026. The XAG/USD trades at $66.07, after diving from daily highs of $69.85.

Gold (XAU/USD) price recoils by 0.70% on Thursday as traders continue to digest the Federal Reserve's (Fed) hawkish tilt, bolstering the Greenback and pushing it to a new year-to-date (YTD) high, a headwind for the yellow metal. The XAU/USD pair trades at $4,223 after reaching a high of $4,330.

United States Baker Hughes US Oil Rig Count unchanged at 433

EUR/USD trades around 1.1475 on Thursday at the time of writing, down 0.22% on the day and hovering near its lowest level in two months.

The AUD/USD pair trades in a muted range near 0.7030 on Thursday, as the Australian Dollar (AUD) struggles to extend gains while the US Dollar (USD) remains supported by the latest United States (US) labor market data.

United States 4-Week Bill Auction fell from previous 3.595% to 3.58%

West Texas Intermediate (WTI) Oil declines to around $73.20 at the time of writing on Thursday, down 2.35% on the day, and hits its lowest level in three months as investors continue to price in the prospect of a lasting easing of tensions in the Middle East.

The Pound Sterling drops on Thursday during the North American session as traders continued to digest the Fed’s hawkish tilt, even though the Bank of England (BoE) held rates unchanged in a 7-2 vote. The GBP/USD trades at 1.3234, down 0.39%.

Monero (XMR) and Zcash (ZEC) continue to slide on Thursday as prevailing bearish sentiment dominates the crypto market. XMR declines for a third straight day and remains under $330, reflecting sustained selling pressure.

Deutsche Bank’s Sanjay Raja reviews the latest Bank of England decision, noting Bank Rate was held at 3.75% as expected. He highlights a more divided MPC on paper but a stronger consensus for a prolonged hold.

United States EIA Natural Gas Storage Change registered at 73B, below expectations (82B) in June 12

The Euro (EUR) is caught between a hawkish but isolated ECB, weaker regional growth prospects, and a US Dollar that is recoupling with interest-rate differentials. BNY, Rabobank, and Societe Generale all flag headwinds for the single currency, though each emphasizes a different transmission channel.

The US Dollar (USD) has pushed higher, with the Dollar Index (DXY) climbing back above 100.00 in the wake of the Federal Reserve's hawkish policy update under new Chair Kevin Warsh.

USD/JPY trades around 160.85 on Thursday at the time of writing, up 0.12% on the day after reaching 160.95, its highest level since July 2024.

RaboResearch Global Economics & Markets discusses the Bank of England’s decision to keep Bank Rate at 3.75% with a 7–2 split, noting that two members preferred a 25bp hike. The sharp fall in energy prices suggests inflation may peak below earlier projections.

National Bank of Canada (NBC) discusses USD/CAD, noting recent moves and the bank’s expectations for the pair. The report highlights key support and resistance levels and outlines scenarios under which USD/CAD could break out of its current range.

Ripple (XRP) ticks down below $1.20 with short-term support at $1.16 intact at the time of writing on Thursday. An early-week rally was rejected at $1.28, weighing on sentiment as traders broadly de-risked.

Nomura economists Josie Anderson, George Buckley, Andrzej Szczepaniak and David Seif note that Norges Bank kept its policy rate at 4.25% in June but delivered hawkish guidance and a higher rate path.

The European Central Bank (ECB) remains committed to maintaining a restrictive monetary policy stance in order to contain the inflationary impact of the energy shock, even under a milder economic scenario, according to Chief Economist Philip Lane comments reported by Reuters.

Canada Employment Insurance Beneficiaries Change (MoM) declined to -0.5% in April from previous 0.4%

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance shrank to 226K for the week ending June 13.

USD/CAD trades around 1.4130 on Thursday, up 0.21% on the day, as the US Dollar (USD) maintains a positive tone following the Federal Reserve’s (Fed) monetary policy decision. The pair continues to hold above the 1.4100 level, supported by a reassessment of US interest rate expectations.

United States Continuing Jobless Claims above expectations (1.8M) in June 5: Actual (1.81M)

United States Philadelphia Fed Manufacturing Survey registered at 10.3 above expectations (10) in June

Canada Industrial Product Price (MoM) below expectations (1.8%) in May: Actual (1.2%)