Markets Breathe Easier After Fed and BOE Keep Interest Rates Steady

The financial markets have taken a breather after the US Federal Reserve (Fed) and Bank of England (BOE) held interest rates steady. Oil prices have eased, with Brent crude down over 2% to $103.40, as Saudi Arabia has announced plans to restore half its pipeline capacity within days.

The Fed's decision to keep rates unchanged at 3.75% was expected by markets, but the BOE's vote of 6-3 in favor of no rate hike came as a surprise to some. The pound fell against the dollar after the decision, with GBP/USD dropping from 1.3405 to 1.3360.

European stocks are up modestly, while US futures are also pushing higher as investors seek a post-Fed relief bounce. Gold prices have risen by 1.4% to $4,323 as traders look for a stronger rebound in the second half of the week.