EUR/GBP trades in a tight range on Wednesday, with subdued price action as traders refrain from placing aggressive directional bets amid uncertainty over whether the US-Iran ceasefire will hold.

MUFG’s Head of Research Derek Halpenny notes the US Dollar has stabilised after a modest rebound as markets reassess the fragile Middle East ceasefire and its impact on risk sentiment.

Russia Central Bank Reserves $ down to $767.5B from previous $775.4B

The United States' (US) real Gross Domestic Product (GDP) expanded at an annual rate of 0.5% in the fourth quarter, the US Bureau of Economic Analysis' third estimate showed on Thursday.

ING’s Francesco Pesole sees limited further downside in EUR/GBP after the cross fell to 0.870 on Sterling’s (GBP) sensitivity to the equity rally.

Inflation in the United States, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, held steady at 2.8% in February, the US Bureau of Economic Analysis (BEA) reported on Thursday. This print came in line with the market expectation.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 219K for the week ending April 4.

United States Core Personal Consumption Expenditures (QoQ) meets expectations (2.7%) in 4Q

United States Personal Consumption Expenditures Prices (QoQ) meets forecasts (2.9%) in 4Q

United States Personal Spending in line with expectations (0.5%) in February

United States Gross Domestic Product Price Index below forecasts (3.8%) in 4Q: Actual (3.7%)

United States Continuing Jobless Claims came in at 1.794M below forecasts (1.84M) in March 27

United States Gross Domestic Product Annualized below expectations (0.7%) in 4Q: Actual (0.5%)

United States Core Personal Consumption Expenditures - Price Index (MoM) meets forecasts (0.4%) in February

United States Personal Income (MoM) came in at -0.1% below forecasts (0.3%) in February

United States Core Personal Consumption Expenditures - Price Index (YoY) meets expectations (3%) in February

United States Personal Consumption Expenditures - Price Index (YoY) in line with forecasts (2.8%) in February

United States Personal Consumption Expenditures - Price Index (MoM) meets forecasts (0.4%) in February

United States Initial Jobless Claims 4-week average rose from previous 207.75K to 209.5K in April 3

United States Initial Jobless Claims above forecasts (210K) in April 3: Actual (219K)

Commerzbank’s Dr. Ralph Solveen highlights continued weakness in German industry, with industrial production down 0.3% month-on-month in February and manufacturing output also slightly lower.

Iran's President Masoud Pezeshkian said on Thursday that Israeli strikes on Lebanon would deem negotiations meaningless because they violate the ceasefire agreement, per Reuters.

BNY’s Head of Markets Macro Strategy Bob Savage reports that Reserve Bank of New Zealand (RBNZ) Governor Anna Breman signaled readiness to hike rates if core inflation accelerates, citing upside risks from higher fuel prices tied to Middle East tensions.

Gold (XAU/USD) holds steady on Thursday as markets closely monitor developments surrounding the fragile ceasefire in the Middle East.

Mexico Headline Inflation below forecasts (0.88%) in March: Actual (0.86%)

Mexico 12-Month Inflation below expectations (4.61%) in March: Actual (4.59%)

Mexico Core Inflation came in at 0.38% below forecasts (0.4%) in March

Deutsche Bank’s Sanjay Raja expects UK GDP to rebound by 0.2% m-o-m in February after a flat January, with balanced risks around the nowcast. The bank’s models also point to a possible upward revision to January.

ING’s Ewa Manthey and Warren Patterson say Gold remains highly sensitive to geopolitical developments around the US–Iran ceasefire and conflict in the Middle East.

The NZD/USD pair trades 0.2% higher to near 0.5835 during the European trading session on Thursday.