The EUR/USD currency pair remained stagnant on Thursday. The "analysis" should begin not with geopolitical events or macroeconomic reports, but with an indicator that most traders and analysts regularly seem to forget: volatility.

The GBP/USD currency pair traded higher on Monday, but the situation for the British pound is somewhat different from that of the euro. Recall that two weeks ago, the pound experienced a sharp 300-pip drop, triggered not only by geopolitical tensions but also by the market's anticipation of a new breakdown in negotiations and a renewal of war in the Middle East.

The EUR/USD currency pair rose moderately on Monday, reflecting traders' current mood—"cautious optimism." Essentially, this optimism is based solely on the number of positive news items in the general information flow.

The GBP/USD currency pair traded very weakly on Wednesday. Despite the morning release of the inflation report, which is both important under current circumstances and showed quite resonant figures, traders found little reason to react. Several conclusions can be drawn from this.

The EUR/USD currency pair continued its downward movement on Wednesday, with volatility remaining low. Over the past 10 days, the euro has moved by only 70 pips. Clearly, the market is in no rush. And why should it be, when geopolitical factors can sway in any direction at any moment?