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Gold (XAU/USD) trades lower on Thursday, snapping a four-day rally.

The Euro (EUR) is giving away previous gains against the Japanese Yen (JPY) on Thursday, as investors position for the European Central Bank's (ECB) monetary policy decision.

Here is what you need to know on Thursday, July 23:

USD/JPY inches higher after posting minor losses in the previous day, trading around 163.20 during the European hours on Thursday. The currency pair is holding a clear bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs).

The British Pound (GBP) trades marginally higher to near 1.3387 against the US Dollar (USD) during the European trading session on Thursday. The GBP/USD pair edges higher as the US Dollar drops despite surging oil prices in the wake of escalating Middle East energy supply risks.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $87.50 during the early European trading hours on Thursday.

According to a majority of economists in a Reuters poll, the Bank of Japan (BoJ) will raise its interest rate again by the end of December and possibly as soon as October, keeping further rate rises in view through next year.

West Texas Intermediate (WTI) oil price extends gains for the fifth consecutive day, trading around $87.30 per barrel during the Asian hours on Thursday. Crude oil prices surged as escalating Middle East tensions stoked fears of widespread supply disruptions.

The US Dollar trades slightly lower on Wednesday as markets remain cautious amid escalating tensions surrounding Iran and the Strait of Hormuz. The US Dollar Index (DXY) slips toward 101.10, helping the Euro recover modestly, while most other major currency pairs remain relatively stable.