FXStreet

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.

Gold (XAU/USD) extends gains on Thursday, moving further away from the year-to-date low of $3,870 touched last week. The metal attracts buyers as the US midterm election results fuel volatility across financial markets. At the time of writing, XAU/USD trades around $4,130, near two-week highs.

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL) are trading in the green on Thursday, extending a steady recovery so far this week, driven by the post-US midterms relief.

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.

Bitcoin (BTC) extends its rebound, climbing above $80,500 on Thursday after closing above the key Exponential Moving Averages (EMAs) the previous day. The rebound comes as a short squeeze triggers nearly $800 million in liquidations over the past 24 hours.

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.

Cryptocurrency prices are broadly consolidating on Thursday, with Bitcoin (BTC) trading around $80,600 after its recent recovery stalled below $81,000. Ethereum (ETH) remains neutral-bullish, hovering above $2,400 as recovery momentum cools.

MUFG’s Lee Hardman notes that the US Dollar (USD) has extended its post-US mid-term election decline, with the US Dollar Index (DXY) down and US yields softer as Brent Oil drops back towards its 200-day moving average.

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.

Injective (INJ) attracts buyers for the third straight day on Thursday, following the announcement that Nasdaq has approved the listing of the Canary Staked Injective Exchange-Traded Fund (ETF) on Monday.

Oil prices are showing their sharpest weekly decline in months, as the landslide Democratic victory in the US midterm elections has boosted hopes of an end to the war against Iran.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $52.85 per troy ounce, up 1.16% from the $52.24 it cost on Wednesday.