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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.

West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $66.53 per barrel, down from Wednesday’s close at $67.20.

United Kingdom Total Trade Balance dipped from previous £-3.696B to £-7.026B in April

United Kingdom Index of Services (3M/3M) below expectations (0.7%) in April: Actual (0.6%)

The UK economy contracted in April, with the Gross Domestic Product (GDP) declining 0.3%, having increased by 0.2% in March, the latest data published by the Office for National Statistics (ONS) showed on Thursday.

United Kingdom Goods Trade Balance registered at £-23.206B, below expectations (£-20.5B) in April

United Kingdom Industrial Production (MoM) registered at -0.6%, below expectations (-0.5%) in April

United Kingdom Industrial Production (YoY) below forecasts (-0.2%) in April: Actual (-0.3%)

United Kingdom Trade Balance; non-EU dipped from previous £-6.834B to £-8.649B in April

United Kingdom Manufacturing Production (YoY) in line with forecasts (0.4%) in April