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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $96.00 during the early European trading hours on Thursday. The WTI price falls amid renewed US Dollar (USD) demand.

The GBP/JPY cross struggles to capitalize on its modest Asian session gains to the 212.35 area on Thursday and retreats to the lower end of its daily range in the last hour.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, loses ground after registering nearly 0.75% gains in the previous session and is trading around 100.10 during Asian hours on Thursday.

Silver price (XAG/USD) struggles to gain ground even after sliding to a fresh monthly low of $75.50 during the late Asian trading session on Thursday.

Commerzbank’s Volkmar Baur reports that the Bank of Japan (BoJ) left rates unchanged with an 8–1 majority, as widely expected. The BoJ still signals willingness to hike if the economy evolves as forecast, and markets see about a 60% chance of an April move.

Wells Fargo analyzes the March FOMC decision, noting the Federal Reserve kept the fed funds rate at 3.50%-3.75% and avoided signaling timing for future moves.

The NZD/USD pair trades 0.4% higher to near 0.5820 during the European trading session on Thursday. The Kiwi pair gains sharply as the New Zealand Dollar (NZD) outperforms despite disappointing New Zealand (NZD) Q4 Gross Domestic Product (GDP) data.

The Bank of England (BoE) is on track to leave the benchmark Bank Rate unchanged at 3.75% for the second meeting in a row on Thursday, as the macro context has completely shifted in the past three weeks. 

Gold (XAU/USD) surrenders its modest intraday gains and drops to a fresh low since February 6, below the $4,800 mark heading into the European session on Thursday.

The EUR/USD pair trades 0.15% higher to near 1.1470 in the early European session on Thursday. The major currency pair gains as the Euro (EUR) rises against its major currency peers, except antipodeans, ahead of the European Central Bank’s monetary policy announcement at 13:15 GMT.