Thursday will be another active session on the economic calendar, with high-profile data from the Eurozone and United States scheduled to make headlines.

The European data wire begins at 08:00 GMT with a report on Spanish unemployment. The number of people unemployment is forecast to fall by 100,200 in April, according to a median estimate of analysts.

Markit will report on UK services PMI at 08:30 GMT. The monthly indicator is forecast to show a rise of 1.8 points to 53.5 for April.

The European Commission’s statistics agency will report on consumer prices at 09:00 GMT. The consumer price index (CPI) for the 19-member Eurozone is forecast to rise 1.3% annually in April, unchanged from the previous month. So-called core inflation, which strips away volatile goods such as food and energy, is expected to come in at 1.2% following a 1% reading the month before.

The Eurozone’s producer price index (PPI) will also be released at 09:00 GMT. Factory gate prices are forecast to rise 2.1% annually in March, up from 1.6% the prior month.

In terms of monetary policy, three European Central Bank (ECB) officials are scheduled to deliver speeches on Thursday. They are Peter Praet, Vitor Constancio and Benoit Coeure.

Shifting gears to North America, the US Department of Commerce will release the monthly trade balance report at 12:30 GMT. Washington’s deficit is forecast to fall to $50 billion in March from $57.6 billion the month before.

Separately, the Department of Labor will report on initial jobless claims for the week ended 28 April. The number of Americans filing for first time unemployment benefits likely rose by 16,000 to a seasonally adjusted 225,000.

North of the border, the Canadian government will report on international merchandise trade at 12:30 GMT. Canada’s trade deficit is forecast to narrow to $2.24 billion in March from $2.69 billion the month before.

EUR/USD

A strong dollar continued to depress the euro on Wednesday, as the EUR/USD exchange rate fell back below 1.2000. At the time of writing, the pair was trading at 1.1951. It now faces immediate support at the 1.1935 level. On the opposite side of the ledger, resistance is likely met at 1.2030.

GBP/USD

Cable’s precipitous drop appears to have slowed over the past two days, although the underlying outlook remains firmly entrenched in bearish pressure. GBP/USD is currently trading around 1.3572 having fallen below key levels of support.

USD/CAD

USD/CAD has rallied sharply over the past two weeks. On Wednesday, gains slowed as the currency pair hovered below 1.2900. A bullish US dollar may provide further room for growth in the near term as the loonie continues to shrug off rising oil prices.