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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.

Societe Generale’s Kenneth Broux expects the Bank of England to keep rates unchanged while warning on upside inflation risks, with markets now pricing the next move as a hike.

The European Central Bank (ECB) will announce its monetary policy decision on Thursday, following a two-day meeting.

ING commodities strategists Warren Patterson and Ewa Manthey warn that missile damage at Qatar’s Ras Laffan Industrial City threatens a key LNG hub supplying nearly 20% of global trade.

Commerzbank’s Tatha Ghose expects the Czech National Bank (CNB) to keep rates unchanged, with the board comfortable at current levels and united against both tightening and easing. While he sees inflation risks as overstated, the Iran war and higher energy prices justify caution.

TD Securities economists say the FOMC kept policy unchanged and Powell downplayed the SEP, but they see the Fed’s patience on inflation normalization expiring by late summer as an Oil shock lifts headline inflation.

Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $71.56 per troy ounce, down 4.97% from the $75.30 it cost on Wednesday.

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. 

MUFG’s Senior Currency Analyst Lee Hardman reports the Japanese Yen is holding up better against the Dollar as the BoJ leaves the door open to an April rate hike and officials step up FX warnings.

The USD/JPY pair attracts some sellers on Thursday and erodes a part of the previous day’s strong move up to its highest level since July 2024. Spot prices, however, trim a part of modest intraday losses and trade just below the 159.50 area during the early European session.