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Dow Jones and S&P 500 futures are steady around 46,530 and 6,670, respectively, during European hours on Thursday, ahead of the US cash market open. Meanwhile, Nasdaq 100 futures edge lower by 0.17% to hover near 24,600 at the time of writing.

Silver price (XAG/USD) plummets almost 6.5% to near $70 during the European trading session on Thursday. The white metal faces intense selling pressure as traders raise bets favoring an extended pause by the Federal Reserve (Fed).

ING’s Francesco Pesole argues that recent mixed signals from global central banks will likely encourage the ECB to avoid firm guidance, especially given its sensitivity to Oil after 2022.

TD Securities strategists Alex Loo and Prashant Newnaha warn that JPY intervention risks are elevated as USD/JPY trades near 160, close to its 2024 high before Ministry of Finance action.

The Swiss National Bank (SNB) holds interest rates steady at 0%, as expected. Now investors await Chairman Martin Schlegel's upcoming press conference at 09:00 GMT, where they will be looking for fresh cues on the monetary policy outlook.

Commerzbank’s Thu Lan Nguyen notes that the Dollar strengthened after the latest Fed meeting, driven by several smaller hawkish signals rather than a single major shift. Powell stressed that rate cuts depend on inflation moving toward target, while long-term expectations remain anchored.

USD/CHF depreciated after registering over 1% gains in the previous session, trading around 0.7920 during the Asian hours on Thursday. The pair moved little after the Swiss National Bank (SNB) decided to keep its interest rate flat at 0% in the first quarter of 2026, as widely expected.

DBS Group Research economist Philip Wee notes that the Federal Reserve (Fed) kept the Fed Funds Rate at 3.50-3.75%, delivering what he characterizes as a hawkish hold. He highlights that this stance has given the Dollar only a temporary anchor, as markets remain volatile.

Deutsche Bank economist Sanjay Raja notes that recent UK labour market data show stabilisation, with the jobless rate holding at 5.2% and employment and payrolled employees beating expectations. Wage growth is slowing, giving the Bank of England (BoE) some comfort.

Swiss National Bank (SNB) Chairman Martin Schlegel stressed the central bank’s willingness to intervene against excessive appreciation of the Swiss Franc (CHF) in his press conference post the monetary policy announcement, in which the central bank left interest rates unchanged at 0%, as expected.