The index reverses part of the recent bearish move. Investors continue to adjust to Wednesday’s FOMC event. The ECB is largely anticipated to raise rates by 25 bps. The USD Index (DXY), which tracks the Greenback vs. a bundle of its main competitors, manages to pick up some traction and breaks above the key 103.00 hurdle on Thursday. (FXStreet)

GBP/USD retreats further from over a one-year top and is pressured by resurgent USD demand. The Fed’s hawkish outlook triggers a fresh leg up in the US bond yields and benefits the Greenback. Bets for more rate hikes by the BoE might continue to underpin the GBP and limit further losses. (FXStreet)

GBP/JPY has continued its two-day winning streak due to solid hopes of further BoE-BoJ policy divergence. To maintain Japan’s inflation steadily above 2%, a tweak in the BoJ monetary policy is less likely. BoE Bailey assured that inflation will come down, but it will take longer than expected. (FXStreet)

EUR/GBP stays pressured within seven-week-old falling wedge, approaches weekly support. RSI conditions suggest limited downside room, highlight 0.8520 as additional support. 100-SMA can prod bullish wedge confirmation before giving control to buyers. ECB is likely to announce 0.25% rate hike but Lagarde Speech will be crucial to watch. (FXStreet)

EUR/JPY scales higher for the fourth straight day and spikes to a fresh multi-year high on Thursday. The BoJ’s dovish stance, along with reduced bets for Japan’s intervention, weigh heavily on the JPY. Investors now look to the key ECB decision for a fresh impetus ahead of the BoJ meeting on Friday. (FXStreet)

USD/CHF gains some positive traction on Thursday, albeit lacks follow-through. The USD trims a part of its intraday gains and acts as a headwind for the major. The Fed’s hawkish outlook favours the USD and should lend support to the pair. (FXStreet)

USD/TRY remains confined in a familiar trading range held over the past week or so. Overbought oscillators on short-term charts hold back bulls from placing fresh bets. A convincing break below the 23.00 mark could negate the near-term positive outlook. (FXStreet)

AUD/USD found buying interest near 0.6800 as tight Australian labor market conditions support more rate hikes from the RBA. S&P500 futures have generated decent losses in Europe as a hawkish dot plot by the Fed has provoked caution. China’s commerce ministry commented that disputes with Australia are set out to resolve. (FXStreet)

NZD/USD has shown a recovery move to near 0.6200 despite the NZ economy reporting a technical recession. Fed Powell confirmed that rate cuts are not appropriate this year. NZD/USD faced sheer resistance near the 61.8% Fibonacci retracement at 0.6230. (FXStreet)

WTI bears stay hopeful after returning to the desk from one-week high. US Dollar strength joins IEA forecasts and downbeat EIA weekly Oil inventories to favor Oil sellers. US Retail Sales, more clues on energy market eyed for fresh impulse. (FXStreet)

Prices of natural gas rose for the third session in a row on Wednesday. The daily uptick came in tandem with shrinking open interest and volume and exposes some corrective move in the very near term. Looking at the broader picture, the commodity is expected to keep the ongoing consolidation well in place for the time being. (FXStreet)

Gold price has displayed a decline after a short-lived pullback to near $1,934.00 as Fed delivered hawkish guidance. Some sort of consolidation is anticipated from the USD Index as investors are awaiting the release of the Retail Sales data. Gold price has displayed a breakdown of the crucial support plotted from March 22 low at $1,934.34. (FXStreet)

Silver meets with a fresh supply on Thursday and drops to a one-week low. The setup favours bearish traders and supports prospects for further losses. A sustained move back above $24.00 is needed to negate the negative bias. (FXStreet)

Source: FXStreet

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