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ECB hikes rates by 50bps in a sign that price stability trumps financial stability concerns. Borrowing costs are now at the highest level since late 2008.

USD/JPY is currently testing a key level of technical support, formed by the 50-day MA. As the safe-haven Yen rises, falling US yields have weighed on the Dollar.

Oil markets appear eerily calm in the early London session as the Swiss National Bank eases some banking concerns. US crude stocks rise, adding to the selling pressure

Sterling is nudging higher against the US dollar, testing the 1.2100 level, after Wednesday’s flight-to-quality saw the greenback surge across the board.

The Swiss Franc has been caught up in the evolving banking crisis with the Swiss National Bank intervening today. With ongoing emerging risks, will the ECB change tack today?

The Dow Jones and S&P 500 remain vulnerable amid elevated volatility risk and the increase in upside exposure from retail traders. The latter is offering a bearish contrarian trading bias.

The Australian Dollar was slightly boosted by better-than-anticipated employment data today. It comes against a backdrop of uncertainty that has seen the US Dollar wreak havoc on AUD/USD.

Natural gas prices are struggling to clear support as a bullish chart formation brew on the 4-hour chart. Still, the broader bearish technical bias remains in focus.

EUR/USD plunged on Wednesday on risk-off sentiment as the U.S. banking sector turmoil spread to Europe, calling into question the ECB’s ability to hike rates aggressively tomorrow.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/JPY-bearish contrarian trading bias.