The Japanese Yen (JPY) outperforms all its major peers on Thursday as traders seek safety in the currency amid a sharp sell-off in US equities led by technology and chip shares. The US Dollar (USD) also gives up earlier gains and slips back into negative territory, adding pressure on USD/JPY.

The Pound Sterling erases its previous gains against the US Dollar even though the Bank of England (BoE) raised rates to 4%, narrowing the differential with the Fed, but solid US data and hawkish comments by Fed officials weighed on the UK currency. The GBP/USD trades at 1.3467, virtually unchanged.

Societe Generale reports the Banco Central do Brasil (BCB) has halted its five‑meeting easing cycle, leaving Selic at 13.75% amid post‑election volatility and fiscal uncertainty.

EUR/USD slips into negative territory on Thursday as the US Dollar (USD) rebounds from its post-election sell-off. Lower-than-expected US Initial Jobless Claims and hawkish remarks from Federal Reserve (Fed) officials help the Greenback regain ground.

Norman Liebke at Commerzbank expects Banxico to keep rates unchanged after roughly 300 bps of cuts last year and two more this year, as inflation remains slightly above the 3% target and prior easing has yet to fully filter through.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that AUD/USD briefly dipped to 0.6954 before rebounding strongly to 0.7022 as risk appetite improved and the US Dollar softened. They see the intraday move as overdone, expecting a 0.6985–0.7025 range, and have shifted to a neutral one-to-three-week stance, looking for consolidation between 0.6970 and 0.7040 after the prior downside break failed.

Swiss National Bank (SNB) Chairman Martin Schlegel said the policy rate remains the central bank’s main tool during a speech titled “Transmission and conduct of monetary policy in Switzerland” at a conference in Zurich on Thursday.

Commerzbank’s Antje Praefcke notes that EUR/USD has been firm as the Dollar suffers from political fallout in the US and Euro area inflation hits 4%.

The British Pound (GBP) struggles for direction against the Euro (EUR) on Thursday as the Bank of England’s (BoE) interest rate hike draws a muted market reaction, with the move already priced in.

The British Pound (GBP) has bounced from session lows against the US Dollar (USD) on Thursday, as the Bank of England hiked interest rates, as widely expected, with some policymakers calling for further monetary tightening.

Brazil Industrial Output (MoM) registered at -0.8%, below expectations (-0.2%) in September

Brazil Industrial Output (YoY) below forecasts (-1.7%) in September: Actual (-2.5%)

The Swiss Franc (CHF) gives up earlier gains on Thursday as the US Dollar (USD) shows signs of stabilising following US midterm election volatility, helping USD/CHF rebound. At the time of writing, the pair trades around 0.8176, up 0.10% on the day, after recovering from an intraday low of 0.8135.

The Japanese Yen (JPY ) has given away most of the previous gains on Thursday, as the US Dollar (USD) bounced up from highs with the dust of the midterm elections settling and the strong US macroeconomic data coming to the fore.

The New Zealand Dollar (NZD) gives up half of its early gains against the US Dollar (USD) on Thursday. In the European trade, the NZD/USD pair retreats from day’s high of 0.5658, but is still 0.2% higher to near 0.5630.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann describe highly volatile USD/JPY trading, with swings between 157.39 and 158.74 before a close at 158.42 as lower US yields supported the Japanese Yen. They see limited directional edge intraday, expecting a 157.70–158.70 range, and maintain a one-to-three-week range-trading view between 157.00 and 159.00.

The Euro (EUR) surrenders almost its entire early gains against the US Dollar (USD) in the European trading session on Thursday. The EUR/USD pair flattens at around 1.1228 after retreating from its day’s high of 1.1268.

MUFG’s Lee Hardman reports that the Pound has benefited from broad US Dollar weakness, with GBP/USD briefly above 1.3500 and EUR/GBP near 0.8300. Markets expect the BoE to deliver its first rate hike since the US-Iran conflict began, though MUFG anticipates cautious forward guidance and fewer hikes than currently priced, limiting but not reversing recent Pound strength.

AUD/USD continues to consolidate above the 0.7000 level on Thursday, trading around 0.7010 at the time of writing, up a modest 0.04% on the day.

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.