The US Dollar has retreated following decisions by the European Central Bank (ECB) and Bank of England (BoE) to hold their monetary policies steady, leading to rallies in EUR/USD and GBP/USD.

The European Central Bank (ECB) and Bank of England (BOE) are moving closer to implementing rate hikes as energy turmoil deepens, with ECB policymakers reportedly seeing the first of several hikes in June.

Traders adjusted their rate expectations for the Bank of England (BOE) and European Central Bank (ECB) just hours before their respective policy decisions were announced.