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The US-UK trade pact will leave the 10% tariff in place - report
CNN report
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US: Initial Jobless Claims dropped to 228K last week
US citizens filing new applications for unemployment insurance decreased to 228K for the week ending May 3, as reported by the US Department of Labor (DOL) on Thursday. This print came in just below initial estimates and was lower than the previous week's unrevised tally of 241K.
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EUR/GBP slumps to near 0.8470 as Pound Sterling strengthens after BoE’s policy decision
The EUR/GBP pair slides to near 0.8470 during early North American hours on Thursday as the Pound Sterling (GBP) attracts significant bids after the Bank of England (BoE) announces its monetary policy.
TradeWar
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US initial jobless claims 228K versus 230K estimate
The weekly US initial and continuing claims
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US Q1 unit labor costs prelim +5.7% vs +5.1% expected
US first quarter unit labor cost data
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Russia and China intend to ramp up cooperation to decisively counter US containment
Joint statement from Moscow and Beijing
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EU plans potential countermeasures on up to €95 billion of US goods
The European Commission announced on Thursday that it plans to introduce countermeasures on up to 95 billion Euros ($107.2 billion) of US imports, if negotiations with Washington were to fail to eliminate tariffs applied by US President Donald Trump, per Reuters.
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Eyes on today's US wholesale inventories report
Inventories have built but it's not in the data
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ForexLive European FX news wrap: US-UK trade deal looms, BOE vote split raises eyebrows
Forex news from the European morning session on May 8, 2025
Session wrap
Wrap Europe
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EU announces list of potential countermeasures against US tariffs if trade talks go south
The list put to consultation concerns imports from the US worth €95 billion
Politics
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The EU is considering imposing tariffs on €95bn of US imports
This was expected and it's just a proposal in case the negotitations with the US fail
EUR
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GBP/JPY surges to near 193.00 after BoE’s monetary policy announcement
The GBP/JPY pair extends its intraday upside move to near 193.00 during the late European session after the announcement of the monetary policy by the Bank of England (BoE).
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EUR softening to lower end of recent range – Scotiabank
The Euro (EUR) is soft, down 0.2% vs. the US Dollar (USD) and trading under 1.13 with an extension of Wednesday’s Fed-driven decline, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
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BOE governor Bailey: Don't know what to expect from UK-US trade deal for now
Q&A session for Bailey's press conference
BOE
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CAD is pulling back within recent range – Scotiabank
The Canadian Dollar (CAD) is soft, down 0.3% vs. the US Dollar (USD) and underperforming most of the G10 currencies in an environment of broad USD strength, extending Wednesday’s post-Fed decline, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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BOC
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USD extending post-Fed gains as markets focus on US/UK trade deal – Scotiabank
The US Dollar (USD) is entering Thursday’s NA session with broad strength against all of the G10 currencies and is seeing notable gains vs. Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD), and New Zealand Dollar (NZD), Scotiabank's Chief FX Strategist Shaun Osborne notes.
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BOE governor Bailey: Interest rates are not on auto-pilot
Remarks by BOE governor, Andrew Bailey, in his press conference
BOE
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Xi and Putin sign statement to deepen strategic partnership between Russia and China
Xi says he had in-depth and friendly talks with Putin today
Politics
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US Dollar Index has volatile ride after 10% tariff sticks despite trade deal for UK
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades flat and dips back below 100.00 before the upcoming announcement by Donald Trump on a “major trade deal” between the United States (US) and, reportedly, the United Kingdom (UK).
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Sterling climbs on messy BOE vote split
Cable pushes up above 1.3300 from around 1.3250 before the policy decision
GBP
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Mexican Peso pauses below support with US-China trade talks in focus
The Mexican Peso (MXN) has been swinging between mild gains and losses against the US Dollar (USD) on Thursday, as markets digest stronger-than-expected Mexican inflation data, cautious commentary from the Fed, and the announcement of a US-UK trade deal.
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BOE cuts bank rate by 25 bps to 4.25%, as expected
The BOE announces its May 2025 monetary policy decision
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USD/CNH: The level to watch is at 7.1700 – UOB Group
US Dollar (USD) is expected to trade between 7.2070 and 7.2370 vs Chinese Yuan (CNH). In the longer run, USD could range-trade for a few days before resuming its decline; the level to watch is at 7.1700, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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Trump: "Too late" Jerome Powell is a FOOL
Trump bashing the Fed Chair once again on Truth Social
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USD/CAD moves higher after failing to break below 1.3800 – BBH
USD/CAD climbs after a failed attempt to break key technical support at 1.3800, with ongoing trade uncertainties keeping pressure on the Canadian Dollar (CAD), BBH FX analysts report.
Technical Analysis
USDCAD
Banks
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BOE decision coming up next, a rate cut is widely expected
The policy decision will be announced at 1102 GMT, two minutes later than usual
BOE
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USD/CHF rises above 0.8250 as Fed sees no rush to interest rate cuts
The USD/CHF pair moves higher above 0.8250 during European trading hours on Thursday. The Swiss Franc pair gains as the US Dollar (USD) trades higher after the Federal Reserve (Fed) signaled that it is in no hurry to lower interest rates.
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UnitedStates
InterestRate
USDCHF
SNB
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USD/JPY is still consolidating – UOB Group
Bias for US Dollar (USD) is tilted to the upside vs Japanese Yen (JPY), with scope for a test of 144.30. In the longer run, USD is still consolidating; moderating price swings point to a tighter range of 142.20/145.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Technical Analysis
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Banks
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USD/JPY breaks above 144.00 after dovish BoJ minutes – BBH
USD/JPY has firmed above 144.00 as dovish BoJ signals and downgraded forecasts reinforce the view that Japan’s rate hike cycle is near its end, BBH FX analysts report.
Technical Analysis
BOJ
USDJPY
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NZD/USD: Likely to trade between 0.5890 and 0.6030 – UOB Group
Sharp drop appears overdone, but New Zealand Dollar (NZD) could decline to 0.5920 against US Dollar (USD) before stabilisation is likely.
Technical Analysis
Banks
NZDUSD
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BoE expected to cut to 4.25% amid trade war risks – Danske Bank
The BoE is expected to deliver a 25bps rate cut and a dovish tone, with EUR/GBP likely to rise as inflation undershoots and growth concerns persist, Danske Bank's FX analysts report.
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BOE
EURGBP
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Crude oil looks to be bottoming out as the first trade deals come into focus
It's been an awful month for the crude oil market amid higher supply and lower demand fears, but the conditions might be changing...
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Trump says agreement with UK is a full and comprehensive one
Further tweet by the US president
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GBP rises on hopes of UK-US trade deal – BBH
GBP is outperforming most major currencies. The prospect of a UK-US trade deal significantly reduces the downside risk to UK economic activity, BBH FX analysts report.
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Fed stays put, sends expected “No Rush” message – Danske Bank
With the Fed's 'lack of urgency'-signal being in line with expectations the market reaction proved very limited upon announcement, Danske Bank's FX analysts report.
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EUR/NOK rejected at key multiyear resistance – Société Générale
EUR/NOK is retreating after a failed breakout above 12.05, with focus shifting to support near the 50-DMA and downside targets at 11.60 and 11.45, Société Générale's FX analysts note.
Technical Analysis
EURNOK
Norway
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GBP/USD stalls near key channel resistance – Société Générale
The GBP/USD rally is showing signs of fatigue near major resistance at 1.3430–1.3500, with momentum fading and key support at 1.3230 now under close watch, Société Générale's FX analysts note.
Technical Analysis
Banks
GBPUSD
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The Fed is waiting for now – Commerzbank
As expected, the Fed left interest rates unchanged yesterday. At the same time, Fed Chairman Jerome Powell was keen to stress that the Fed is in no hurry to cut rates.
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Inflation
InterestRate
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UK believed to have made concessions on food, agriculture in exchange for lower tariffs
Sky News business correspondent, Paul Kelso, reports
Politics
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EUR/USD ticks lower as Fed signals no rush for rate cuts
EUR/USD ticks lower below 1.1300 during European trading hours on Thursday.
ECB
EURUSD
Fed
Eurozone
SEO
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