Sterling rose in European trade for the fifth straight session against dollar on track for the first weekly profit in three following the Bank of England's meeting, bolstering the case for negative rates for the first time in UK history. 

GBP/USD rose 0.15% to 1.2994, after closing up 0.1% yesterday for the fourth session on hopes for a UK-EU trade deal. 

Sterling is up 1.5% so far this week on track for the first weekly profit in three. 

The dollar index fell 0.1% on Friday for the second session under pressure from pessimistic US data. 

The BoE voted to maintain rates at 0.10% and the assets purchases program at 745 billion pound a month. 

However, the bank opened the door for the first time to apply negative rates to counter the impact of the Coronavirus pandemic and Brexit. 

Silver prices fell on Thursday, despite the US dollar's drop, as investors absorbed the Federal Reserve's monetary policy decision.

Today's data showed that the number of initial jobless claims in the United States decreased to 860,000 last week, while building permits were recorded in 147 million permits, and the number of homes that had begun construction recorded 1.42 million units, below expectations of 1.47 million units.

The US Federal Reserve kept the interest unchanged, and signaled that it plans to keep it near zero until the end of 2023.

The dollar index fell against a basket of currencies by 0.3% to 92.9 points as of 19:51 GMT, after it hit a high of 93.5 and a low of 92.9.

Silver December futures fell 1.4% to close at $27.10 an ounce, after hitting today's high at $27.4 and the low at $26.4.

US stock indices fell on Thursday, as Dow Jones snapped its 4-session rally, as the tech rout continued.

The initial US unemployment claims fell to 860,000 last week, but still lowers than forecasts of 825,000.

The building permits reached 147 million, which is also lower than forecasts of 1.51 million, and the housing starts reached 1.42 million units, missing forecasts of 1.47 million.

The Democratic presidential candidate Joe Biden said that the superrich in the US have benefited a lot from the tax cuts made by President Donald Trump.

While President Donald Trump expressed that his Democratic rival Joe Biden will raise taxes by $4 trillion if he wins the presidential election.

To the oil market, WTI October futures at Nymex rose 2% to close at $40.97 a barrel, after hitting a day high of $41.2 and a low of $39.4.

Brent November futures rose 2.6% to $43.30 a barrel, with a high of $43.4 and a low of $41.5.         

As for stocks, Dow Jones fell 0.5% or 130 points to close at 27,902, after it hit a day high 28,056 and a low 27,647.

Nasdaq plunged 1.3% or 140 points to 10,910 points, with a high of 10,974 and a low of 10,783.

S&P 500 dropped 0.8% or 28 points to 3,357, with a high of 3,375 and a low of 3,328.

The British pound held steadily against the US dollar on Thursday, after the expected decision by the Bank of England today, in addition to remarks by the US Democratic presidential candidate Joe Biden.

The Bank of England kept the interest rate at 0.10% unchanged in a widely expected move of allowing cheap money (low-interest loans) to support the economy amid the coronavirus crisis.

Joe Biden said that there would be no good trade deal between the US and UK if it doesn't secure a deal with the EU that respects Northern Ireland peace agreement.

Biden added that any agreement between London and Brussels "must be contingent upon respect for the agreement and preventing the return of a hard border".

As of 20:51 GMT, GBP/USD held at 1.2970, after hitting a high of 1.2988 and a low of 1.2866.