Daily summary

GBPUSD retreats back to below 1.2300 as investors grew more cautious about placing aggressive bids ahead of the Bank of England interest rate decision. The central bank expected to increase the Bank Rate by 25 bps, taking them to 4.25% after Wednesday's surprise jump in inflation.

Today everyone is eyeing the outcome of the US Federal Open Market Committee (FOMC) meeting. The central bank is expected to raise interest rates by another 25 basis points today. If it happens, then it will be the 9th consecutive rate hike by the US Fed.

Footwear and athletic apparel giant Nike (NYSE: NKE) is set to report financial results for the last quarter today, March 21st, after the market close. The company is expected to post quarterly earnings of $0.55 per share and revenues are expected to be $11.47 billion.

Shares of the shipping giant FedEx (NYSE: FDX) surged more than 11% in extended trading on Thursday after the company posted robust quarterly earnings that beat expectations.

EURUSD reversed from the previous session's losses and rebounded back to above 1.0600 after it found strong buyers nearby 1.0520. For today all eyes will be turning to the ECB's interest rate decision and ECB President Christine Lagarde's speech.