Overall, the currency market followed the S&P futures closely during the European session. The majors traded side-ways, similar to how the market performed in the previous day of trading. Ahead, the U.S. calendar holds top-tier releases, which may influence the market later in the day, much the same way as they did yesterday.

The Euro (Eur/Usd) declined sharply during the early Asian session, but the move was quickly retraced. During the rest of the Asian session and in the early European trading hours, the euro traded side-ways. However, during the second part of the European session, the euro managed to move higher, in-line with the S&P futures numbers. 

The Pound (Gbp/Usd) extended the range seen in the late U.S. session during the overnight trading hours. As such, the pound traded side-ways, within a 50-pip range. Yesterday, the pound plunged more than 150 pips after the BoE Inflation Report showed that the central bank awaits a slow recovery.

The Aussie (Aud/Usd) had no clear direction during the overnight session. However, the pair had a weak attempt to break below the low touched on Wednesday, but failed. Yesterday, the aussie broke below the channel that held the pair over the last two weeks of trading. 

The Cad (Usd/Cad) traded in a 40-pip range around the Wednesday high during the European and the Asian trading hours. The pair lacked a clear direction tonight, reflecting the side-ways movement from the crude oil market and from the S&P futures. Similar to the aussie, the cad broke the channel that held the pair for almost thee weeks. 

The Swissy (Usd/Chf) mirrored the euro during the Thursday trading session, unable to develop a trend on its own. For now, the swissy is trading near the lowest value since January, even though the Chairman of the SNB did not exclude any further interventions in the currency market.

The Yen (Usd/Yen) struggled during the overnight session to break above the neutral pivot point (95.70) area, but was unable to pull the move. The yen is currently trading above the 100-day simple moving average, after in the last four days of trading, the yen declined at a sustained rate.