Forex today experienced risk-off market profile, as reflected by mostly lower Asian equities and US equity futures amid a lack of progress on the US-China trade front and reports that Huawei filed a suit against the US government.

As a result, the safe-haven demand for the Yen remained underpinned, with the USD/JPY pair meandering near 111.70 levels. Meanwhile, EUR/USD exchanges gains with losses around the 1.1300 handle, and GBP/USD is trying to stabilize amid a US Dollar pullback and pessimism about Brexit talks.

Markets gear up for a busy EUR calendar, with the ECB monetary policy decision due at 12:45 GMT and Draghi’s speech at 13:30 GMT likely to be the main event risks. At 10:00 GMT, the Eurozone final Q4 GDP report will be published that is likely to have virtually no impact on the EUR markets.

From the NA docket, the weekly jobless claims will be published at 13:30 GMT.

Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories. Within the U.S. sanctions against Iran, Washington granted its biggest buyers - mostly in Asia - waivers when the measures were re-introduced in November 2018 that would allow them to buy limited amounts of crude for another 180 days. Washington has put pressure on these governments to gradually reduce their oil imports from Iran to zero, but importers remain in negotiations over potential extensions to these waivers.

Gold is attempting a corrective bounce in Europe, after dropping to off 1-month low of $1,280.60, and currently trading at $1286.70. Prices hit a high of $1,290 yesterday after the US ADP report showed that non-farm private employment growth was below expectations in February. The uptick, however, was short-lived, possibly due to the upward revision of the previous month. That said, the markets may begin pricing in the possibility of a below-forecast NFP. After all, both the employment sub-index of the ISM non-manufacturing and the ADP employment report have shown fewer job additions in February.