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Forex Today: Pound Sterling benefits from Q2 GDP, US Dollar awaits mid-tier data

Here is what you need to know on Thursday, August 14:

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Crude oil price today: WTI price bullish at European opening

West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $62.23 per barrel, up from Wednesday's close at $62.10.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $65.49 price posted on Wednesday, and trading at $65.62.

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EUR/GBP softens to near 0.8600 on upbeat UK GDP data

The EUR/GBP cross loses ground to around 0.8615 during the early European session on Thursday. The Pound Sterling (GBP) strengthens against the Euro (EUR) after the release of UK Gross Domestic Product (GDP) data.

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UK Preliminary GDP rises 0.3% QoQ in Q2 2025 vs. 0.1% expected

The UK economy expanded at a quarterly rate of 0.3% in the three months to June 2025, following a 0.7% growth in the first quarter (Q1).

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FX option expiries for Aug 14 NY cut

FX option expiries for Aug 14 NY cut at 10:00 Eastern Time via DTCC can be found below.

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USD/CHF Price Forecast: Trades sideways around 0.8050 ahead of US PPI data

The USD/CHF pair consolidates in a tight range around 0.8050 during the European trading session on Thursday. The Swiss Franc pair wobbles ahead of the release of the United States (US) Producer Price Index (PPI) data for July, which will be published at 12:30 GMT.

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USD/CAD struggles near 1.3750 as Fed rate cut bets, Oil supports Canadian Dollar

USD/CAD remains subdued for the third successive day, trading around 1.3760 during the Asian hours on Thursday. The pair struggles as the US Dollar (USD) loses ground amid rising odds of further rate cuts by the US Federal Reserve (Fed).

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Silver Price Forecast: XAG/USD eases from multi-week top, flat lines around mid-$38.00s

Silver (XAG/USD) retreats slightly from a nearly three-week top touched during the Asian session on Thursday and is currently trading just above mid-$38.00s, up around 0.10% for the day.

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GBP/USD holds steady above 1.3550 as investors await UK GDP, US PPI releases

The GBP/USD pair trades on a flat note around 1.3575 during the Asian trading hours on Thursday. Traders prefer to wait on the sidelines ahead of the key data from both the United Kingdom (UK)  and the United States (US).

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USD/INR faces pressure ahead of Trump-Putin meet

The Indian Rupee (INR) extends its upside slightly to near 87.55 at open against the US Dollar (USD) on Thursday.

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India Gold price today: Gold steadies, according to FXStreet data

Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.

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EUR/JPY slumps below 171.50 as Bessent criticizes BoJ, Eurozone GDP eyed

EUR/JPY depreciates more than 0.5%, trading around 171.50 during the Asian hours on Thursday. The currency cross loses ground as the Japanese Yen (JPY) advances after US Treasury Secretary Scott Bessent criticized the Bank of Japan's (BoJ) stance on inflation.

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Gold surrenders modest intraday gains amid risk-on mood, downside seems limited

Gold (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region.

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US Treasury Sec. Bessent says BoJ is falling behind the curve, expects hike -- Bloomberg

US Treasury Secretary Scott Bessent criticised the Bank of Japan's (BoJ) stance on inflation, saying that the Japanese central bank is "behind the curve" and needs to hike rates to get price pressures under control, Bloomberg reported on Thursday.

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EUR/USD steadies around 1.1700 ahead of Q2 Eurozone GDP, US PPI data

EUR/USD moves little after two days of losses as the US Dollar (USD) experiences a technical recovery, trading around 1.1700 during the Asian hours on Thursday. Traders await Eurozone Gross Domestic Product (GDP) data for the second quarter due later in the day.

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AUD/JPY falls to near 96.00 despite improved Australian labor data

AUD/JPY halts its winning streak that began on August 5, trading around 96.20 during the Asian hours on Thursday. The currency cross weakens as the Japanese Yen (JPY) strengthens, driven by external factors, particularly the softening of Fed rate expectations, which is narrowing yield spreads.

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Japanese Yen rallies to multi-week high against a broadly weaker USD

The Japanese Yen (JPY) prolongs its uptrend against a broadly weaker US Dollar (USD) for the third straight day and spikes to over a three-week high during the Asian session on Thursday.

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NZD/USD strengthens above 0.5950 ahead of US PPI release

The NZD/USD pair gains ground to near 0.5985 during the Asian trading hours on Thursday. The US Dollar (USD) weakens against the New Zealand Dollar (NZD) as traders ramp up bets for a Federal Reserve (Fed) rate cut in September.

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Australian Dollar advances following improved employment data

The Australian Dollar (AUD) extends its winning streak for the third successive day on Thursday, following the release of domestic labor market data. The AUD/USD pair also gained support as the US Dollar (USD) depreciates amid rising odds of further rate cuts by the US Federal Reserve (Fed).

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PBOC sets USD/CNY reference rate at 7.1337 vs. 7.1350 previous

The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1337 as compared to the previous day's fix of 7.1350 and 7.1743 Reuters estimate.

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