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The Australian and New Zealand dollars are consolidating recent gains as US-China trade tensions have abated, while the USD failed to regain much ground, ING's FX analyst Chris Turner notes.

The AUD/USD pair slides to near 0.6480 during European trading hours on Thursday, following the corrective move from an over six-month high of 0.6545 posted the previous day.

Further rebound is not ruled out, but Pound Sterling (GBP) is unlikely to reach 1.3620 against US Dollar (USD). In the longer run, GBP appears to have moved into a 1.3495/1.3620 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Some softer UK April GDP data this morning has seen sterling come under more pressure, ING's FX analyst Chris Turner notes.

Scope for Euro (EUR) to continue to rise; the major resistance at 1.1535 is probably out of reach for now. In the longer run, EUR could continue to rise to 1.1535; it is too early to tell if there is enough momentum for it to reach 1.1575, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The US Dollar is posting a mild recovery against its Canadian counterpart on Thursday’s European trading session.

The Euro (EUR) has been doing well this week and seems to be the big winner from the de-dollarisation story, ING's FX analyst Chris Turner notes.

NZD/USD is extending its losses for the second successive session, trading around 0.6020 during the European hours on Thursday. The technical analysis of the daily chart suggests a bullish bias as the pair moves upwards within an ascending channel pattern.

Silver price (XAG/USD) extends its correction for the third trading day, slides almost 1.5% to near $35.50 during European trading hours on Thursday. The white metal retraces after failing to extend its over-decade high of $36.90 posted on Monday.

The Pound accelerates its reversal against the Japanese Yen and is nearing the bottom of the last week's trading range, at 194.70 hammered by downbeat UK monthly GDP and manufacturing production figures.Higher taxes and Trump’s tariff turmoil hit the UK economy in April, and the GDP shrank at a 0.3

The USD/CHF pair continues to lose ground for the second consecutive day, trading around 0.8170 during the European hours on Thursday. However, the bearish bias is prevailing as the pair moves downwards within the descending channel pattern, indicated by the daily chart’s technical analysis.

European Central Bank (ECB) Governing Council member Gediminas Šimkus said on Thursday that “the ECB has arrived at neutral level of rates.”

European Central Bank (ECB) policymaker Francois Villeroy de Galhau said on Thursday that there is no fixed position on future rate decisions.”

The Pound Sterling (GBP) falls sharply against its major peers on Thursday as the United Kingdom (UK) Office for National Statistics (ONS) reported that the economy shrank at a faster-than-expected pace in April.

The EUR/USD pair has broken above the range of the last few days and is trading above 1.1500 for the first time in almost two months on Thursday.

West Texas Intermediate (WTI) Oil price pulled back from a two-month high of $67.82, currently trading around $66.50 per barrel during the early European hours on Thursday.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, tumbles to the lowest level in seven weeks near 98.35 due to rising expectations of Federal Reserve (Fed) rate cuts this year and persistent uncertainty over tariff battles.

Here is what you need to know on Thursday, June 12:

Chinese Foreign Minister Wang Yi said on Thursday that the government will always honour its commitments, adding that he hopes the US can work with China to implement what was agreed between the two presidents.

The EUR/GBP cross gains momentum to around 0.8495 during the early European session on Thursday. The Pound Sterling (GBP) weakens against the Euro (EUR) after the release of UK growth numbers.