EUR/GBP trades choppy on Thursday, with the British Pound (GBP) modestly outperforming the Euro (EUR) on the back of resilient UK economic data, while traders also assess growing political noise in the United Kingdom.

Rabobank’s FX Strategy team notes that NOK/SEK has gained around 11% year-to-date as the Norwegian central bank turned more hawkish while the Riksbank stayed on hold. They highlight sticky inflation and Norway’s energy-exporter status as supportive for the Norwegian Krone.

Russia Foreign Trade came in at $13.966B, above forecasts ($11.8B) in March

DBS Bank’s Philip Wee reviews recent FX volatility through the Pound, noting that GBP has been more resilient than EUR and CHF since Operation Epic Fury, helped by the UK’s lower exposure to the energy shock and higher policy rates.

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 211K for the week ending May 9.

Retail Sales in the United States (US) rose by 0.5% on a monthly basis in April to $757.1 billion, the US Census Bureau reported on Thursday. This reading followed the 1.6% increase (revised from 1.7%) recorded in March and came in line with the market expectation.

United States Import Price Index (YoY) climbed from previous 2.1% to 4.2% in April

United States Continuing Jobless Claims below expectations (1.79M) in May 1: Actual (1.782M)

United States Export Price Index (YoY) climbed from previous 5.6% to 8.8% in April

United States Retail Sales (YoY) up to 4.9% in April from previous 4%

United States Retail Sales Control Group: 0.5% (April) vs previous 0.7%

Canada Wholesale Sales (MoM) came in at 1.9%, above expectations (1.4%) in March

United States Retail Sales ex Autos (MoM) came in at 0.7%, above expectations (0.6%) in April

United States Export Price Index (MoM) above expectations (1.1%) in April: Actual (3.3%)

United States Import Price Index (MoM) registered at 1.9% above expectations (1%) in April

United States Retail Sales (MoM) in line with expectations (0.5%) in April

United States Initial Jobless Claims 4-week average increased to 203.75K in May 8 from previous 203.25K

United States Initial Jobless Claims registered at 211K above expectations (205K) in May 8

USD/JPY trades around 157.95 on Thursday at the time of writing, up modestly by 0.05% on the day, as the pair remains close to its highest level in two weeks.

TD Securities’ Senior Commodity Strategist Ryan McKay argues the recent easing in the Oil market is temporary, warning that Brent could still reach $150/bbl or higher if supply risks materialize.

United Kingdom NIESR GDP Estimate (3M) increased to 0.8% in April from previous 0.6%

BNY’s Bob Savage notes that India is considering cutting taxes on foreign investors’ bond income to attract inflows and support the Indian Rupee (INR), which has fallen over 6% against the US Dollar (USD) in 2026.

Gold (XAU/USD) holds firm on Thursday, remaining confined within a week-old trading range as investors closely monitor a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping, while US-Iran negotiations remain in limbo.

MUFG’s Lee Hardman notes that rising long-term JGB yields, driven by inflation risks linked to the Middle East conflict and hawkish BoJ commentary, are reinforcing expectations for a near-term policy rate increase.

The US Dollar (USD) is trading flat, right above 0.7800 against the Swiss Franc on Thursday as investors bid their time awaiting the outcome of US President Trump’s visit to China.

The Australian Dollar (AUD) trades lower against its major currency peers, is down 0.25% to near 0.7240 against the US Dollar (USD) during the European trading session on Thursday.

Societe Generale strategists note that the recent selloff in Gilts has eased after long-end yields spiked to multi-year highs on fears of looser fiscal rules under a more left-wing Labour leadership.

OCBC strategist Christopher Wong describes Silver’s recent surge toward USD87–88/oz as driven mainly by technical momentum. He notes industrial metals are also better bid and that softer US–China rhetoric could support Silver further.

The Euro (EUR) is trading flat right above 1.1700  against the Dollar (USD) on Thursday, about 0.65% lower so far this week.

West Texas Intermediate (WTI) trades around $97.30 at the time of writing on Thursday, up 0.34%, in a trading day marked by elevated volatility.