Track market-moving stories before they get noisy

Fed hike expectations have firmed sharply ahead of Wednesday's FOMC decision, helping the US dollar retain a bid and USD/JPY recover from last week's selloff. Meanwhile, AUD/JPY is testing a major support cluster after falling more than 4.6% in two weeks, raising the prospect of a near-term bounce before bears look to re-engage.

USD/CHF Price Forecast: Shooting star warns bulls below 0.8200

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Ukraine’s Zelenskiy said that Ukraine would not strike Russia’s energy infrastructure if Russia stopped attacking Ukraine’s energy facilities, but these words did not confirm that the deal existed.

Treasury yields pulled back from session highs as bond traders focused on recent developments in the oil markets. Earlier, the yield of 10-year Treasuries made an attempt to settle above the psychologically important 5.00% level. Treasury yields gained strong upside momentum in recent trading sessions as traders bet that Fed will start the new rate hike cycle at the meeting on Wednesday.

U.S. dollar gained ground against a broad basket of currencies, which was bearish for gold and other precious metals. The American currency moved higher as traders bet on hawkish Fed.

Gold made an attempt to settle below the 50 MA at $4270 but lost mometnum and rebounded above the $4300 level. If gold manages to settle back above the support at $4300 – $4320, it will head towards the $4400 level. A move above $4400 will open the way to the test of the resistance at $4480 – $4500.

Silver Rebounds From Session Lows

Pound Sterling Price News & Forecast: GBP/USD tests five-week lows as US Treasury yields surge

Demand for safe-haven dollar increased amid reports indicating Saudi's key pipeline would be shut for several weeks after an attack.

Gold's biggest shift in decades?

Gold slides after the meeting that did not happen

Gold has fallen relatively sharply in the first half of today's session. Hardly a surprise, truth be told.

XAG/USD tests key support as hawkish Fed bets mount

Gold: CTA liquidation and dip-buying narrative – TD Securities

Silver Price Forecast: Head-and-shoulders neckline comes under pressure

Pound Sterling Price News and Forecast: GBP/USD bears flirt with monthly low

The EUR/USD has taken a drop today with the pair coming under pressure from rising energy prices and a rebounding US dollar ahead of the FOMC rate decision, where a hike is all but priced in now. We have a few other central bank meetings and some important data to look forward to as well.

TL;DR: Gold has broken below $4,300 even as oil surges and tech stocks selloff, because oil-driven inflation risk is feeding a sharply more hawkish Fed outlook that’s overpowering haven demand—and whether Dollar Index confirms that same story now hinges on its 99.86 resistance.

Gold Identifies the Dominant Market Channel The Dollar is broadly higher, oil is surging, and technology stocks are selling off. Yet Gold has broken below $4,300 instead of attracting a defensive bid. That pairing is the clearest signal from Monday’s markets: oil-driven inflation risk and Fed repricing are overpowering haven demand, turning Gold’s decline into the diagnostic behind Dollar strength.

The session contains several major developments, but they don’t represent a collection of unrelated bullish-Dollar forces. The principal causal chain runs from worsening threats to energy supply through higher oil and inflation expectations into a more aggressive Fed path. The technology selloff adds a separate source of risk aversion, but it doesn’t drive the inflation or rates component of the move.

Gold shows which mechanism is dominating. If generalized fear were the primary force, geopolitical escalation and a global technology selloff would normally provide at least some support for precious metals. Instead, Gold fell as the Dollar strengthened and markets increased their Fed hike expectations. That doesn’t prove haven demand is absent, but it indicates that the rate-and-Dollar channel is currently stronger.

Three Energy Routes Under Pressure The renewed oil surge followed a weekend in which risks intensified around three parts of the global energy system: the Strait of Hormuz, Bab el-Mandeb, and Saudi Arabia’s alternative export infrastructure.

The Salalah meeting scheduled for September 14 to discuss a temporary Hormuz shipping framework between Iran and Gulf Cooperation Council states was postponed the night before. Omani Foreign Minister Badr Albusaidi attributed the decision to “the interests of consensus,” while Iran described it as a joint Tehran–Muscat decision made at the request of other regional countries.

The postponement removed an anticipated opportunity for de-escalation. Separate maritime incidents reinforced the continuing threat to shipping. The United Kingdom Maritime Trade Operations confirmed a vessel was struck by a projectile in the Strait of Hormuz on Sunday, causing a fire and forcing the crew to evacuate. A separate attack on an Iranian commercial vessel left one person dead and four wounded.

Risk also increased around the Red Sea. Houthi advances through Mocha and Perim, also known as Mayyun island, strengthened the group’s position around Bab el-Mandeb. A fresh Houthi attack on a Saudi military airbase at Khamis Mushait was presented as retaliation for Saudi airstrikes on Yemen, confirming the confrontation had already moved beyond the stage of threatened military action.

Saudi Crown Prince Mohammed bin Salman met US Central Command chief Admiral Brad Cooper on Monday and sought direct US military assistance against the Houthis, according to the supplied reporting. US President Donald Trump declined to authorize direct strikes but agreed to provide intelligence-sharing and targeting support.

At the same time, Saudi Arabia’s East–West pipeline stayed closed after Friday’s drone strike. The pipeline has capacity equivalent to as much as approximately 4% of global oil supply, making its continued closure important even if the amount of disrupted current flow is smaller than its maximum capacity. Without a restart, the Red Sea export terminal at Yanbu reportedly has only five to seven days of inventory cover.

The result is a coordinated pressure point across the region: Hormuz shipping faces continuing attacks, Houthi advances are increasing the threat around Bab el-Mandeb, and the pipeline designed to bypass Hormuz is unavailable.

Oil Closes the Chain Through Inflation Expectations Energy prices responded accordingly. At 07:00 GMT on Monday, Brent was up 2.8% at $107.54, while WTI gained 2.9% to $102.93. Oil had already risen approximately 8% during the previous week and was trading above $100 for the first time since July. US diesel prices reached a fresh record above $6.20 per gallon on Sunday.

Those moves matter for the Dollar because the oil shock is no longer being treated only as a geopolitical or supply story. It’s feeding directly into expectations for US inflation and monetary policy.

The September 14 Reuters survey explicitly connected crude prices well above $100 and record diesel costs with surging inflation expectations. That comes after a sequence in which producer prices and core consumer inflation had already pushed markets toward expecting tighter policy.

The proper causal sequence is therefore: energy disruption raises oil and fuel prices. Higher energy costs lift inflation expectations. Persistent inflation increases pressure on the Fed to tighten. Higher expected US rates support the Dollar and weigh on Gold.

Inflation expectations and Fed expectations aren’t two independent explanations for Monday’s move. The former is transmitting the oil shock into the latter.

The Fed Poll Shows How Far Expectations Have Shifted The latest Reuters survey demonstrates the speed of that transmission. Of 101 economists surveyed after Friday’s CPI report, 86, or 85%, expected the Fed to hike on Wednesday. That completely reversed the previous week’s poll, in which more than two-thirds of respondents had expected rates to remain unchanged.

The change now extends beyond the immediate decision. Among 70 economists answering the longer-term question, 37, or 53%, expected at least one further hike by the end of March 2027. The survey no longer showed a majority expecting lower rates at any point during 2027.

Futures markets have moved even further, assigning approximately 90% probability to Wednesday’s increase and pricing around four cumulative hikes by the end of July 2027.

This isn’t a separate catalyst arriving alongside the oil shock. It’s the measurable result of the same chain. Higher energy costs have intensified inflation concerns at a time when recent PPI and CPI data were already reducing the Fed’s room to remain on hold.

Bank of America economist Stephen Juneau argued Federal Reserve Chair Kevin Warsh had “boxed himself into” a position in which the data needed to be very soft for the Fed to avoid following through with a hike. BMO economist Scott Anderson said the Fed’s “inflation-fighting credentials are on the line,” suggesting a surprise hold could steepen the Treasury curve rather than produce a straightforward relief rally.

Reuters compared the speed of the poll reversal with September 2024, when another late shift in expectations preceded a larger policy move than the final consensus anticipated. That comparison doesn’t imply the Fed will deliver a comparable surprise this week, but it illustrates how quickly a seemingly settled policy expectation can change when incoming data alter the inflation calculus.

AI Derisking Adds a Separate Source of Risk Aversion The technology selloff is distinct from the oil-to-Fed chain.

Anthropic Chief Executive Officer Dario Amodei published an essay on Saturday calling for AI laboratories to slow capability development. OpenAI Chief Executive Officer Sam Altman and xAI Chief Executive Officer Elon Musk publicly supported the proposal, while Altman separately confirmed OpenAI was shelving its planned initial public offering for the year because of safety concerns.

The developments followed the previous week’s resignation of Anthropic researcher Jacob Coxon over AI-risk concerns. A colleague subsequently estimated a greater than 10% probability of an extinction-level AI outcome within a decade, intensifying questions about whether the industry’s development trajectory could continue without interruption.

Technology shares fell across Asia, Europe, and US premarket trading. Reuters reported that SoftBank dropped as much as 13.2% intraday, while another report put the decline closer to 10%, reflecting different market snapshots. Kioxia fell 9.8%, SK Hynix lost between 5.3% and 6%, and Samsung declined between 3.7% and 4%. In Europe, ASML fell more than 4%, Nokia lost 5%, and Infineon dropped more than 6%. US premarket trading showed Micron down 5%, Intel down 6%, and Nvidia down 2%. Nasdaq futures fell 1.3% during Asian trading.

The selloff reflects the importance of uninterrupted technical progress to AI valuations. Saxo strategist Charu Chanana argued those valuations assume both strong demand and a relentless pace of technological development, making even a possible delay sufficient to trigger profit-taking.

Investor Michael Burry offered a more skeptical interpretation, describing the warnings as “hype and puffery” that could be covering weaker underlying growth. Either interpretation produces the same immediate market result: investors are reducing exposure to technology shares whose valuations depend on continued rapid capability development.

However, AI derisking should remain in its analytical lane. It adds to risk aversion and may contribute to defensive Dollar demand, but it doesn’t explain higher inflation expectations or the more aggressive Fed path.

Where the Forces Actually Converge Monday’s developments meet most clearly in risk appetite, not across every market channel.

Oil and geopolitical escalation raise the risk of persistent inflation and weaker growth. Fed repricing pressures duration-sensitive assets and high-growth equities by increasing expected discount rates. AI-specific concerns add a separate reason to reduce exposure to technology shares.

The common outcome is weaker risk appetite. But only the energy shock transmits directly through inflation expectations into the Fed outlook.

That distinction also prevents the Gold analysis from becoming internally contradictory. Ordinary AI derisking doesn’t necessarily imply lower Gold. It could generate haven demand, encourage cash-driven liquidation, or have little direct effect. Gold is falling because the rate-and-Dollar pressure generated by the energy and Fed channel is currently overwhelming whatever defensive demand the wider risk-off environment is producing.

ActionForex’s Technical View on Gold: Below $4,300 Is the Diagnostic Gold fell 1.27% to $4,292.21 intraday, breaking below the $4,300 round number. The latest four-hour chart showed a modest recovery toward $4,296, but the metal was still below the psychological threshold.

The move extended Gold’s decline to 2.62% over the week and 14.22% over six months, confirming Monday’s weakness was part of a broader correction rather than an isolated reaction.

The counterfactual makes the move analytically useful. A session combining worsening threats to energy supply, maritime attacks, and a sharp global technology selloff might ordinarily be expected to support Gold. Its failure to attract a sustained bid indicates that Fed repricing, higher yields, and Dollar strength are dominating the haven channel.

Gold is therefore not a second asset attached to a Dollar article. It provides independent market evidence for the mechanism driving the Dollar itself.

Gold’s break below $4,300 shifts attention toward a genuine support confluence at $4,230–$4,254. The 61.8% projection of the decline from 4,697.07 to 4,282.23, measured from 4,510.90, stands at 4,254.53. The 61.8% retracement of the broader rise from 3,942.43 to 4,697.07 lies at 4,230.70.

Gold briefly slipped beneath the previous 4,282.23 low before recovering, keeping pressure on the support zone without confirming a decisive breakdown.

Momentum hasn’t reached clear exhaustion. Four-hour RSI is around 37, approaching but not yet inside oversold territory. Daily RSI at approximately 44 leaves room for additional weakness. The four-hour MACD also remains below its signal line, indicating downside momentum hasn’t yet stabilized.

On the upside, resistance is concentrated around 4,394.91–4,402.51, where the 55-period four-hour EMA converges with horizontal resistance. Risk stays on the downside while that area holds.

A decisive break below 4,230 would open the 100% projection at 4,096.06. Continued Fed repricing accompanied by a stronger Dollar and Treasury yields would provide the most coherent catalyst for that move.

ActionForex’s Technical View on Dollar Index: Building a Prospective Double Bottom DXY’s rebound from 98.599 accelerated on Monday after the index had previously bottomed at 98.557. The two lows are sufficiently close to form a prospective double bottom around 98.55–98.60.

The pattern isn’t yet complete. DXY must still clear the resistance cluster at 99.79–99.86, which combines the 38.2% retracement of the decline from 101.80 to 98.55 at 99.79 with horizontal resistance at 99.86.

Momentum supports another test. DXY has reclaimed the 55-period EMA on the four-hour chart around 99.10. Four-hour RSI has climbed to approximately 68, elevated but not yet overbought. MACD is positive and continues to separate from its signal line.

A decisive break above 99.86 would complete the double bottom and target the 61.8% retracement at 100.56. Until that occurs, the rebound weakens but doesn’t fully invalidate the alternative scenario of another fall through 98.55 toward 97.93 and 97.62.

That’s why 99.86 holds the next signal. Gold has already broken its psychological threshold; the Dollar has yet to confirm Monday’s advance is becoming a broader technical reversal.

DXY 99.86 Holds the Next Cross-Asset Signal The Dollar and Gold levels should be treated as mutually reinforcing conditions rather than mechanically linked triggers.

A rejection of DXY from 99.79–99.86 would indicate the Dollar’s rebound remains contained. That could allow Gold to stabilize before reaching $4,230, particularly if oil or Fed expectations also begin to moderate.

A decisive DXY break above 99.86 would complete the prospective double bottom and increase the risk of Gold testing the $4,230–$4,254 support zone. If DXY subsequently clears 100.56 while Gold breaks $4,230, the two markets would jointly confirm a stronger Dollar recovery and a deeper Gold correction toward approximately $4,100.

The relationship could still change if the technology selloff develops into a disorderly US equity unwind. A broader “sell America” dynamic—particularly with the US 10-year yield near the politically sensitive 5% threshold and fiscal credibility already under scrutiny—could weaken the Dollar even as risk aversion intensifies. Gold might then recover despite continuing stress elsewhere.

For now, the opposite pattern is in control. Gold is falling as the Dollar strengthens, indicating the rate-and-Dollar channel is dominating the session. Gold has delivered the first signal below $4,300. DXY must now clear 99.86 to show the move is developing into something larger.

Key Takeaways Gold broke below $4,300, falling 1.27% intraday despite surging oil and a global tech selloff, signaling the rate-and-Dollar channel is overpowering haven demand. Escalation across three energy chokepoints (Hormuz, Bab el-Mandeb, and Saudi Arabia’s closed East-West pipeline) pushed Brent up 2.8% to $107.54 and US diesel to a record $6.20/gallon. A Reuters poll flipped from two-thirds expecting a Fed hold to 85% expecting a Wednesday hike, with futures now pricing roughly 90% odds and four cumulative hikes by mid-2027. An unrelated AI-industry derisking selloff (SoftBank down as much as 13.2%) added risk aversion but doesn’t explain the inflation or Fed-repricing side of the move. DXY’s 99.86 resistance is the next cross-asset signal; a break would complete a prospective double bottom and increase the risk of Gold testing 4,230-4,254 support.

AUD/USD Price Forecast: Aussie bears aim for a key support area around 0.7110

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Summary:

The Japanese yen has gained over 3% against the dollar. This is happening because expectations that Bank of Japan might raise interest rates, carry trades are being unwound, and investors are buying yen back in a market that's avoiding risk. This shift means the difference in interest rates between the US and Japan is slowly shrinking. It also suggests that investors should pay close attention to what central banks are saying and not borrow too much money for currency trades. However, the yen's upward trend could be stopped if US inflation goes up, causing Treasury yields to rise, or if the BoJ hesitates on policy changes, or if global energy prices keep spiking. The Japanese yen has held up surprisingly well against the US dollar lately. The USD/JPY exchange rate has fallen by more than 3%, while the broader DXY index, which tracks the dollar against other major currencies, has only dropped about 0.3%.

This shows the yen is strengthening quicker than other major currencies, even with markets staying cautious and risk-averse. It looks like something has shifted in currency markets, and that’s why a lot of people are paying close attention to USD/JPY right now.

The Carry Trade Is Unwinding Again The carry trade, where investors borrowed yen cheaply to fund investments in higher-yielding assets elsewhere, appears to be reversing. This strategy gained popularity when the Bank of Japan (BoJ) held interest rates near zero, while the Federal Reserve kept its rates much higher.

However, that gap is now closing. The BoJ has lifted its policy rate to about 1.0%, and the yield difference between 10-year US Treasuries and Japanese government bonds has narrowed to roughly 300 basis points. This reduces the appeal of shorting the yen.

What’s more, US Treasury Secretary Scott Bessent commented, daring traders to bet against a stronger yen, and suggesting Japan should move away from prolonged reflationary policies. These remarks have fueled speculation that Tokyo might allow, or even encourage, a stronger currency.

On top of that, Japanese institutional investors might be bringing money back home to invest in higher-yielding assets in Japan, which would increase demand for the yen.

Market expectations for BoJ policy have also shifted. Traders now largely expect a rate hike in September and anticipate further tightening. Recent domestic wage data and revised GDP figures support this view of policy normalization.

What Could Disrupt the USD/JPY Current Trend? Several factors might disrupt the current USD/JPY trend. For instance, if the Federal Reserve takes a more aggressive stance on interest rates, especially with US inflation staying high, that could widen the yield gap and boost the dollar.

On the other hand, if the BoJ seems hesitant, like delaying a rate hike or not raising it as much as expected, it could cause people who bet on the yen weakening to quickly change their minds. If US Treasury yields jump significantly, perhaps due to higher inflation or the Fed being more hawkish, that would also widen the yield gap and could stop or even reverse the current trend.

Japan, being a net energy importer, is also vulnerable to sharp crude oil price hikes. If energy inflation sticks around, it could hurt Japan’s trade balance and weigh down the yen.

The Global Economic Perspective The yen’s current strength hints that the big gap in monetary policy we’ve seen across markets in recent years is slowly closing. It suggests investors are starting to expect a more balanced global interest rate environment, not one solely driven by US policy.

For the wider economy, this means markets are paying more attention to policy changes happening outside the US. If the yen stays strong, it could eventually help lower inflation in Japan from imported goods, though it might make Japanese exports a bit less competitive.

Currently, the yen’s strength looks like a structural shift, not just a temporary technical move. When you’re thinking about USD/JPY positions, remember that carry unwinds have historically led to fast, big price swings.

Investors who have borrowed yen to invest in other markets should think about how vulnerable they are if the yen keeps strengthening. If you’re looking for opportunities, you might want to consider using options instead of buying the yen directly.

Why has the yen strengthened more than other major currencies recently?

Markets are pricing in faster Bank of Japan rate hikes. This, along with carry-trade unwinding and speculative short covering, has also boosted demand for the currency.

What role have US officials played in the yen’s recent gains?

Treasury Secretary Scott Bessent’s comments, encouraging Japan to end prolonged reflationary policies, have supported expectations of a stronger yen.

Could the current yen strength reverse quickly?

Indeed, it could. If the Federal Reserve takes a more hawkish stance, or if the Bank of Japan makes a disappointing decision, short-covering flows could quickly reverse, weakening the yen.

Pound-New Zealand Dollar could remain elevated if UK inflation keeps BoE tightening expectations alive, while weaker New Zealand growth may weigh on the Kiwi. The Pound New Zealand Dollar (GBP/NZD) exchange rate hit a near two-month high last week as a risk-off mood weighed on the ‘Kiwi’.

At the time of writing, GBP/NZD traded at around NZ$2.3267, up 1.2% on the week.

Latest — Exchange Rates:

Pound to New Zealand Dollar (GBP/NZD): 2.328322 (+0.05%)

Euro to New Zealand Dollar (EUR/NZD): 1.996287 (+0.04%)

New Zealand Dollar to Dollar (NZD/USD): 0.580943 (-0.06%)

DAILY RECAP:

The Pound (GBP) enjoyed a steady start to the week amid a speech from Chancellor John Healey. In his first major address, he focused on boosting growth and reassuring markets that he would take a responsible approach to the public finances. This lent GBP modest support.

Sterling then traded without a clear direction through much of the week as UK data was thin on the ground, although it was able to rise against its more risk-sensitive peers amid a cautious market mood.

On Friday, the UK’s latest GDP figures beat forecasts to show a healthy 0.3% expansion in July. This helped GBP stay afloat, although it failed to prompt a notable upside.

Meanwhile, the risk-sensitive New Zealand Dollar (NZD) came under pressure at the start of the week amid intensifying tensions in the Middle East.

Fresh attacks between Iran and the US rattled markets, with oil prices surging back above $100 per barrel, raising concerns that the crisis could escalate once again.

After hitting a near two-month low against the Pound, the New Zealand Dollar attempted to recover amid some dip-buying.

However, the prevailing risk-off mood kept NZD in check.

Near-Term GBP/NZD Forecast: BoE Decision in the Spotlight Looking ahead, the first key data release this week is the UK’s latest labour market overview. A forecast rising of unemployment in the three months to July could pressure the Pound, particularly if it's paired with a cooling of wage growth.

The British consumer price index on Wednesday could then lift Sterling. Markets expect to see headline and core inflation rising in August, with the former forecast to climb from 2.9% to 3.1%.

The main event, however, may be the Bank of England's (BoE) interest rate decision. No change is expected, leaving the focus on forward guidance. A cautious tone from the bank could undermine the Pound, while a hawkish shift could boost GBP. The employment and inflation data during the first half of the week could shape the BoE’s tone.

Finally for the Pound, a forecast contraction in UK retail sales in August could weigh on GBP on Friday.

Meanwhile, the key economic data release for NZD will be New Zealand’s second-quarter GDP figures. An expected slowdown in growth could sap demand for the ‘Kiwi’.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

British Pound: Downside pressure persists against US Dollar - UOB

EUR/USD sits near 1.1610, just off a one-month low, as tomorrow’s Fed decision looms as the week’s true catalyst. The ECB delivered its second hike of the year on September 10, lifting the deposit rate to 2.50% and warning that Middle East-driven inflation pressures will keep price growth well above target for an extended period. Lagarde called the move a “no-brainer”, yet the euro barely reacted; the hike had been fully priced in, and markets are already pricing more ECB tightening than the central bank’s own projections suggest is needed.

The real action lies across the Atlantic. Thursday’s hotter-than-expected US CPI print pushed September Fed hike odds sharply higher, from 67% to 88% intraday, though the dollar has struggled to fully capitalise as falling oil prices pull Treasury yields back from three-year highs near 4.99%. Adding political noise, President Trump has reportedly pressed Fed Chair Kevin Warsh directly on rate cuts, a claim Trump himself has downplayed, just as the Fed enters its blackout period ahead of Tuesday’s meeting.

The result: an ECB that has already delivered its hawkish surprise with muted market impact, against a Fed whose next move, and its independence from political pressure, could prove far more consequential for EUR/USD heading into Wednesday.

Technical Analysis of EUR/USD

As the EUR/USD chart shows, the pair has recently broken below the ascending trendline that had guided the entire late-July recovery, a genuine shift in structure, and has now also lost the 200-period EMA and the 0.382 Fibonacci confluence near 1.1580, both of which had served as reliable support during the advance. Price is currently testing the 0.5 retracement near 1.1533, a key level in its own right.

Bullish Scenario

Should buyers reclaim the 0.5 support and stage a recovery, the first real test becomes the confluence of the 200-period EMA and the 0.382 retracement near 1.1580, now flipped into resistance. A confirmed break back above that zone would open the path towards retesting the broken ascending trendline, which itself converges near the last resistance on the chart.

Bearish Scenario

Conversely, a decisive break below the 0.5 retracement would confirm the bearish structure taking hold, exposing the 0.618 level near 1.1490, precisely where the broken descending trendline now sits as a potential resistance-turned-support test on the way down. A failure to hold there would risk a deeper slide towards the 0.786 retracement near 1.1430.

With price having just lost both its ascending trendline and the 200-period EMA in quick succession, EUR/USD’s next move looks set to determine whether Wednesday’s Fed decision accelerates this correction, or gives buyers a reason to defend the 0.5 support first.

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GBP/USD Price Forecast: Bears flirt with monthly low, near 1.3480-1.3470 confluence

After a modest pullback on Friday, more attacks and increased hostilities over the weekend in the Middle East are keeping supply concerns front and centre and the risk premium on oil high.

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GBP/JPY Price Forecast: Clings to gains above 208.00; bearish bias intact ahead of BoE/BoJ