The Euro (EUR) holds its early recovery move at around 1.1450 against the US Dollar (USD) during the European trading session on Monday. The major currency pair rebounds as the US Dollar turns upside down amid firm expectations that the Federal Reserve (Fed) will keep interest rates steady in the July policy meeting.
At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% lower to near 100.65.
According to the CME FedWatch tool, the odds of the Fed leaving interest rates unchanged in the July meeting are 85.6%, up from 65.8% recorded last week. Traders scaled back hawkish Fed expectations after the release of the softer-than-expected United States (US) Consumer Price Index (CPI) data for June.
Though the Euro trades higher against the US Dollar, the former is underperforming against its other peers amid escalating geopolitical tensions. US Central Command (CENTCOM) confirmed late Sunday that it had concluded a ninth straight night of strikes against Iran, clarifying that the latest aggression was in retaliation for the killing of at least three American service members.
This week, the major trigger for the Euro will be the European Central Bank’s (ECB) monetary policy announcement on Thursday. The central bank is expected to leave policy rates unchanged after raising them by 25 basis points (bps) in the June meeting. Investors will pay close attention to the ECB’s monetary policy statement and President Christine Lagarde’s speech to get fresh cues regarding the monetary policy outlook.
Economic Indicator ECB Rate On Deposit Facility One of the European Central Bank's three key interest rates, the rate on the deposit facility, is the rate at which banks earn interest when they deposit funds with the ECB. It is announced by the European Central Bank at each of its eight scheduled annual meetings.
The New Zealand Dollar (NZD) resumed its broader bullish trend against the US Dollar (USD) on Monday, following a mild pullback over the previous two trading days. Bulls are pushing against the resistance area between 0.5860 and 0.5865, so far unaffected by the risk-off mood amid the hostilities in Iran.
The Kiwi Dollar has been drawing support from the favourable monetary policy divergence between the US Federal Reserve (Fed) and the Reserve Bank of New Zealand (RBNZ). New Zealand’s central bank hiked interest rates earlier in July and hinted at further tightening in the coming months, while, in the US, the soft inflation figures seen last week have dampened hopes of a rate hike in the near term.
This, so far, is offsetting the negative impact on the risk-sensitive Kiwi from the escalating tensions between the US and Iran and the surging Crude Oil prices.
Technical Analysis: Indicators hint at an overstretched rally
NZD/USD trades at 0.5862, holding a constructive near-term bias as it clings to gains above the reclaimed ascending trend-line support. The 4-hour Relative Strength Index (14), near 70, shows overbought conditions, and the Moving Average Convergence Divergence (MACD) has started to soften, hinting that upside strength might be losing momentum.
On the topside, bulls are pushing against the mentioned resistance area ahead of 0.5865 (June 15, July 15 highs). Further up, a previous support-turned-resistance, around 0.5910 (June 1 low), looks a plausible target.
A bearish reaction, on the contrary, is likely to be tested at the trendline support, now around 0.5835, ahead of Friday's low at 0.5825. A deeper pullback might look for support at the July 10 and 13 highs, just below 0.5800.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
USDEURGBPJPYCADAUDNZDCHFUSD-0.04%-0.19%-0.02%-0.05%-0.26%-0.27%-0.09%EUR0.04%-0.12%0.02%-0.02%-0.21%-0.25%-0.05%GBP0.19%0.12%0.15%0.10%-0.10%-0.12%0.04%JPY0.02%-0.02%-0.15%-0.02%-0.24%-0.22%-0.09%CAD0.05%0.02%-0.10%0.02%-0.21%-0.19%-0.07%AUD0.26%0.21%0.10%0.24%0.21%0.00%0.18%NZD0.27%0.25%0.12%0.22%0.19%-0.01%0.14%CHF0.09%0.05%-0.04%0.09%0.07%-0.18%-0.14% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Dollar Index Price Chart – Source: Tradingview The US dollar trades near 100.75 on the 4-hour chart following a relief from near 100.35 last week. Price has a clear trendline overhead that caps the move, plus price trades near and below 50-EMA (100.84) & 100-EMA (100.84), so the overall near-term move seems still under pressure despite the recent relief.
The first resistance is at 100.89, which is the trendline and at the 61.8% retracement level. If price can sustain a move past 100.89, the target will be 101.03, then 101.22, and 101.46. The nearest support is at 100.69. Further support will be near 100.61, 100.51, then the recent support near 100.35. The RSI is at about 49 and it indicates that the market momentum is balanced at current price as the buyers and sellers are having equal strength at this time.
For now, my view is that DXY is consolidating beneath the resistance and trendline. If price can get above the trendline, then the chance of broader recovery will get more favorable. If sellers push price away from current level, then there will be higher chance of seeing another test of 100.61 and 100.35 support.
GBP/USD Technical Analysis: Bullish Structure Above The Rising Trendline
Commerzbank’s Thu Lan Nguyen expects EUR/USD to see limited drivers from United States (US) data or Federal Reserve (Fed) communication this week, putting focus on the European Central Bank (ECB). With markets already pricing a September hike, she argues that how hawkish the ECB sounds on inflation and future tightening will be key for Euro performance and downside risks in EUR/USD.
ECB communication to shape Euro risks"This week promises to be a quiet one for the EUR-USD exchange rate. As we have discussed here many times before, US monetary policy is currently the key driver of the currency pair. However, on the one hand, Federal Reserve officials do not comment publicly on the monetary policy outlook in the week before the Fed meeting."
"This is particularly the case if there is still no sign of the Strait of Hormuz being reopened and a further increase in energy prices is therefore looming. One thing should be clear: as long as the conflict continues, the data from recent months carry less weight."
"However, for the euro exchange rate over the coming weeks, it could indeed be crucial how hawkish the ECB presents itself. The more strongly it already now warns of inflation risks in light of a renewed escalation in the Middle East conflict, the more confident the market is likely to be not only about a rate move in September, but there is a high likelihood that it will tend to price in additional rate hikes."
"For the market, it is therefore crucial how clearly the ECB underscores that it is prepared to raise its key rate beyond September. This is likely to be decisive in limiting the downside potential in EUR-USD in the event of a further escalation in the US-Iran conflict."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Silver (XAG/USD) sticks to its modest intraday gains during the early European session on Monday and currently trades just below the $57.00 mark, up over 1.50% for the day. The white metal, however, remains within striking distance of its lowest level since December 2025, around the $54.80-$54.75 region touched on Friday, amid a mixed technical setup.
The price action between two converging trend-lines constitutes the formation of a bullish reversal pattern – falling wedge – on the 4-hour chart. However, repeated failures to make it through the 100-period Simple Moving Average (SMA) on the said chart favor the XAG/USD bears. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram has turned modestly positive, hinting at a mild recovery attempt. However, the Relative Strength Index (RSI) around 45 still points to only tentative demand after a prior oversold phase.
On the topside, initial resistance is located at the reclaimed break area of the descending trend line near $57.24, where prior rallies have been rejected. The subsequent hurdle emerges at the 100-period SMA around $58.98, which reinforces the broader bearish structure. Unless bulls can force a sustained move above these caps, the XAG/USD is likely to remain vulnerable to renewed selling on intraday rebounds, with downside levels to be defined by fresh price action, given the lack of nearby mapped supports in the current dataset.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
XAG/USD 4-hour chart
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
EUR/USD traded near 1.1440 after recovering from recent lows, supported by expectations that the European Central Bank could raise interest rates again in September. The euro’s advance remains limited as escalating US-Iran tensions and oil prices above $90 increase safe-haven demand for the US dollar. EUR/USD must clear the 1.1470–1.1500 resistance zone to strengthen its recovery, while 1.1400 remains the first major support level. The EUR/USD exchange rate held near 1.1440 on Monday as traders weighed the prospect of another European Central Bank interest rate increase against renewed demand for the US dollar amid escalating tensions between Washington and Tehran.
The currency pair was trading around 1.1437 at the time of writing, having pulled back from last week’s high near 1.1480. The euro remains supported by expectations that the ECB will retain a hawkish bias at this week’s policy meeting, even though policymakers are widely expected to leave borrowing costs unchanged.
However, the dollar has regained some ground as the US-Iran conflict intensifies and disruption to oil shipments through the Strait of Hormuz pushes energy prices higher. Brent crude rose above $90 a barrel, reviving inflation concerns and strengthening the case for the Federal Reserve to maintain higher interest rates.
Why Is EUR/USD Rising Today? The euro has found modest support from changing expectations for ECB monetary policy.
The ECB is expected to keep its deposit rate unchanged at 2.25% when officials meet on Thursday. Nevertheless, a Reuters poll found that most economists expect another rate increase later this year, with September emerging as the most likely timing.
That outlook has become more credible following the renewed increase in energy prices. Eurozone inflation eased to 2.8% in June but remains above the ECB’s 2% target, while rising oil and gas costs threaten to create another wave of price pressure.
Consequently, the euro has retained support even as the ECB prepares to pause after its previous rate increase. Traders will pay close attention to President Christine Lagarde’s comments for any indication that September remains a live option.
Will the ECB Raise Interest Rates in September? A September rate increase is increasingly becoming the central question for the EUR/USD forecast.
Around 70% of economists surveyed by Reuters expect the ECB to raise rates once more before the end of 2026. However, policymakers must balance renewed inflation risks against a weak eurozone economy, which expanded by only 0.2% during the latest quarter.
The ECB’s challenge is that higher energy prices can simultaneously lift inflation and weaken economic activity. Businesses face higher operating costs, while households have less disposable income available for other goods and services.
A clearly hawkish message from Lagarde could help EUR/USD challenge 1.1500. Conversely, a more cautious tone that emphasises weak growth could encourage traders to reduce expectations for a September move and weigh on the euro.
How Are US-Iran Tensions Affecting EUR/USD? Escalating hostilities between the United States and Iran are preventing a stronger euro recovery.
The United States carried out a ninth consecutive night of strikes, while Iran warned that the Strait of Hormuz would remain unsafe for oil, gas and petrochemical shipments. Ship traffic through the strategically important waterway has declined sharply, contributing to Brent crude’s move above $90 and WTI’s rise beyond $84.
The development creates two headwinds for EUR/USD.
First, geopolitical uncertainty increases demand for the US dollar as investors move toward highly liquid safe-haven assets. Second, Europe is particularly exposed to imported energy costs, meaning a sustained oil shock could weaken the eurozone growth outlook even while forcing the ECB to keep monetary policy restrictive. The dollar has therefore remained resilient despite recent evidence that US inflation had begun to moderate. Markets are also pricing an increased possibility of another Federal Reserve rate rise before the end of the year.
EUR/USD Technical Analysis: Can the Euro Break Above 1.1500? The one-hour chart shows EUR/USD consolidating near 1.1437 after its retreat from the 1.1480 area. Price is hovering around the middle Bollinger Band near 1.1436, indicating that neither buyers nor sellers currently have firm control.
The Moving Average Convergence Divergence indicator is beginning to stabilise after turning negative during the latest pullback. However, momentum remains limited, suggesting that the pair may continue trading sideways unless a fresh fundamental catalyst emerges.
Immediate resistance is located between 1.1445 and 1.1470, where the upper Bollinger Band and recent intraday highs are concentrated. A sustained move above 1.1470 would expose the psychologically important 1.1500 level.
A close above 1.1500 would improve the short-term structure and could open a move toward 1.1580 and 1.1620.
On the downside, 1.1425 provides initial support near the lower Bollinger Band. The more important level is 1.1400, which has repeatedly attracted buyers. A decisive break beneath 1.1400 would weaken the recovery and bring 1.1375 back into focus, followed by 1.1320.
EUR/USD Outlook Ahead of the ECB Rate Decision The immediate EUR/USD outlook hinges on whether the ECB validates market expectations for another rate increase in September.
A hawkish policy statement could help the euro test 1.1470 and 1.1500, particularly if Lagarde signals that higher energy prices pose a material threat to inflation. However, the dollar is likely to remain supported while the US-Iran conflict disrupts energy markets and drives investors toward safety.
For now, EUR/USD appears caught between a more hawkish ECB outlook and a stronger geopolitical bid for the dollar. That leaves the pair vulnerable to further consolidation until Thursday’s ECB decision provides a clearer policy signal.
Why is EUR/USD rising today?
EUR/USD is finding support as investors expect the European Central Bank to retain a hawkish stance and potentially raise interest rates again in September. However, gains remain limited by safe-haven demand for the US dollar.
How will the ECB interest rate decision affect EUR/USD?
A hawkish ECB decision would likely support the euro by strengthening expectations for higher interest rates. A cautious statement focused on weak economic growth could weigh on EUR/USD and bring the 1.1400 support level back into focus.
The Pound to Euro (GBP/EUR) exchange rate climbed to a 13-month high last week as speculation over the UK’s next Chancellor boosted Sterling, although the pairing struggled to hold its strongest levels.
At the time of writing, GBP/EUR was trading at €1.1761, up around 0.2% on the week.
Latest — Exchange Rates:
Pound to Euro (GBP/EUR): 1.176261 (-0.11%)
Pound to Dollar (GBP/USD): 1.345377 (-0.17%)
Euro to Dollar (EUR/USD): 1.143775 (-0.06%)
DAILY RECAP:
The Pound (GBP) traded in a narrow range at the beginning of the week, with the absence of notable UK economic releases leaving Sterling without a clear direction.
Remarks from Bank of England (BoE) Governor Andrew Bailey added further pressure after he highlighted the UK's persistent weak growth, dampening confidence in the currency.
Sterling then climbed sharply in the middle of the week as attention turned to the race for Chancellor under incoming Prime Minister Andy Burnham.
Markets reacted positively after Shabana Mahmood replaced Ed Miliband as the leading candidate, with Mahmood viewed as the more fiscally prudent option.
Even so, the Pound was unable to hold on to those gains despite figures showing the UK economy returned to growth with a 0.1% expansion in May.
With GBP/EUR hitting a 13-month high, traders chose to lock in profits, causing the Pound to retreat.
Meanwhile, the Euro (EUR) drew some support on Monday amid bets on further interest rate hikes from the European Central Bank (ECB) following the latest rise in energy prices.
EUR remained supported on Tuesday, thanks to its strong inverse trading relationship with the US Dollar (USD), as the latter currency faced pressure.
An unexpected contraction in Eurozone industrial production, published on Wednesday, left the Euro exposed to losses against the Pound.
However, the single currency was able to recoup a large portion of these losses through the latter part of the week, mostly due to a sharp retreat in Sterling.
Near-Term GBP/EUR Forecast: High-Impact Events to Drive Volatility? Looking forward, the initial focus for GBP investors is the UK’s latest employment figures due on Tuesday.
If the report suggests the labour market remains resilient, with unemployment holding steady and wage growth remaining firm, the Pound could strengthen.
Wednesday's UK consumer price index may then weigh on Sterling if it indicates that headline inflation cooled in June.
The week concludes with June's retail sales figures and the preliminary July PMIs on Friday. Weaker consumer spending alongside a further contraction in the services sector could leave the Pound under pressure heading into the weekend.
As for the Euro, Germany’s ZEW economic sentiment index for July could support EUR on Tuesday, if it shows an improvement this month as expected.
The European Central Bank’s latest interest rate decision on Thursday could drive volatility, with the single currency potentially firming if the bank indicates that further rate hikes are likely.
Finally, the Euro could soften on Friday if the Eurozone’s latest PMIs report weak activity in July.
The Pound to Dollar (GBP/USD) exchange rate climbed to a two-month high last week as softer-than-expected US inflation weakened the US Dollar while speculation over the UK’s next Chancellor boosted Sterling.
At the time of writing, GBP/USD was trading around $1.3443, up approximately 0.3% on the week after slipping back from a high of $1.3556.
Latest — Exchange Rates:
Pound to Dollar (GBP/USD): 1.345377 (-0.17%)
Euro to Dollar (EUR/USD): 1.143775 (-0.06%)
Dollar to Yen (USD/JPY): 162.4012 (+0.01%)
DAILY RECAP:
The US Dollar (USD) got off to a positive start last week as renewed hostilities in the Gulf prompted investors to favour safe-haven assets.
However, the ‘Greenback’ struggled to hold onto these gains after the release of a softer-than-expected US inflation report.
June's CPI figures showed price pressures eased more rapidly than forecast, with both headline and core inflation coming in below market expectations.
This triggered a sharp drop in the US Dollar as USD investors rushed to reprice some of their more hawkish Federal Reserve interest rate expectations.
The second half of the week then saw the US Dollar claw back some of these losses as a global tech stock selloff revived demand for the safe-haven currency.
Meanwhile, a lack of data left the Pound (GBP) adrift through the first half of last week's session, with cautious remarks from Bank of England Governor Andrew Bailey contributing to the sluggish start.
Sterling's performance then improved dramatically on Wednesday, with GBP/USD being propelled to a new two-month high as rumours began circulating that incoming Prime Minister Andy Burnham was favouring Shabana Mahmood for the Chancellor role over Ed Miliband.
GBP investors, who view Mahmood as a safer, more fiscally disciplined choice, rushed back into the UK currency on the news.
Yet, Sterling's spike quickly evaporated as investors seized the opportunity to lock in quick profits, completely washing out any support the Pound might have gathered from May's bounce in UK GDP.
Near-Term GBP/USD Forecast: Cabinet Appointments and Crucial Data to Stoke Sterling Volatility Turning to this week's session, the initial policy steps and personnel choices of the newly appointed Burnham administration are set to dictate the direction of the Pound to US Dollar exchange rate at the start of the week.
Markets will be closely watching to see who Burnham ultimately picks to lead the Treasury, with the Pound potentially rallying if the new Chancellor aligns with a business-friendly, fiscally cautious agenda.
Beyond politics, a barrage of heavy-hitting UK economic data is also set to influence Sterling sentiment, with GBP investors set to dissect the latest jobs report and inflation print to gauge whether the BoE will feel pressured to alter its current path on interest rates.
Meanwhile, in the absence of any notable US economic indicators, movement in the US Dollar is likely to be tied to market risk dynamics. If tensions in the Middle East continue to escalate, it boosts the chances of investors favouring the safe-haven currency.
USD/CAD extends its losses for the second successive day. trading around 1.4010 during the Asian hours on Monday. The technical analysis of the daily chart indicates the pair is moving downward within the descending channel, suggesting an ongoing bearish bias.
The USD/CAD is holding beneath both the 50-day Exponential Moving Average (EMA) and the shorter-term nine-day EMA, which keeps the pair in a mildly bearish near-term stance after its recent pullback from the highs.
The 14-day Relative Strength Index (RSI) has cooled to about 36, suggesting fading bullish momentum but not yet oversold conditions, which hints that sellers retain control while downside extension may still unfold in a more measured fashion.
The USD/CAD pair tests the lower boundary of the descending channel around 1.4000. A break below the channel would strengthen the bearish bias and put downward pressure on the pair to navigate the region around 1.3481, the lowest since October 2024.
On the upside, the USD/CAD pair may rebound toward the nine-day EMA of 1.4075, followed by the upper boundary of the descending channel around 1.4110. Further advances would cause the bullish emergence and support the currency cross to approach the 15-month high of 1.4248, reached on June 24.
USD/CAD: Daily Chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Canadian Dollar Price Today The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Euro.
USDEURGBPJPYCADAUDNZDCHFUSD-0.01%-0.12%-0.02%-0.07%-0.14%-0.16%0.01%EUR0.01%-0.08%-0.02%-0.08%-0.12%-0.17%0.02%GBP0.12%0.08%0.07%0.01%-0.05%-0.08%0.08%JPY0.02%0.02%-0.07%-0.04%-0.11%-0.10%0.02%CAD0.07%0.08%-0.01%0.04%-0.06%-0.06%0.06%AUD0.14%0.12%0.05%0.11%0.06%-0.01%0.16%NZD0.16%0.17%0.08%0.10%0.06%0.00%0.13%CHF-0.01%-0.02%-0.08%-0.02%-0.06%-0.16%-0.13% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
United Overseas Bank’s (UOB) Quek Ser Leang sees EUR/USD consolidating with a slight downside bias intraday, expecting moves within 1.1405–1.1450. Over 1–3 weeks, the Euro is still viewed with an upside bias as long as 1.1405 holds, though momentum toward 1.1520 remains uncertain. On a multi-week horizon, a break below 1.1390/1.1410 would target 1.1210.
Euro holds range with mild upside risk"24-HOUR VIEW: When EUR was at 1.1445 last Friday, we stated that “the current price movements are likely part of a consolidation phase between 1.1420 and 1.1465.” Our view of consolidation was not wrong, even though EUR traded within a narrower range than expected (1.1424/1.1452). EUR traded on a soft note after opening today, but the slight increase in downward momentum is not sufficient to indicate a continued decline. Overall, EUR could edge lower today, but any decline is likely to be contained within a 1.1405/1.1450 range."
"1-3 WEEKS VIEW: Last Thursday (16 Jul, spot at 1.1470), we highlighted that while EUR “is likely to trade with an upside bias, it is too early to determine whether there is sufficient momentum for EUR to reach the significant resistance level at 1.1520.” We added, “a breach of 1.1405 (‘strong support’ level) would indicate that EUR has reverted to a range-trading phase.” EUR has not been able to make any headway on the upside, but we will continue to hold the same view as long as 1.1405 is not clearly breached."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
British Pound holds steady near 1.3450 as US-Iran strikes intensifyThe GBP/USD pair trades on a flat note around 1.3450 during the early Asian session on Monday. Traders continue to assess the developments surrounding US-Iran tensions after the US said that a third American troop was killed in the past two days. The UK employment report will be in the spotlight later on Tuesday.
The US reported the death of another American service member, who was killed in northern Iraq during the controlled detonation of a downed Iranian drone. US Central Command (CENTCOM) also said on Sunday that it has located unidentified remains in Jordan, where a separate Iranian attack left two US troops dead and one missing in action, per Bloomberg. Read more...
British Pound slips for second straight day as Oil spike revives inflation fearsThe Pound Sterling retreats during the North American session, down 0.22% against the Greenback, as geopolitical tensions remained high, triggering a jump in Oil prices and heightening fears of a reacceleration of inflation. The GBP/USD trades at 1.3449 after peaking near 1.3480.
Hostilities in the Middle East continued with the US attacking Iranian infrastructure, according to Iran’s army spokesperson, who warned that attacks on Oil facilities could trigger retaliation, saying that “either all countries in the region can export Oil or no one can.” As tensions rose, Oil prices jumped, with WTI, the US crude Oil benchmark, gaining over 1.50% to $80.78 per barrel. Read more...
British Pound: Burnham policy hopes underpin Sterling against US Dollar – ScotiabankScotiabank’s Shaun Osborne and Eric Theoret notes GBP/USD is lower on the day and well off its one-year high reached on optimism that incoming PM Burnham will pursue market-friendly policies. Despite late-week slippage, that view remains. The new government is expected to allow new North Sea drilling and bring Thames Water back under public control, while trend oscillators stay bullish and analysts look for firm support near 1.34.
"Sterling is down on the day and well off the 1-year peak seen earlier this week around optimism that Burnham—who takes over as PM next week—will follow market friendly policies. Despite the pound’s late week slippage, that outlook appears to remain intact." Read more...
Gold prices remained broadly unchanged in United Arab Emirates on Monday, according to data compiled by FXStreet.
The price for Gold stood at 474.81 United Arab Emirates Dirhams (AED) per gram, broadly stable compared with the AED 474.54 it cost on Friday.
The price for Gold was broadly steady at AED 5,538.14 per tola from AED 5,534.89 per tola on friday.
Unit measure
Gold Price in AED
1 Gram
474.81
10 Grams
4,748.14
Tola
5,538.14
Troy Ounce
14,768.37
FXStreet calculates Gold prices in United Arab Emirates by adapting international prices (USD/AED) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices remained broadly unchanged in Philippines on Monday, according to data compiled by FXStreet.
The price for Gold stood at 7,970.46 Philippine Pesos (PHP) per gram, broadly stable compared with the PHP 7,970.33 it cost on Friday.
The price for Gold was broadly steady at PHP 92,962.48 per tola from PHP 92,964.33 per tola on friday.
Unit measure
Gold Price in PHP
1 Gram
7,970.46
10 Grams
79,701.88
Tola
92,962.48
Troy Ounce
247,909.40
FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices remained broadly unchanged in Saudi Arabia on Monday, according to data compiled by FXStreet.
The price for Gold stood at 485.18 Saudi Riyals (SAR) per gram, broadly stable compared with the SAR 485.27 it cost on Friday.
The price for Gold was broadly steady at SAR 5,659.15 per tola from SAR 5,660.13 per tola on friday.
Unit measure
Gold Price in SAR
1 Gram
485.18
10 Grams
4,851.88
Tola
5,659.15
Troy Ounce
15,090.98
FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
The EUR/USD pair trades in positive territory around 1.1445 during the early European trading hours on Monday, bolstered by a hawkish tone from the European Central Bank (ECB). The ECB is expected to hold interest rates on ThThursday butill hike for the second time this year in September as a renewed energy price surge raises the risk of more intense inflation pressures, according to Reuters.
However, escalating tensions in the Middle East could boost safe-haven flows, supporting the US Dollar (USD) against the Euro (EUR). Bloomberg reported that the US has launched the ninth night of Iran strikes, with Washington saying that airstrikes on Sunday aimed to "punish" Iran over the first US military deaths since renewed hostilities with the Islamic Republic began.
Iran's Islamic Revolutionary Guard Corps (IRGC) said that the Strait of Hormuz will not be safe for petrochemical products or 'single drop of oil and gas' transit as long as US actions in the region continue.
In the daily chart, EUR/USD keeps a bearish near-term tone as it holds beneath the 100-day Simple Moving Average (SMA). Price sits just under the upper Bollinger Band near, hinting that the latest bounce is running into overhead supply, while the middle Bollinger Band offers nearby dynamic support. The Relative Strength Index (14) at roughly 48 remains below the neutral 50 line, suggesting only modest upside momentum and reinforcing the idea of a capped recovery while the pair trades under its longer-term average.
On the topside, immediate resistance is located at the upper Bollinger Band around 1.1470, with a stronger barrier higher up at the 100-day SMA near 1.1585, where selling interest is likely to re-emerge if tested. On the downside, initial support is seen at the middle Bollinger Band around 1.1415, followed by the lower Bollinger Band near 1.1358; a clear break below this lower band would open the door to a continuation of the broader decline.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro FAQs The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Gold prices remained broadly unchanged in India on Monday, according to data compiled by FXStreet.
The price for Gold stood at 12,475.40 Indian Rupees (INR) per gram, broadly stable compared with the INR 12,463.91 it cost on Friday.
The price for Gold was broadly steady at INR 145,510.50 per tola from INR 145,376.60 per tola on Friday.
Unit measure
Gold Price in INR
1 Gram
12,475.40
10 Grams
124,753.90
Tola
145,510.50
Troy Ounce
388,037.30
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices rose in Pakistan on Monday, according to data compiled by FXStreet.
The price for Gold stood at 35,945.31 Pakistani Rupees (PKR) per gram, up compared with the PKR 35,906.22 it cost on Friday.
The price for Gold increased to PKR 419,258.50 per tola from PKR 418,803.20 per tola on friday.
Unit measure
Gold Price in PKR
1 Gram
35,945.31
10 Grams
359,453.10
Tola
419,258.50
Troy Ounce
1,118,025.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold (XAU/USD) reverses a modest Asian session dip to the $3,983-$3,982 area and is now looking to build on Friday's bounce from the monthly low. The intraday uptick is sponsored by a softer US Dollar (USD), which tends to benefit the commodity. That said, rising geopolitical tensions and expectations of higher US interest rates favor the USD bulls, warranting caution before positioning for any meaningful appreciation for the non-yielding bullion.
In the latest developments surrounding the Middle East crisis, the US said that it had completed a ninth straight night of strikes against Iran on Sunday after announcing the death of another American service member in Iraq. US President Donald Trump said that the latest strikes were being carried out in honor of US service members killed in recent days. Moreover, the US Central Command stated on X that the strikes are aimed at degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. In response, Iran fired ballistic missiles and one-way attack drones targeting US allies in the region, with Bahrain, Jordan, Kuwait, and Iraq reporting a new wave of attacks.
This raises the risk of a broader regional war and prompts traders to continue pricing in the geopolitical risk premium. Adding to this, the US recently resumed a naval blockade of Iranian ports and restricted an earlier oil-selling license. On the other hand, the Islamic Revolutionary Guard Corps (IRGC) is aggressively monitoring and attempting to restrict vessel traffic through the Strait of Hormuz. This, in turn, lifts crude oil prices to the highest since June 12, fueling inflation worries and bolstering bets for a Fed rate hike in 2026. Furthermore, Cleveland Fed President Beth Hammack argued on Friday that rates may need to rise to beat back persistent inflation, which should support the USD and warrants caution for Gold bulls.
In the absence of any relevant market-moving US economic releases on Monday, the fundamental backdrop makes it prudent to wait for strong follow-through buying before confirming that the XAU/USD pair has formed a near-term bottom. That said, comments from influential FOMC members could provide some impetus to the USD. Apart from this, the incoming geopolitical headlines should infuse some volatility in financial markets and contribute to producing short-term trading opportunities around Gold.
XAU/USD daily chart
Gold’s bearish setup warrants caution before positioning for any meaningful upsideFrom a technical perspective, the precious metal is holding within a downward-sloping channel and below the 200-day Simple Moving Average (SMA) near $4,495.79. This keeps the broader tone bearish despite some recent stabilisation. The XAU/USD pair currently sits just under the channel’s upper boundary around $4,056.51, suggesting rallies remain capped within the corrective structure.
Meanwhile, a modestly positive Moving Average Convergence Divergence (MACD) hints that the latest bounce carries some, but not dominant, upside momentum as the Relative Strength Index (RSI) lingers below the 50 line in mildly negative territory. Hence, a decisive break above the trend-channel hurdle is needed to open the way for a more convincing recovery toward the distant 200-day SMA at roughly $4,495.79.
On the downside, the lower boundary of the descending channel near $3,662.99 forms the next significant support, and a move back toward this zone would reinforce the prevailing bearish structure, exposing further weakness if broken.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Fed FAQs Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
Gold prices rose in Malaysia on Monday, according to data compiled by FXStreet.
The price for Gold stood at 529.13 Malaysian Ringgits (MYR) per gram, up compared with the MYR 528.55 it cost on Friday.
The price for Gold increased to MYR 6,171.72 per tola from MYR 6,164.87 per tola on Friday.
Unit measure
Gold Price in MYR
1 Gram
529.13
10 Grams
5,291.31
Tola
6,171.72
Troy Ounce
16,457.60
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold Technical Analysis: Bearish Momentum Tests $4,000 Support XAUUSD Daily Chart: Weak Rebound Keeps Downside Risk Alive The daily chart for spot gold shows that the price is consolidating in the strong support zone of $3,900 to $4,000. This support zone is defined by the October 2025 lows. The price may trigger a rebound from this support zone. But the $4,150 level protects the rally.
A break above $4,150 may push spot gold to $4,250, which is defined by the 50-day SMA. A break above the 50-day SMA may push the spot gold to the 200-day SMA at $4,500. Overall, the rebound from $4,000 is quite weak which indicates further downside in the short term. The RSI indicator also remains below the midpoint, which points to further pressure.
The 50-day SMA remains below the 200-day SMA, which points to the negative trend in the gold market. A recovery above $4,500 in spot gold may change the overall outlook and initiate a rally to $5,000.
The Australian Dollar (AUD) trades 0.12% higher to near 0.6995 against the US Dollar (USD) during the Asian trading session on Monday. The AUD/USD pair bounces back after a weak opening, as the US Dollar faces selling pressure amid intensified expectations that the Federal Reserve (Fed) will not hike interest rates in the policy meeting later this month.
At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades marginally lower around 100.70. The USD Index fell sharply after a strong opening move.
According to the CME FedWatch tool, the odds of the Fed leaving interest rates unchanged in the July meeting are 85.6%, up from 65.8% recorded last week. Market participants turned confident that the Fed will maintain the status quo in the July meeting after the release of the United States (US) Consumer Price Index (CPI) data for June, which showed that inflationary pressures cooled down.
On the Australian Dollar front, the currency outperforms its major peers, following the People’s Bank of China’s (PBOC) monetary policy announcement, in which it left Prime Lending Rates (PLRs) unchanged.
AUD/USD trades higher at around 0.6990 at press time, holding a modestly bullish near-term bias as it extends above the 20-day exponential moving average (EMA) at 0.6970. The pair has reclaimed this short-term trend indicator after its late-June weakness, while the Relative Strength Index (14) at 51.8 sits just above the neutral line, suggesting stabilizing upside momentum rather than aggressive buying pressure.
On the downside, immediate support is located at the 20-day EMA near 0.6970, which is likely to act as the first line of defence on any pullback, followed by the recent price troughs below 0.6950 if sellers regain control. Below 0.6950, the March 30 low at 0.6874 will be the key support level. As long as spot holds above the 0.6970 region on a daily closing basis, the technical tone should remain mildly constructive. Looking up, the pair could extend its advance towards 0.7100 if it manages to break above the July 15 high at 0.7021.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
EUR/JPY remains subdued for the third consecutive day, trading around 185.80 during the Asian hours on Monday. The currency cross is holding a constructive bullish bias as it stays above both the nine-day and 50-day Exponential Moving Averages (EMAs), now aligned as nearby dynamic support.
The 14-day Relative Strength Index (RSI) at 55.33 leans to the upside without signalling overbought conditions, suggesting bullish momentum is present but not yet overstretched while price consolidates just under the recent highs.
The daily chart technical analysis shows the EUR/JPY cross is remaining within the ascending triangle, at the top near 186.10. This flat ceiling, combined with shallower dips, signals aggressive buying pressure. A decisive break above the triangle could trigger a powerful bullish continuation, which could expose the all-time high of 187.95, which was recorded on April 17.
On the downside, primary support lies at the nine-day EMA at 185.50, followed by the 50-day EMA at 185.12 and the ascending triangle’s lower boundary around 185.00. A break below the triangle would weaken the bullish bias and put downward pressure on the EUR/JPY cross to navigate the region around the five-month low of 181.87, recorded on March 16, and the seven-month low of 180.81.
EUR/JPY: Daily Chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the New Zealand Dollar.
USDEURGBPJPYCADAUDNZDCHFUSD-0.01%-0.07%-0.02%-0.09%-0.15%-0.24%0.02%EUR0.01%-0.02%0.00%-0.08%-0.13%-0.25%0.03%GBP0.07%0.02%0.02%-0.06%-0.11%-0.21%0.04%JPY0.02%0.00%-0.02%-0.06%-0.13%-0.19%0.03%CAD0.09%0.08%0.06%0.06%-0.06%-0.12%0.09%AUD0.15%0.13%0.11%0.13%0.06%-0.08%0.18%NZD0.24%0.25%0.21%0.19%0.12%0.08%0.22%CHF-0.02%-0.03%-0.04%-0.03%-0.09%-0.18%-0.22% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Silver price (XAG/USD) gains ground for the second successive day, trading around $56.80 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing white metal could face tough sledding ahead as United States (US)-Iran clashes drive oil prices higher, and resurfacing inflation risks are fueling expectations for Fed rate hikes.
The US has launched its ninth consecutive night of strikes against Iranian targets. In response, Iranian officials declared that the ceasefire between the two nations has been effectively abandoned, opening the door for deepening disruptions to crucial energy pathways through the region's narrow waterways.
The conflict has rapidly intensified across the region, triggering air raid sirens in Bahrain after Iran launched a fresh wave of ballistic missiles and one-way attack drones targeting sites across Bahrain, Jordan, Kuwait, and Iraq. Meanwhile, the US military reported the death of a third service member within the span of two days amid the ongoing exchanges.
The violence has also expanded beyond strictly military targets to hit critical infrastructure, with bridges, utilities, and port facilities coming under fire. Over the weekend, Kuwait Petroleum Corp. confirmed that an Iranian strike struck one of its oil facilities on Saturday.
While the central bank is widely expected to hold interest rates steady at its upcoming meeting, market pricing via the CME FedWatch Tool now reflects a 61.4% probability of a rate hike in September.
Hammack flags broad-based inflation pressures, reinforcing hawkish Fed toneFed’s Hammack delivers a notably more hawkish message, with a 7.2/10 FXS Speechtracker score standing above the 6.6/10 historical average and underscoring heightened concern about persistent price pressures. The emphasis on businesses calling for action to curb inflation and consumers “who can’t make ends meet” despite solid growth and stable spending highlights a tension between resilient activity and mounting social strain, while references to energy, supply chains, insurance, and AI data centers point to a broad-based and structurally complex inflation mix. By framing “persistently high inflation” as the bigger concern, the speech tilts expectations toward a tighter-for-longer policy stance, supportive of the Dollar on the margin.
The FXS Fed Sentiment Index rose by 2.06 points to 128.64, reinforcing that the broader Fed communication backdrop remains firmly in hawkish territory well above the 100 neutral line. In combination with the above-baseline FXS Speechtracker score for Hammack, this move signals that recent Fed rhetoric continues to lean toward prioritizing inflation control over growth risks, a configuration that typically underpins the Dollar against lower-yielding peers.
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
EUR/USD is facing key hurdles near 1.1500. A rising channel is forming with support at 1.1400 on the 4-hour chart. GBP/USD jumped to 1.3560 before there was a pullback. WTI Crude Oil prices climbed further and traded above $84.00. EUR/USD Technical Analysis The Euro remained supported above 1.1365 against the US Dollar. EUR/USD climbed above 1.1440 but failed to settle above 1.1480 and 1.1500.
Looking at the 4-hour chart, the pair traded as high as 1.1482 and recently started a downside correction. There was a move toward the 50% Fibonacci retracement level of the upward move from the 1.1376 swing low to the 1.1482 high.
The pair seems to be stuck below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair could face strong resistance at 1.1480. The next major resistance might be 1.1500.
A close above 1.1500 could start a steady increase. In the stated case, the bulls could aim for a move to 1.1620. If the bears remain in action, the pair might struggle to clear 1.1480.
On the downside, the pair might find support near 1.1400. There is also a rising channel forming with support at 1.1400. The first major support could be near 1.1375. A downside break and close below 1.1375 might send the pair toward 1.1320. Any more losses could open the doors for a test of 1.1250.
Looking at GBP/USD, the pair gained pace for a move above 1.3500, tested 1.3560, and recently saw a short-term downside correction.
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USDCAD currency pair recently broke the support zone between the key support level 1.4050, support trendline of the daily up channel from May and the 38.2% Fibonacci correction of the upward impulse from May.
The breakout of this support zone accelerated the active downward impulse wave (C) from the start of July.
USDCAD currency pair can be expected to fall to the next support level 1.3550 (target for the completion of the active impulse wave (C)).
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On Monday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7948 compared to Friday's fix of 6.7934 and 6.7577 Reuters estimate.
PBOC FAQs The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
Gold price (XAU/USD) falls to around $4,000 during the early Asian trading hours on Monday. The precious metal hovers around the psychological level in recent weeks after losing 14% in the second quarter (Q2), its worst showing since 2013. Rising tensions between the United States (US) and Iran push oil prices up, intensifying inflation fears.
Although US consumer and producer inflation showed signs of cooling, the market remains under pressure from rising oil prices and expectations that interest rates will remain higher for longer. This, in turn, weighs on gold's appeal as a non-yielding asset.
Traders are now pricing in nearly a 61.4% chance that the US Federal Reserve (Fed) will hike rates in September, according to the CME FedWatch Tool.
The US has launched the ninth night of Iran strikes, with Washington saying that airstrikes on Sunday aimed to "punish" Iran over the first US military deaths since renewed hostilities with the Islamic Republic, per Bloomberg.
Iranian officials said the ceasefire between Washington and Tehran has been effectively abandoned, raising the possibility of deepening disruptions to crucial energy flows through the narrow waterway.
Air raid sirens sounded across Bahrain after Iran carried out a fresh wave of ballistic missiles and one-way attack drones targeting sites in Bahrain, Jordan, Kuwait and Iraq. Signs of a prolonged conflict in the Middle East could exert some selling pressure on the yellow metal in the near term.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Gold prices have struggled after a sharp correction from record highs, but Bank of America believes the metal's difficult year could eventually create an attractive entry point for long-term investors.
Gold (XAU/USD) traded near $4,330 on Friday after recovering from June lows below $4,000, although prices remain well below the January peak above $5,500.
Bank of America says gold has experienced a disappointing period after investors initially expected further gains from geopolitical uncertainty and currency debasement concerns.
The bank describes 2026 as a potential "lost year" for gold, with higher real yields, a stronger Dollar and shifting Federal Reserve expectations limiting upside.
However, BofA argues the recent weakness may ultimately prove temporary.
The bank believes the long-term investment case remains supported by central-bank demand, concerns over government debt and ongoing questions around reserve diversification.
Gold's correction has also improved valuations after the strong rally seen over recent years, creating the possibility that investors who missed the initial move could return.
Near-Term Gold Price Forecast: BofA Sees Risks but Maintains Long-Term Bullish View While BofA acknowledges that gold may face further short-term volatility if US yields remain elevated, it believes the broader drivers behind the bull market remain intact.
The bank expects falling interest-rate pressure, continued central-bank purchases and renewed investor demand to provide support over the longer term.
Rather than viewing the recent correction as the end of gold's rally, BofA sees it as a potential opportunity for investors waiting for a more attractive entry point.
The Canadian Dollar remains caught between improving domestic conditions and a stronger US Dollar, but CIBC believes the Bank of Canada is likely to remain comfortably on hold for the rest of the year.
USD/CAD traded near 1.37, with the pair continuing to reflect broad US Dollar strength rather than a significant deterioration in Canada's economic outlook.
CIBC says the Bank of Canada is in a relatively comfortable position after recent data showed inflation pressures easing while economic activity gradually improves.
The bank argues that policymakers have little incentive to adjust rates in either direction, with inflation moving closer to target and growth showing signs of stabilisation.
"Bank of Canada policy is comfortably in neutral territory for now."
CIBC expects the central bank to keep its benchmark rate unchanged through the remainder of 2026, with policymakers able to wait for clearer evidence on the direction of the economy.
The bank highlights that Canada's labour market has weakened, but not enough to force an immediate policy response, while inflation risks have become more balanced.
Near-Term USD/CAD Forecast: Rate Stability Leaves the Dollar Driving Direction CIBC believes USD/CAD will remain heavily influenced by developments in the US Dollar rather than major shifts in Canadian monetary policy.
With the Bank of Canada expected to remain on hold, movements in US yields, Federal Reserve expectations and global risk sentiment are likely to remain the key drivers for the currency pair.
A weaker US Dollar environment would provide room for Canadian Dollar gains, but continued US economic resilience could keep USD/CAD supported.
Canadian Dollar Prices: This Week USDEURGBPJPYCADAUDNZDCHFUSD -0.14%-0.30%+0.48%-0.96%-0.29%-1.25%-0.01%EUR+0.14% -0.16%+0.62%-0.82%-0.15%-1.11%+0.13%GBP+0.30%+0.16% +0.78%-0.66%0.00%-0.95%+0.28%JPY-0.48%-0.61%-0.77% -1.43%-0.76%-1.72%-0.49%CAD+0.97%+0.83%+0.67%+1.45% +0.67%-0.29%+0.95%AUD+0.29%+0.15%0.00%+0.77%-0.67% -0.96%+0.28%NZD+1.26%+1.12%+0.96%+1.75%+0.29%+0.97% +1.25%CHF+0.01%-0.12%-0.28%+0.49%-0.94%-0.28%-1.23% The FX heat map compares how Canadian Dollar (CAD) has performed against a basket of major currencies over the past week. The largest move was against the Japanese Yen, where Canadian Dollar made its strongest advance. Data comparing prices today (19/07/2026 22:16 UTC) and daily close on 12/07/2026.
To read the table, choose the base currency from the left-hand column and then move across to the quote currency along the top row. For example, the GBP row and USD column shows the weekly percentage move in GBP/USD.
Yen ignores what should have been bullish news Tech earnings could matter more than economic data Traditional USD/JPY drivers losing influence Momentum, technicals still favour upside Broader narrative remains intact USD/JPY starts the week sitting just beneath the highest levels seen in decades. While the pair has struggled to break higher, the price action continues to tighten, raising the risk that the next meaningful move may be a breakout to fresh multi-decade highs.
Last week did little to change the broader narrative of persistent yen weakness. Softer US inflation would normally have weighed on the dollar, but that was offset by another lift in energy prices as tensions in the Gulf escalated.
Higher crude prices have been a recurring headwind for the yen this year. As the world's largest energy producer and a net energy exporter, the US is far better placed to absorb higher energy costs than Japan, which remains heavily reliant on imported fuel. That not only exposes Japan's vulnerability from a terms of trade and energy security perspective, but also keeps alive the risk that higher energy costs add to US inflation pressures and force the Fed to keep policy tighter for longer.
Source: TradingView
That may explain Friday's muted reaction to what would normally be bullish yen headlines out of Japan. Reuters reported that the government will reaffirm the BOJ's independence in setting monetary policy, a development that, at face value, should have been supportive for the yen. Separate reports also suggested policymakers continue to explore ways to encourage the GPIF to allocate more capital to domestic assets.
Despite both stories, neither generated much of a market reaction. The lack of interest in the recycled GPIF headlines was particularly notable given similar reports sparked a sharp rally in the yen only a week earlier. The market has already moved on.
A quiet calendar, but not a quiet week
Source: TradingView
There's nothing on this week's calendar that stands out as being likely to move USD/JPY. The Fed is in its pre-meeting blackout period ahead of next week's FOMC decision, while Japan's nationwide CPI report rarely generates much of a market reaction. Markets have tended to place far greater weight on Tokyo CPI and, more recently, the BOJ's preferred measure of underlying inflation, which won't be released until next week.
Japan is also observing the Marine Day public holiday on Monday, likely keeping liquidity lighter than usual.
That leaves developments in the Gulf and another heavy week of tech earnings as the main event risks. Results from Alphabet, Tesla, Intel and memory chipmaker SK Hynix will be watched closely after selling pressure in AI-related stocks intensified late last week. If that weakness extends, it could trigger an unwind in carry trades, creating downside risk for USD/JPY.
Whether that becomes a meaningful driver of USD/JPY is another question.
A market without a clear compass
Source: TradingView
The correlation matrix above provides little evidence that any single factor has consistently driven the pair over the past month or quarter. Relationships with US-Japan two-year and 10-year yield spreads have both been weak, while correlations with broader measures of risk sentiment have also been limited.
Fed pricing over the next year showed the strongest relationship with USD/JPY over the past week. That's worth monitoring, but the absence of similar signals from Treasury yields suggests it's too early to conclude it has become the dominant driver.
USD/JPY Coiling beneath resistance
Source: TradingView
From a technical perspective, USD/JPY continues to coil beneath the multi-decade highs set earlier this month. On the four-hour chart, the pair is trading within a narrowing trading range, bounded by a descending trendline from the July 1 high and a rising trendline from the July 3 low. Multiple tests of both trendlines suggest a decisive move may not be far away.
While the pair briefly traded above downtrend resistance in early Monday trade, the move has yet to attract meaningful follow-through. Even so, the broader technical picture continues to favour the topside. RSI (14) has climbed back above the neutral 50 level to 61, while MACD has completed a bullish crossover and continues to diverge from its signal line.
A convincing break above trendline resistance would bring the July 1 high at 162.84 back into focus. Given the size of the consolidation, a successful breakout could also produce a multi-big-figure move, placing 164 and potentially 165 on the radar for bulls.
On the downside, the rising trendline remains the first level of support. Below that, 161.50 and the former multi-decade high at 160.73 are the key levels to watch.
Daily September WTI Crude Oil Futures The fighting between Israel and Iran kept geopolitical risk elevated, but gold traders were more interested in what the conflict could mean for oil prices than the military headlines themselves.
Crude oil rallied through the week as traders priced in the possibility of supply disruptions across the Middle East. Higher energy prices immediately raised questions about inflation. If oil keeps moving higher, gasoline, transportation and production costs are likely to follow. That’s the part of the story the gold market couldn’t ignore.
Normally, geopolitical tensions are enough to bring buyers into gold. This week was different. The concern wasn’t simply that the conflict could spread. The concern was that higher oil prices could make the Federal Reserve’s job even harder.
Fed Repricing Did More Damage Than Any Headline The rates market remained the biggest influence on gold Friday.
Earlier inflation reports suggested price pressures were continuing to cool. Under normal circumstances, that would have supported expectations for lower interest rates later this year. Instead, traders questioned whether those inflation trends would hold if crude oil continues climbing. That pushed Treasury yields higher and gave the U.S. dollar another boost. Neither move was friendly for gold.
Current Setup and Live Chart USD/NOK is currently trading within the context of two dominant macro themes: rising global energy prices and US dollar resilience. The Norwegian crude is gaining support due to Norway’s positioning as one of Europe’s largest oil and gas producers. At the same time, the US dollar retains support from safe-haven demand driven by a renewal of the U.S.-Iran conflict and the closure of the Strait of Hormuz, which poses the risk of a return of the oil shock risk premium that hit financial markets in March.
Higher oil prices support Norway’s export outlook and increase the country’s revenues, leading to a strengthening of the Krone. This factor offsets US dollar strength. This week’s price action in USD/NOK will depend on which currency gains the most from the current geopolitical risk premium, since it creates demand for both currencies.
USD/NOK Macro Drivers 1) Higher Oil Prices
Norway’s status as one of the world’s largest crude and natural gas exporters puts it in a position to benefit from higher oil prices. Most of this oil wealth goes into the sovereign wealth fund, and higher oil prices increase the fund’s contributions. Furthermore, higher oil prices increase the country’s export revenues, fiscal balances, and trade surplus, all of which serve as a direct tailwind for the Krone. But we must also recognize that where geopolitical risk premium has driven up oil prices, there will be safe-haven demand for the U.S. dollar, which helps offset the strength of the Norwegian Krone.
2) Fed Policy
Despite the Federal Reserve no longer providing forward guidance and making policy decisions based on macroeconomic data, markets continue to price in the bank’s projected hawkish trajectory. This is resulting in higher U.S. Treasury yields. The reduction of U.S. Treasury yields provides global demand for U.S. generative assets. It attracts institutional capital and maintains U.S. dollar strength. This has been the factor that has kept the USD/NOK supported despite the strengthening impact of higher oil prices on the Krone.
3) Hawkish Norges Bank
Despite a cooling in consumer inflation, Norway’s central bank remains cautious about policy easing. This is despite the cooling of consumer inflation. Still, not to the levels where the Norges Bank would consider a dovish change in its policy tone. Norway’s core consumer price index report for June, as released by Statistisk Sentralbyra (Statistics Norway), showed an easing of local inflation by more than anticipated (2.7% actual vs 3.1% prior). Overall, the CPI showed a 0.2% month-on-month reduction. The Norges Bank’s cautious policy stands in contrast to the easing path many developed-market central banks have already adopted.
Price Catalysts for the Week 1) Brent crude prices: Oil prices remain the primary price catalyst for the USD/NOK. Any further gains in Brent crude would likely strengthen the Norwegian krone, but not by much, as the safe-haven demand for the greenback remains intact.
2) US Treasury yields: Despite a cooling of the June Consumer Price Index and Producer Price Index prints, US bond yields remain high. This is because the CPI and PPI data captured activity in June, when the ceasefire was holding. It does not reflect the return of the geopolitical risk premium in July (the current month), which is why traders are still pricing inflationary trends into the US 10-year bond yield. However, a decline in yields could allow the krone to outperform the greenback.
3) Norges Bank communication: Markets will monitor commentary from the Norges Bank regarding local inflation and future interest-rate policy. For a bank that is notoriously slow in adopting any changes in monetary policy pathway, any commentary that points to interest rate changes can produce a move on the NOK.
USD/NOK Forecast Scenarios Base case: Mild bearishness is expected due to the support that higher oil prices will grant to the Norwegian Krone. However, safe-haven dollar demand will provide an offsetting contrast that will limit the USD/NOK’s downside push.
Bull case: The US Dollar gains from rising US bond yields and stronger US economic data. The overriding impact of these drivers will only allow the USD to flourish at the expense of the Krone as oil prices decline and commodity support for the NOK weakens.
Bear case: a further rise in Brent crude (>$100 per barrel), alongside softer US inflation and falling bond yields, allows the commodity strength of the Krone to shine through. In this circumstance, whatever safe-haven demand for the USD that is available will be too weak to override the weakening macro fundamentals mentioned above.
USD/NOK Technical Outlook The decline in the USD/NOK looks set to test the 9.6207 support level. If this level fails to hold firm, the resulting downside move will reclaim the 9.4682 support level, which houses the former lows of 12 February and 23 March 2026. A further breakdown of this support lines up a move to test the 9.3606 support, which forms the neckline of the previous rounded bottom pattern.
Fig 1: USD/NOK daily chart showing key price levels (snapshot taken on 19 July 2026) However, a bounce on the 9.6207 support will have to uncap the prior highs of late March/early April at 9.7956, exposing the 30 June high at 9.9302. If this resistance is broken, the recovery trend continues, with 10.1179 (16 January high) lining up as the next upside target.
AUD/USD enters the week with bulls retaining a slight edge, despite mixed signals across the charts and increasingly bearish futures positioning. Australia's employment report is the standout event on an otherwise quiet calendar, with traders watching to see whether it can provide the catalyst for the pair's next move.
View related analysis:
Nasdaq 100 Signals Deeper Pullback, Chipmakers Lead Selloff into Earnings Gold Outlook: XAU/USD Closes Below 4,000 for the First Time Since October Australian Dollar Outlook: AUD/USD Bounce Losing Steam Ahead of US CPI Yen Bears Capitulate, US Dollar Nearing Sentiment Extreme? | COT report
Australia This Week: Economic Data and Events for AUD/USD Traders It is a good job we have the employment report on Thursday, otherwise the domestic calendar would officially be dead. Though it runs the risk of being a non-event if it continues to chug along with decent-ish figures.
Any concerns that Australia's labour market was beginning to roll over were put on the backburner after May's figures. Unemployment edged down to 4.4% from the 4½-year high of 4.5%, while employment rose by 40.3k, even if most of the gains came from part-time jobs. The figures should allow the RBA to retain a mildly hawkish bias, although they are unlikely to strengthen the case for another rate hike in the near term.
Source: ABS, LSEG
Unless the US flash PMIs deliver a meaningful surprise in either direction on Friday, or an unexpected catalyst emerges, it could prove to be another relatively quiet week for AUD/USD volatility from the economic calendar.
Appetite for risk may weigh on AUD/USD sentiment slightly should Wall Street earnings surprise to the downside, and traders will also keep an ear out for the latest saga of the US-Iran war.
Australian Dollar Performance Against Major Currencies Another mixed performance from the Aussie dollar last week, rising against safe-havens Japanese yen and Swiss franc, the US dollar and euro. AUD was effectively flat against the British pound, and lost ground to the Canadian dollar and New Zealand dollar.
Source: LSEG
AUD/USD rose for a third week, though only just managed to recoup its losses sustained during the week it fell below 70c AUD/CAD remains within its choppy sideways range, holding above the April high and 20-week EMA for now AUD/CHF increased for a second week, though handed back gains on Friday around the 2015 SNB-spike low AUD/EUR tracked AUD/USD higher for a third week, though last week’s doji warns of weakness to the underlying move AUD/GBP snapped a 3-week losing streak with a marginal gain of 0.04%, showing neither bulls or bears are in control for now AUD/JPY enjoyed its best week in 8 with its 0.9% gain, with bulls potentially eyeing another attempt at breaking above 115 should sentiment allow AUD/NZD suffered its worst 3-week run in 15 months and closed below 1.20
AUD/USD Technical Analysis: Australian Dollar vs US Dollar AUD/USD Correlations The inverse relationship between AUD/USD and the US dollar index remains consistently strong across the 10, 20 and 60-day timeframes. Positive correlations with the offshore yuan and NZD also remain firm, while links with equities are generally weak, suggesting broader risk sentiment is playing a smaller role in driving the Australian dollar.
Source: LSEG
AUD/USD Futures Positioning | COT Report Futures traders continued to turn more bearish on the Australian dollar last week, with gross longs declining and short positions increasing. Large speculators lifted net-short exposure for a fifth consecutive week to a 31-week high of 30.4k contracts. Asset managers were more measured, increasing net-short exposure by 3.2k contracts after adding 5.2k shorts while also increasing long positions by 1.9k contracts.
There is little in this dataset to suggest anything beyond a modest deterioration in sentiment towards the Australian dollar, with positioning still well short of bearish extremes. If anything, it suggests AUD/USD could remain rangebound, with rallies likely to be capped unless a fresh catalyst emerges.
Source: CFTC (COT) CME, LSEG
For traders wanting a deeper understanding of futures positioning, I’ve also published a guide on how to read and interpret weekly COT data in forex markets.
AUD/USD Technical Analysis There are a few mixed signals, although the bias may be tilted slightly to the upside this week. While AUD/USD advanced for a third consecutive week, it formed a wide-bodied, long-legged doji, highlighting indecision. Looking beyond the five-week rally at the end of February, the Australian dollar has generally seen winning streaks end after the third week over the past 15 months.
The daily chart, however, remains constructively bullish. A higher low and bullish engulfing candle formed above the 200-day EMA last week. While resistance emerged at the 50-day EMA, the narrow two-day pullback suggests bears lack conviction. With the AU–US two-year yield spread rebounding from multi-month lows, bulls may instead look to buy dips this week, even as implied volatility trends lower.
Volatility remains below its 20-week average, although it has begun to edge higher, as shown by the high-to-low percentage range indicator in the lower-right panel.
The 70c level remains the main hurdle for bulls. A sustained break above it would bring the one-week implied volatility range into focus, with the upper band pointing towards 0.7050. Beyond that, I suspect bears may still be seeking another crack at the March low.
Key Points:Strong credit growth and higher energy prices may keep inflation risks elevated and delay any dovish shift from the Fed.The US Dollar Index could extend its short-term rise if rate hike expectations remain firm.EURUSD may stay under pressure and could move toward 1.12 if key support levels fail.
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The US interest rate outlook remains uncertain despite the softer inflation report for June. Strong credit growth and rising energy prices could keep inflation risks elevated and the Fed hawkish. The central bank may keep rates unchanged in the near term and use other tools to limit the liquidity. This cautious policy outlook could support the US dollar index in the short term while keeping EURUSD under pressure.
Credit Growth Raises US Inflation and Fed Rate Risks Credit Growth Points to Longer-Term Inflation Risks The drop in US CPI in June does not eliminate the broader inflation risk. Consumer price data is volatile and can change monthly due to the instability of energy prices. Inflation may again turn positive in the near future due to the recent increase in oil and fuel prices. This makes it difficult for Fed to view pricing pressures as under control based on one soft inflation report.
Credit growth gives a better picture of the long term inflation risks. The 12-month change in domestic debt was 5.7% as compared to the 2.7% increase in real GDP over the same period. This 3% gap indicates that the credit grew at a higher rate than the real economy. This implies that the additional borrowing could be a source of persistent inflationary pressure if the increase in spending is not matched by an increase in output of goods and services.
The inflation may be growing beneath the surface in the second quarter. Bank credit growth picked up to 7.4% for the 12 months ending in June before a drop to 7.0%. But the real GDP growth was at 2.7%. This means that the credit was growing 4.7 percentage point faster than the real output. This would make it more difficult for the Fed to get inflation down to the 2% target, despite more stable energy prices.
The chart below shows the historical data for credit growth and real GDP. It is found that bank credit has often grown faster than the economy. This does not always lead to higher inflation but it can raise inflation risks when extra borrowing increases spending faster than the production.
Fed May Keep Rates Steady for Now Federal Reserve Vice Chair Philip Jefferson said that the current policy rate is suitable for the time being. He also said that the Fed may have to change its stance if inflationary pressure does not cool down soon. That means the Fed may not hike rates at its July 28-29 meeting but will leave the door open. Higher energy prices, tariff impacts and higher demand associated with AI investments may make a case for tighter policy later.
Fed Could Tighten Liquidity Without Raising Its Main Rate Chair Kevin Warsh may also prefer to keep rates unchanged over the coming months while he assesses inflation, economic growth and the effects of earlier policy decisions. This means that the Fed could resort to other policy measures to reduce credit growth without raising its primary rate.
One possibility would be to shrink the Fed’s balance sheet. The central bank could allow more Treasury securities to mature without replacing them. It may also be able to reverse some of the $200 billion that it added to its balance sheet since December. This would drain liquidity out of the financial system and reduce the reserves of commercial banks.
But there would be significant risks if the balance sheets were reduced aggressively. Bank reserves might drop below US$3 trillion and stress short term funding markets.
This issue took the form of a spike in the Repo rates in 2019 which necessitated the Fed to alter its course. Hedge funds also hold large leveraged Treasury positions funded through the repo market. A sharp increase in repo rates could force them to sell bonds and increase volatility in Treasury market.
The Fed’s reverse repo balance is now almost back to zero. The Fed might offer a higher rate in order to draw some cash back from money market funds. This may reduce liquidity in private markets. But the effect could be small as facility now holds very little money.
US Dollar Index Forecast: Fed Rate Risks Support the Dollar Fed Policy and Inflation Risks Support the US Dollar The US Dollar Index could still find some support in the short term as investors are looking for the Fed to maintain its restrictive policy stance. The prospect of a future rate hike could also drive Treasury yields and demand for the dollar. Meanwhile, markets will likely continue to graze on the notion that the higher interest rates could persist for longer as U.S. credit growth strengthened and energy inflation increased.
But the long term outlook for the dollar is less positive if the Fed hikes yields to protect the Treasury market. In the first quarter, nominal GDP expanded at an annual rate of 6.1%. This is well above the 10-year Treasury yield. If the bond yield is lower than nominal growth, it could result in negative interest rates. This may make the dollar less valuable and force investors to turn to gold, stocks and other tangible assets.
US Dollar Index Technical Outlook Points to 104 The weekly chart for the US dollar index shows that the index broke the key 100.50 level in June 2026 and triggered a rally to a high of 101.80. After encountering short-term resistance at 101.80, the US dollar Index corrected back toward the 100.50 level last week and marked a low.
The formation of a rounding bottom since June 2025 and the breakout above 100.50 indicate that the short-term direction for the US dollar is higher. A break above 101.80 may push the US dollar Index toward 104 in the short term.
But a break above the 104 level may push the index toward the 106–107 zone, which is the overall resistance marked by the descending trendline extending from the October 2022 highs. But the overall long term trend for the US dollar Index remains bearish.
The importance of the current support zone is also seen on the monthly chart which shows that June closed above the key resistance level of 100.50. This suggests that a break above June highs may push the index toward the resistance levels of 104 and 106 in the short term.
But a break below the 96 level may break the ascending channel pattern and push the index toward the 90 level.
EURUSD Forecast: Fed and ECB Policies Drive the Next Move Fed and ECB Rate Outlook Keeps EURUSD Under Pressure EURUSD may remain under pressure in the near term as the ECB expects to hold rates on July 23 and the Fed continues to signal a hawkish stance on rate hikes in September.
Eurozone inflation slowed to 2.8% in June, but still remains above the ECB’s 2% target rate. The chances of an imminent rate hike could be low due to weak economic growth, but rising oil, gas and electricity prices could keep eurozone inflation prospects high.
The pair could recover from the grounds if the ECB hikes rates in September, while the Fed holds. The latest surge in energy prices has led markets to factor in two more rate hikes by the ECB this year. The ECB would have to deliver a more robust policy response to move the eurozone closer towards the U.S. interest rate. But if eurozone growth is weak, EURUSD may struggle to rally significantly.
EURUSD Technical Outlook Points to 1.12 Support The strong rally in the US dollar index since January 2026 has pushed EURUSD down toward support at 1.1375. EURUSD has been consolidating around this support level since the June 2026 lows and is looking for its next direction.
If EURUSD breaks below this support level, it may put further pressure on the pair and push it toward 1.1260. The 1.1260 level remains the key support, defined by support line of the broadening wedge pattern. This support line extends from the May 2025 low.
The EURUSD direction remains bullish in the long term as the US dollar Index remains bearish. A break below 96 in the US dollar Index will likely push EURUSD higher in the long term.
The importance of the current support zone in EURUSD is also highlighted on the daily chart. The chart shows that 1.1360 to 1.1470 remains the critical support zone where the pair is currently consolidating. The 50-day and 200-day SMAs also remain in negative territory.
But the RSI has rebounded from oversold levels and moved toward the midpoint. This indicates that a break below 1.1350 may push EURUSD further down to the 1.12 zone.
Bottom Line Credit growth and higher energy prices may keep US inflation risks elevated in the short term. The Fed may leave rates unchanged in the near term but it is unlikely to turn dovish while the inflation risks persist. It may instead use its balance sheet or other liquidity tools to slow credit growth. But the Fed must avoid tightening too quickly because stress in funding markets could raise bond volatility.
The US Dollar Index may stay strong above 100.50 and could test 101.80 and 104 if rate expectations remain high. EURUSD may remain weak as long as it remains below the 1.1645. A break below 1.1320 could push the pair toward 1.12. But the long term outlook for EURUSD may improve if the dollar breaks the long term support of the 96 level.
Read more: BOJ Rate Hike Risk Builds as USDJPY Eyes 175
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Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.
/ / Gold managed to bounce a bit on Friday, although it was too little to prevent a weekly decline. On the week, the metal fell 2.5%, making its second consecutive weekly decline. Though gold again managed to hold its own above the key $4,000 level on a daily and weekly closing basis, the metal was now flat on the month.
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Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
/ / Euro Technical Forecast: EUR/USD Four-Week Standoff at Major Support Nears a Breakout EUR/USD is stuck in a range just above pivotal support as a four-week standoff enters a critical phase ahead of next week's ECB rate decision.
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
The Japanese Yen has struggled to build on recent gains despite expectations for further Bank of Japan policy tightening, but MUFG believes investors are overlooking a structural shift that could provide significant long-term support for the currency.
The US Dollar to Japanese Yen exchange rate (USD/JPY) traded close to recent cyclical highs on Friday, with the Yen remaining under pressure from higher oil prices and resilient US economic data.
Latest — Exchange Rates:
Dollar to Yen (USD/JPY): 162.4012 (+0.01%)
Euro to Dollar (EUR/USD): 1.143775 (-0.06%)
Pound to Dollar (GBP/USD): 1.345377 (-0.17%)
MUFG argues that the Yen's recent weakness masks an important structural change in Japanese investment behaviour, as the Government Pension Investment Fund (GPIF) and other institutional investors steadily increase allocations to domestic assets.
"We would still argue that it marks a notable turning point from the Abenomics era."
The bank believes Japan is gradually reversing the policies introduced more than a decade ago, when pension funds were encouraged to reduce domestic bond holdings in favour of overseas and riskier assets.
"There is though some evidence that flows have already started to shift."
MUFG highlights a sustained increase in purchases of Japanese government bonds by trust banks since 2021, noting that the GPIF's domestic bond allocation has already risen from 23.9% at the end of fiscal 2019 to 26.9% today.
If allocations eventually move towards 31%, MUFG estimates that could generate around ¥12 trillion of additional demand for Japanese government bonds, even before allowing for future growth in the pension fund.
Near-Term Japanese Yen Forecast: BoJ Rate Hike Could Accelerate the Trend MUFG believes the Bank of Japan now has an opportunity to reinforce this shift towards domestic investment.
"The BoJ now needs to show it is not constrained by the government."
With household inflation expectations at their highest level since 2006, the bank argues that a September interest rate increase would strengthen confidence that policymakers remain committed to normalising monetary policy.
"Hiking in September would be the best way to do that and would go some way to helping turn the yen stronger."
While geopolitical tensions in the Middle East and higher oil prices continue to support the US Dollar in the near term, MUFG believes Japan's evolving pension investment strategy represents a significant longer-term positive for the Yen that markets have yet to fully price in.
Silver price recovered some ground on Friday, up 0.84%, but it is poised to finish the week down over 6.50%. At the time of writing, XAG/USD trades at $56.00 per troy ounce, after reaching a new year-to-date (YTD) low of $54.77.
XAG/USD Price Forecast: Technical OutlookThe white metal ended the week on the back foot as XAG failed to reclaim the $60.00 psychological barrier, which could’ve opened the door for a recovery and challenged the July 6 high at $63.28. Nevertheless, the downward market structure remains intact, and after refreshing yearly lows, it could open the door to testing the November 13, 2025, daily high-turned-support at $54.39.
Momentum remains downward-biased as depicted in the Relative Strength Index (RSI). Hence, the path of least resistance is tilted to the downside.
The first support is $55.00. Below lies the November 13, 2025, daily high-turned-support at $54.39, followed by the November 21, 2025 swing low of $48.64. On the other hand, if XAG/USD reclaims the $60.00 mark, expect a move towards the July 6 swing high at $63.28. On further strength, the next resistance would be $65.00, followed by the 50-day SMA at $68.01.
XAG/USD Price Chart — Daily
Silver daily chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Spot gold weekly chart shows long-term trend. Source: TradingView Mixed Signals Create a Critical Decision Point The combination of a break below a rising trendline and consistent confirmed resistance at the 20-day moving average, shows long-term and short-term alignment. Although this adds to downward pressure, the reluctance of selling pressure to increase noticeably since last week’s lower swing high, leaves open the possibility for a relatively quick recovery of the two trending indicators. The 20-day moving average is now near $4,071 and Wednesday’s high of $4,081 can be used as a proxy for the indicator.
Lower Support Levels Come into Focus If the current trend low of $3,942 is broken to the downside, the higher swing low of $3,886 becomes a target, and it is at risk of failure as well. A decisive break below that initial target leads to a possible eventual test of support in a range from around $3,702 to $3,650, consisting of the 50% retracement of a prior upswing and the 78.6% Fibonacci retracement of a larger previous upswing.
A Reversal Requires Stronger Confirmation Despite the signs of strength indicated by a reclaim of the 20-day moving average, a bullish reversal of structure above last week’s high would be needed for a more reliable sign of a bullish reversal. However, the next upside target is at the falling 50-day moving average at $4,291 and it is rapidly falling towards last week’s high.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
The Pound Sterling retreats during the North American session, down 0.22% against the Greenback, as geopolitical tensions remained high, triggering a jump in Oil prices and heightening fears of a reacceleration of inflation. The GBP/USD trades at 1.3449 after peaking near 1.3480. Read More...
GBP/USD Price Forecast: British Pound extends weakness in process of UK leadership changeThe British Pound (GBP) extends its decline against the US Dollar (USD) for the second straight day on Friday, trading 0.4% lower to near 1.3427 during the European trading session on Friday. The GBP/USD pair faces selling pressure as the British currency weakens amidst the process of the United Kingdom (UK) leadership change. Read More...
British Pound weakens as US Dollar advances on rising risk aversionGBP/USD extends its losses for the second successive day, trading around 1.3460 during the Asian hours on Friday. The currency pair underperforms as the US Dollar (USD) draws safe-haven support from intensifying geopolitical conflicts in the Middle East, just ahead of the preliminary Michigan Consumer Sentiment Index for July. Read More...
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The Euro to Pound (EUR/GBP) exchange rate is trading around 0.8506 after a sharp Sterling rally pushed the pair to its lowest levels since earlier this year. EUR/GBP has fallen from the 0.86 area at the start of July to a low near 0.8455 before recovering modestly.
Latest — Exchange Rates:
Euro to Pound (EUR/GBP): 0.850942 (+0.20%)
Pound to Dollar (GBP/USD): 1.34433 (-0.25%)
Euro to Dollar (EUR/USD): 1.143946 (-0.04%)
ING believes the recent Pound surge has been driven largely by positioning adjustments rather than a fundamental reassessment of the UK economy, leaving Sterling vulnerable to a reversal.
The bank notes that the Pound’s rally followed a major unwinding of short positions, with investors previously holding their largest bearish Sterling exposure since 2017.
According to ING, EUR/GBP at current levels remains around 1.5% undervalued according to its short-term fair value model.
The bank argues that low FX volatility is masking potential risks across currency markets, with compressed volatility encouraging carry trades and allowing recent trends to persist. However, ING warns that volatility could rise from current historically low levels.
For Sterling, the key risk is that the short-covering boost fades. ING expects EUR/GBP to recover towards 0.8700 by the end of the summer as markets return focus to UK fundamentals and Bank of England expectations.
The bank also believes front-end UK rate pricing looks too aggressive, with markets currently pricing around 35 basis points of tightening by year-end despite ING’s view that the Bank of England is more likely to remain on hold.
A sustained break above the recent EUR/GBP lows may therefore prove difficult to maintain as the impact of positioning shifts begins to fade.
Pound Sterling Prices: This Week USDEURGBPJPYCADAUDNZDCHFUSD -0.06%-0.23%+0.03%-1.07%-0.56%-1.42%+0.02%EUR+0.06% -0.17%+0.09%-1.01%-0.50%-1.36%+0.08%GBP+0.23%+0.17% +0.26%-0.84%-0.33%-1.19%+0.25%JPY-0.03%-0.09%-0.26% -1.09%-0.59%-1.45%-0.01%CAD+1.08%+1.02%+0.85%+1.11% +0.51%-0.36%+1.10%AUD+0.56%+0.50%+0.33%+0.59%-0.51% -0.86%+0.58%NZD+1.44%+1.38%+1.21%+1.47%+0.36%+0.87% +1.46%CHF-0.02%-0.08%-0.25%+0.01%-1.09%-0.58%-1.44% The FX heat map compares how Pound Sterling (GBP) has performed against a basket of major currencies over the past week. The largest move was against the New Zealand Dollar, where Pound Sterling recorded its sharpest decline. Data comparing prices today (17/07/2026 15:49 UTC) and daily close on 10/07/2026.
To read the table, choose the base currency from the left-hand column and then move across to the quote currency along the top row. For example, the GBP row and USD column shows the weekly percentage move in GBP/USD.
The Euro to Dollar (EUR/USD) exchange rate is trading around 1.1440 after recovering from June lows near 1.1325, but Goldman Sachs believes options markets are signalling renewed downside risks for the pair.
EUR/USD has remained relatively stable through July, gaining around 0.3% so far this month after falling more than 2% in June.
Goldman Sachs highlights developments in the options market, particularly swaptions, as a warning that investors may be preparing for greater downside exposure in the Euro-Dollar pair.
The bank argues that while EUR/USD has been supported by a period of Dollar weakness and reduced expectations for aggressive Federal Reserve tightening, the balance of risks has become less favourable for the Euro.
A key concern is that markets may have become too comfortable with the recent range-bound environment. Renewed volatility, changes in interest-rate expectations or a return of Dollar demand could quickly challenge EUR/USD support.
Goldman Sachs continues to monitor the interaction between rates markets and currency positioning, with options pricing suggesting investors are increasingly willing to protect against a move lower.
The Euro also faces challenges from the broader macro backdrop. While expectations for further European Central Bank tightening have provided some support, growth concerns and energy-related risks remain potential headwinds.
With EUR/USD currently holding close to the 1.14 area, Goldman Sachs sees the options market as highlighting the possibility that the next significant move could be lower rather than a continuation of the recent recovery.
Daily Spot Gold (XAU/USD) Gold confirms the picture. Spot gold rose Friday but is still tracking its worst week since early June. If gold cannot rally when Iran and the United States are exchanging military strikes, silver’s safe-haven bid is not a factor. Silver moves harder than gold in a selloff like this. It always has. The rate trade is running the metals complex and the direction is against both of them.
Correction From $100 Is Not Done Silver traded above $100 per ounce in January before this correction started. After a run that extreme, traders take profits faster and chase rebounds less, especially when the fundamental backdrop shifts against them. Friday’s modest recovery looked more like bargain hunting after a sharp decline than any kind of reversal buying.
Demand from solar panels, electronics, electric vehicles and data-center buildouts still provides a longer-term floor. But that floor has not mattered for 13 weeks. Rates, the dollar and crude are all moving against silver, and industrial demand is not enough to offset a liquidation this broad. Leveraged longs are still unwinding and the market does not need a demand collapse to keep falling. It only needs buyers to keep stepping aside.
Gold edges higher by some 0.92% on Friday as the US-Iran conflict boosted energy prices, which ultimately drive inflation higher, increasing expectations that the Federal Reserve (Fed) might need to raise interest rates. At the time of writing, the XAU/USD trades at $4,013, after reaching a daily low of $3,959.
XAU/USD rises as Middle East escalation revives inflation fearsAttacks between the US and Iran soured market sentiment despite the ongoing recovery in US equity markets. Newswires revealing a further escalation of the war are pushing the non-yielding metal higher.
Axios reported that the Trump administration is sending dozens of additional refueling planes to Israel in preparation for a potential expansion of military operations.
Data-wise, the University of Michigan Consumer Sentiment for July improved. From 50.7 to 54, due to lower gasoline prices at the pump, the report revealed. Inflation expectations for one year dipped from 4.6% in June to 4.2%, and for five years were steady at 3.3%.
Aside from this, Cleveland Fed President Beth Hammack was hawkish and expressed concern about persistent high inflation, which is at the top of her list, adding that “inflation is too high.” Hammack added that the labor market is solid and that “growth numbers are good and consumer spending is stable.”
On Thursday, the Fed’s Vice Chair Philip Jefferson said he is open to raising rates if there is no progress toward disinflation.
Money markets estimated a nearly 61% probability of a Fed rate increase at the October 28 meeting, based on Prime Terminal data. For the July meeting, the central bank is anticipated to keep rates steady, with a 76% probability.
Source: Prime TerminalNext week, the US economic docket will feature jobs data and S&P Global Flash PMIs as Fed officials entered their blackout period ahead of the July 29 policy meeting.
XAU/USD technical outlook: Gold recovers but remains bearishGold price is bearishly biased as the downtrend extends despite XAU reclaiming the $4,000 mark after bouncing off $3,959. Nevertheless, momentum remains negative as the Relative Strength Index (RSI) is bearish below its 50-neutral level. This signals that further XAU/USD downside is seen, unless buyers clear key technical resistance levels.
For a bearish continuation, the first support is the psychological $4,000. Below this level lies the low of the day at $3,959, ahead of $3,900. A breach of the latter will expose the October 28, 2025 swing low at $3,886.
Conversely, for a bullish reversal, Bullion needs to break above a descending resistance trendline between $4,125 and $4,175. Above this area, and a potential test of the 50-day Simple Moving Average (SMA) at $4,291 is on the cards. Beyond that, the 200-day SMA at $4,495 stands as the next obstacle, and once surpassed it could open the way to $4,500.
Gold daily chart Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
USD/CHF trades with a downside bias on Friday as the Swiss Franc (CHF) outperforms its major peers, while the US Dollar (USD) is little changed. At the time of writing, the pair trades around 0.8074 after reaching 0.8149 earlier this week, its highest level since August 2025.
From a technical perspective, USD/CHF is still in a steady uptrend, marked by higher highs and higher lows, with the pair trading above its key moving averages. However, buyers have struggled to clear the multi-month resistance at 0.8150, suggesting that the rally that began in early May is losing momentum.
On the daily chart, the pair holds above the 100-day and 200-day Simple Moving Averages (SMAs), clustered around 0.7920 and 0.7919, respectively. It also trades above the 0.8000 psychological level.
The Relative Strength Index (RSI) near 54 indicates modest bullish momentum, while the Average Directional Index (ADX) near 26 hints at a moderately directional trend. The Moving Average Convergence Divergence (MACD) indicator sits slightly negative, reinforcing the idea of a maturing advance where upside may slow but is still supported by underlying structure.
On the downside, initial support is seen at 0.8000, followed by the 100-day SMA at 0.7920 and the 200-day SMA at 0.7919. These moving averages form a broader demand zone if the pullback deepens.
On the topside, immediate resistance sits at 0.8150. A sustained break above this barrier could extend the broader recovery, while another rejection would likely keep the pair consolidating above the 0.8000 support.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Swiss Franc Price Today The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the strongest against the British Pound.
USDEURGBPJPYCADAUDNZDCHFUSD0.06%0.18%0.05%-0.19%0.20%-0.01%-0.14%EUR-0.06%0.12%-0.04%-0.27%0.15%-0.06%-0.21%GBP-0.18%-0.12%-0.17%-0.40%0.02%-0.17%-0.34%JPY-0.05%0.04%0.17%-0.24%0.18%-0.05%-0.18%CAD0.19%0.27%0.40%0.24%0.42%0.20%0.06%AUD-0.20%-0.15%-0.02%-0.18%-0.42%-0.22%-0.33%NZD0.00%0.06%0.17%0.05%-0.20%0.22%-0.15%CHF0.14%0.21%0.34%0.18%-0.06%0.33%0.15% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
US Dollar Talking Points: The USD retains a bullish lean from daily and weekly charts and that has held over the past week despite below-expected inflation data on Tuesday and Wednesday. As looked at in the Tuesday webinar, the response to counter-trend stimuli is telling for trend construction, and the question for next week is whether EUR/USD bears can make a push-lower as the pair has stalled just below the 1.1500 handle. The true test of trend is what happens in the face of counter-trend stimuli. Do bulls come in to defend the higher-low, looking at the sell-off as opportunistic? Or do they cut bait and run, allowing for further support breaks and an opening door for reversal potential.
We had such a scenario this week in the USD, where both CPI and PPI printed below expectations. Markets are still primed for rate hike potential into the end of the year and that’s helped to keep the USD in a bullish spot from both weekly and daily charts.
US Dollar Weekly Chart Chart prepared by James Stanley; data derived from Tradingview With US rate hike expectations still holding despite that below-expected CPI and PPI data, USD/JPY retains breakout potential.
I looked into this one in-depth on Monday, highlighting the fact that a below-expected inflation print could allow for pullback, which is what happened. And then buyers jumped on the bid which further highlights bullish continuation potential as there’s now been a continuation of higher-lows.
At this point, buyers haven’t yet wanted to test beyond the 163 level, and that’s helped to create a symmetrical triangle which normally is a non-directional formation. But given the prior trend, that triangle points to a bull pennant formation, which retains a topside bias for continuation scenarios and this remains my most attractive venue for USD-strength.
USD/JPY Daily Price Chart Chart prepared by James Stanley; data derived from Tradingview EUR/USD For next week, I think EUR/USD carries a lot of weight for the USD and in-turn, major FX pairs. There’s an ECB rate decision on Thursday and since the breakdown in the pair in late-June, there’s been stalling over the past few weeks. So far, we’ve had a hold of resistance around 1.1469, but the higher-lows that have built over the past few weeks suggest that the move is already well priced-in and I think ideally, a counter-trend move with a test up to or around 1.1500 could make for a more attractive backdrop for bears.
There’s the risk of a short-squeeze type of scenario, as well, so I want to circle a deeper resistance zone in that event and for that, there’s a prior support-turned-resistance area running from 1.1576 up to 1.1613.
EUR/USD Daily Chart Chart prepared by James Stanley; data derived from Tradingview GBP/USD For USD-weakness, I’m still in favor of GBP/USD and the pair put in another fresh high this week even as the USD held support at prior resistance. For next week, it’s UK CPI on Wednesday that’s the big focal point and I had looked into the pair in the Wednesday article, with GBP/USD having since held support at the ‘s1’ area on the chart, around 1.3450.
Deeper support remains around the 1.3390 Fibonacci level up to the 1.3400 zone, and then the 1.3325 level is the ‘s3’ and if bulls can’t hold prices above that, then USD-strength has probably taken over and the breakout USD/JPY would be a more attractive venue to track that theme, in my opinion.
GBP/USD Daily Price Chart Chart prepared by James Stanley; data derived from Tradingview --- written by James Stanley, Senior Market Analyst, Global Macro
Official-sector demand has accelerated once again. According to the World Gold Council, Central banks purchased a net 41 tonnes of Gold in May, more than doubling April’s total of 19 tonnes. That represents a monthly increase of over 115% – a remarkable shift at precisely the moment speculative positioning has cooled.
“Central banks are not reacting emotionally to short-term price swings,” says Lars Hansen, Head of Research at The Gold & Silver Club. “They are accumulating strategic reserves while prices remain below recent highs. That is typically where the biggest opportunities emerge.”
The World’s Largest Buyers Continue to Accumulate Poland once again led official buying, adding another 18 tonnes during May and lifting its total reserves above 614 tonnes after purchasing 64 tonnes so far this year.
China also expanded reserves by 10 tonnes – its strongest monthly increase since late 2024 – marking an extraordinary twentieth consecutive month of reported Gold purchases. That sustained buying program has now lifted China’s official holdings beyond 2,330 tonnes.
Meanwhile, the latest Central Bank Gold Reserves Survey revealed that 89% of reserve managers expect global Gold holdings to continue rising over the coming year, while 45% intend to increase their own allocations – the highest reading ever recorded.
“The smart money is not waiting for headlines to confirm the trend,” Hansen explains. “Institutional buyers are positioning well before the next leg higher becomes obvious.”
Global Silver demand continues to exceed mine supply, with the market recording its fifth consecutive structural deficit. Above-ground inventories have been steadily declining as industrial users compete for increasingly constrained physical availability.
Solar manufacturing remains one of the biggest drivers. Modern photovoltaic panels require Silver because of its unrivalled electrical conductivity, and global solar installations continue setting new records. At the same time, expanding electric vehicle production, artificial intelligence infrastructure, advanced electronics and power-grid investment are all increasing long-term Silver consumption.
Investment demand is also recovering.
Exchange-traded products have started attracting fresh inflows, while futures positioning remains well below previous speculative extremes – leaving considerable room for institutional participation should momentum accelerate.
“Silver has the rare combination of structural industrial demand and monetary appeal,” Hansen says. “When both drivers strengthen simultaneously, price moves have historically been far more explosive than Gold.”
Historically, Silver has also demonstrated a tendency to outperform Gold during mature precious metals bull markets as traders rotate into higher-beta opportunities.
The Macro Picture Continues to Strengthen The broader investment landscape remains supportive for precious metals.
Government debt burdens continue expanding across developed economies. Central banks remain committed to reserve diversification. Persistent geopolitical tensions, elevated fiscal deficits and ongoing concerns surrounding long-term currency purchasing power continue reinforcing the case for hard assets.
Importantly, trader positioning still appears relatively subdued despite these supportive fundamentals.
That disconnect creates opportunity.
“When markets become excessively focused on short-term volatility, they often miss the bigger structural trend,” Hansen says. “The current correction appears far more like a reset within a longer-term bull market than the beginning of a lasting downturn.”
The Window May Not Stay Open for Long Gold remains below recent highs despite record levels of official-sector conviction. Silver continues trading against one of its strongest supply-demand backdrops in decades.
The combination of accelerating Central bank accumulation, persistent Silver supply deficits, expanding industrial demand and improving technical conditions presents a compelling backdrop for the second half of 2026.
Markets rarely provide comfortable entry points for long.
“The biggest gains are usually earned before consensus shifts,” Hansen concludes. “By the time most traders recognise what is happening, both Gold and Silver could already be trading significantly higher.”
For traders seeking one of the highest-conviction macro opportunities of 2026, the precious metals pullback may prove to be less of a warning and more of an invitation. The only question now is whether you’ll recognise the opportunity before the market leaves you behind?
Key Points:GBP/USD remains under pressure as pullback continues. USD/CAD attempts to settle below the support at 1.4010 - 1.4025.USD/JPY remains stuck near the 162.50 level.
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U.S. Dollar Continues To Rebound As Traders Focus On Consumer Sentiment Data
DXY 170726 4h Chart U.S. Dollar Index gains ground as traders focus on the better-than-expected Michigan Consumer Sentiment report. The report indicated that Michigan Consumer Sentiment increased from 49.5 in June to 54.4 in July, compared to analyst forecast of 51.
Today, traders also had a chance to take a look at housing market data. Housing Starts increased by +19% month-over-month in June, compared to analyst forecast of 0%. Building Permits decreased by -3%, while analysts expected that they would drop by -0.7%.
U.S. Dollar Index settled above the support at 100.50 – 100.65 and is moving towards the 50 MA at 100.90. In case U.S. Dollar Index manages to settle above the 50 MA, it will move towards the resistance level at 101.15 – 101.30.
EUR/USD Is Mostly Flat Ahead Of The Weekend EUR/USD 170726 4h Chart EUR/USD is stuck near the support level at 1.1420 – 1.1435 as traders focus on U.S. economic data. Industrial Production increased by +0.1% month-over-month in June, compared to analyst consensus of +0.2%.
In case EUR/USD manages to settle below the 1.1420 level, it will head towards the next support, which is located in the 1.1350 – 1.1365 range. On the upside, a move above the 1.1450 level will push EUR/USD towards the resistance at 1.1500 – 1.1515.
GBP/USD Remains Under Pressure GBP/USD 170726 4h Chart GBP/USD tested new lows as pullback continued. Traders focused on the rally in the oil markets, which was triggered by rising tensions in the Middle East.
If GBP/USD stays below the 1.3450 level, it will head towards the 50 MA at 1.3413. A move below the 50 MA will open the way to the test of the support level at 1.3335 – 1.3350. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.
On the upside, a successful test of the resistance at 1.3450 – 1.3465 will open the way to the test of the next resistance level at 1.3535 – 1.3550.
USD/CAD Tests Support At 1.4010 – 1.4025
USD/CAD 170726 4h Chart USD/CAD is losing ground as traders focus on rising gold and silver prices. Other commodity-related currencies are mixed in today’s trading session. There are no important economic reports scheduled to be released in Canada today, so traders will stay focused on general market sentiment.
USD/CAD continues its attempts to settle below the support at 1.4010 – 1.4025. If USD/CAD manages to settle below the 1.4010 level, it will head towards the next support, which is located in the 1.3915 – 1.3930. RSI has moved back into moderate territory, but there is some room to gain additional downside momentum in the near term.
USD/JPY Stays Close To Multi-Decade Highs USD/JPY 170726 4h Chart USD/JPY remains stuck near the 162.50 level as traders focus on dynamics of Treasury yields. The yield of 2-year Treasuries climbed above the 4.16% level, while the yield of 10-year Treasuries settled below 4.55%.
Traders are cautious amid worries about potential interventions from the Bank of Japan. However, BoJ’s interventions failed to provide support to the yen in 2026. In case USD/JPY manages to settle above the 162.80 level, it will gain additional upside momentum and head towards the 165.00 level.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Scotiabank’s Shaun Osborne and Eric Theoret notes GBP/USD is lower on the day and well off its one-year high reached on optimism that incoming PM Burnham will pursue market-friendly policies. Despite late-week slippage, that view remains. The new government is expected to allow new North Sea drilling and bring Thames Water back under public control, while trend oscillators stay bullish and analysts look for firm support near 1.34.
Political shift and technical support at 1.34"Sterling is down on the day and well off the 1-year peak seen earlier this week around optimism that Burnham—who takes over as PM next week—will follow market friendly policies. Despite the pound’s late week slippage, that outlook appears to remain intact."
"The Burnham government looks poised to strike out in a different direction than Starmer’s. Reports suggest that he will permit new drilling permits for oil and gas in the North Sea (Labour under Starmer veered away from boosting North Sea energy) and will announce plans to take the troubled Thames Water utility back under public control (Starmer preferred a private sector solution). President Trump will like the “drill, baby drill” look to the new government, at least."
"Neutral/bullish—Solid gains in the GBP Wednesday have partially reversed over the balance of the week. Trend oscillators lean bullish on the intraday, daily and weekly DMIs which should help sustain the broader trend higher going forward."
"We look for firm support on dips to the 1.34 zone."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
