News/Event
RaboResearch highlights Oil as the dominant input for UK monetary policy. The Bank of England’s central forecast assumes Oil prices fall from $76 to around $71, with inflation peaking near 3.2%, but Brent already trades above $90.
Gold price advances some 0.92% on Thursday after the US Dollar drops following a suspected intervention in the foreign exchange markets, with the Japanese Yen hitting a near two-month high versus the Greenback. The XAU/USD trades at $4,100 after bouncing off the low of the day (LOD) at $4,028.
The cryptocurrency market continues to build momentum on Thursday as selling pressure subsides. Bitcoin (BTC) has notched three straight days of gains and is currently trading above $64,000, with bulls eyeing a potential breakout above the immediate $65,000 resistance.
AUD/JPY tumbles on Thursday as a sudden surge in the Japanese Yen (JPY) sweeps across Yen crosses, fuelling speculation that Japanese authorities intervened to support the currency after USD/JPY hit a 40-year high earlier this month.
TD Securities strategists explain that Gold has bounced after the Federal Open Market Committee (FOMC) left rates unchanged and Chair Warsh signaled tolerance for an inflation shock.
HSBC’s Jose Rasco and Michael Zervos note that the US Federal Reserve (Fed) kept rates unchanged for a fifth straight meeting, with a 9-3 split highlighting internal debate.
TD Securities FX strategist Howard Du highlights that GBP/USD initially rose 0.3% on the hawkish 6-3 BoE vote split, with Mann joining the hike camp. However, the rest of the committee appears comfortable holding rates given limited second-round effects.
BNY’s Geoff Yu reports that Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter described Australia’s Consumer Price Index (CPI) as slightly softer than expected, mainly due to fuel prices, but stressed inflation remains above the 2–3% band.
Bank of England (BoE) Governor Andrew Bailey explains the decision to maintain the bank rate at 3.75% in a 6-3 vote split following the July monetary policy meeting and responds to questions from the press.
Bank of England (BoE) Governor Andrew Bailey explains the decision to maintain the bank rate at 3.75% in a 6-3 vote split following the July monetary policy meeting and responds to questions from the press.
Brown Brothers Harriman’s (BBH) Elias Haddad reports EUR/USD is consolidating after a rally driven by stronger-than-expected Eurozone Q2 GDP at 0.4% quarter-on-quarter.
Societe Generale strategists analyzes- the Bank of England’s (BoE) upcoming meeting, expecting Bank Rate to remain at 3.75% with some hawkish dissent. They note easing inflation expectations and a loosening labour market, but also higher energy prices and government income support.
Rabobank Senior FX Strategist Jane Foley discusses GBP/USD following the latest Federal Reserve (Fed) decision and ahead of the Bank of England (BoE) meeting. She expects GBP/USD to trade around 1.32–1.33 over the next one to three months.
Commerzbank’s Volkmar Baur expects the Bank of Japan to keep its overnight call rate unchanged, as fully priced by markets. The focus is on guidance, with inflation around 2% and leading indicators pointing higher.
Societe Generale’s Jan Groen reviews the July 2026 Federal Open Market Committee (FOMC) outcome, noting the Federal Reserve (Fed) left the Fed funds target range at 3.5%-3.75% and signaled a cautious stance on inflation.
The Swiss Franc (CHF) remains on the defensive against the US Dollar (USD) Thursday despite the unexpected improvement of Swiss leading indicators.
MUFG's Derek Halpenny notes that the British Pound (GBP) has been the strongest G10 currency after the US Dollar (USD) since the Middle East conflict began, with attention now on the Bank of England’s (BoE) July decision.
The NZD/USD pair gathers strength to near 0.5810 during early European trading hours on Thursday, bolstered by the Reserve Bank of New Zealand (RBNZ) rate hike bets.
ING’s Chris Turner notes that US real yields and the US Dollar (USD) fell after a confusing FOMC press conference, as markets sensed the Federal Reserve (Fed) may avoid further tightening.
Commerzbank’s FX Research team, including Charlie Lay and colleagues, notes that the Dollar Index fell and EUR/USD climbed after the Federal Reserve left rates unchanged but revealed a significant internal split.
The Euro (EUR) has eased from fresh four-week highs at 0.8585 against the British Pound (GBP) on Thursday, but maintains its bullish trend intact with price action standing above previous highs.
The Euro (EUR) trades marginally lower to near 1.1455 against the US Dollar (USD) during the early European trading session on Thursday.
The AUD/JPY cross declines to around 113.65 during the early European session on Thursday. The pair currently trades 0.65% lower on the week as the likelihood of the Reserve Bank of Australia (RBA) raising interest rates has fallen.
The AUD/USD pair turns lower following a modest Asian session uptick to the 0.6965 region on Thursday amid the emergence of some US Dollar (USD) dip-buying.
The US Dollar (USD) trades slightly positive in the Asian session on Thursday after a juggernaut fall the previous day. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.12% higher to near 100.92.
The US Central Command (CENTCOM) began launching strikes against Iran late Wednesday, retaliating against Iranian missile attacks on American forces in the region, the Guardian reported.
NZD/USD extends its gains for the third consecutive day, trading around 0.5810 during the Asian hours on Thursday. The currency pair climbs higher as the New Zealand Dollar (NZD) receives support from a sharp rise in domestic business confidence.
AUD/USD inches higher after two days of losses, trading around 0.6960 during the Asian hours on Thursday. The currency pair may face potential downside pressure as the US Dollar (USD) could gain strength following a hawkish interest rate pause by the Federal Reserve (Fed).
Yemen’s Iran-backed Houthi rebels are considering imposing fees on commercial ships sailing through the southern Red Sea, Reuters reported on Wednesday. This development came a week after the Houthi declared a naval blockade on Saudi Arabia.
Gold price (XAU/USD) rebounds to around $4,095 during the early Asian session on Thursday.
Silver price clings to gains on Wednesday late in the North American session, as the Federal Reserve held rates unchanged, which, instead of strengthening the Dollar, weakened it, while US Treasury yields spiked. The XAG/USD trades at $57.17, barely unchanged.
The Fed left interest rates unchanged at 3.50%-3.75%, but the decision carried a distinctly hawkish edge as three officials voted for an immediate 25-basis-point increase.
Ethereum (ETH) climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%.
The shared currency surged after the Federal Reserve kept rates steady, by a 9 to 3 vote, with three dissenters who supported a 25-basis-point rate hike. The EUR/USD trades volatily above 1.1420, up 0.28%.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight that GBP/USD is flat around 1.33, supported by stronger United Kingdom (UK) lending data and stabilizing Bank of England (BoE) expectations. They stress that UK fiscal narratives remain important for sentiment toward government debt.
Gold (XAU/USD) trades lower near the $4,003 area on Wednesday, extending its recent decline as investors remain cautious ahead of the Federal Reserve’s (Fed) monetary policy announcement.
BNY’s Geoff Yu highlights that markets face a genuinely live Federal Reserve (Fed) decision, with futures implying about a 35% chance of a hike and a hold still the base case.
The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday, another pivotal meeting for markets to gauge the stance of policymakers as they assess how rising crude Oil prices could impact the inflation outlook.
West Texas Intermediate (WTI) futures on NYMEX trades 6% higher on the day, slightly above $83.00 during the European trading session on Wednesday.
Rabobank's Senior FX Strategist Jane Foley discusses how the Federal Reserve (Fed) and Bank of Japan (BoJ) decisions could shape USD/JPY, noting that Fed Chair Warsh’s stance on forward guidance adds uncertainty.
The US Dollar (USD) stands at a critical juncture as financial markets prepare for the Federal Open Market Committee's (FOMC) upcoming interest rate announcement.
Gold (XAU/USD) consolidates above $4,000 on Wednesday, as price action remains choppy amid growing caution ahead of the Federal Reserve’s (Fed) monetary policy announcement, while the war in the Middle East intensifies again after a brief lull.
The Euro (EUR) holds marginal gains against the US Dollar on Wednesday after finding some support in the mid-range of the 1.1300s earlier this week but remains unable to find acceptance above 1.1400.
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $57.92 per troy ounce, up 1.36% from the $57.14 it cost on Tuesday.
The British Pound (GBP) is marginally higher at around 1.3300 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair edges up as the US Dollar ticks lower ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
DBS Bank’s Philip Wee notes that Dollar bulls have built substantial long USD positions ahead of the FOMC, encouraged by Brent’s sharp rebound and expectations of a surprise rate hike by Chairman Kevin Warsh.
The US Dollar (USD) trades marginally lower in the European trade on Wednesday, reflecting caution ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
BNY’s Geoff Yu highlights that INR faces strong selling pressure from a rebalancing perspective, as Indian bonds have outperformed major peers. With INR flows broadly flat, FX exposure has risen and investors are advised to keep hedging elevated after strong duration gains.
MUFG’s Lloyd Chan expects the Federal Open Market Committee (FOMC) to deliver a hawkish hold, with the Federal Reserve (Fed) keeping rates unchanged while stressing elevated inflation risks. He notes softer recent US data but highlights that markets still price some probability of a July hike.
UOB strategists report that Oil prices initially fell sharply as the United States (US) military campaign against Iran remained paused, with WTI dropping to USD 79.26 and Brent to USD 84.10.
ING’s Chris Turner and Padhraic Garvey expect the Bank of Japan to keep its policy rate at 1.00% on 31 July, with any modestly hawkish shift seen as unlikely to materially boost the Yen or change the USD/JPY trajectory.
The NZD/USD pair struggles to build on the overnight bounce from the 0.5860 horizontal support and seesaws between tepid gains/minor losses during the Asian session on Wednesday.
The broader cryptocurrency market maintains risk-off sentiment ahead of the US Federal Reserve (Fed) interest rate decision on Wednesday. Bitcoin (BTC) holds above $63,000 on Wednesday, while Bittensor (TAO) and Cardano (ADA) sustain gains from the previous day.
Silver price (XAG/USD) trades 1.14% higher to near $57.80 during the Asian trading session on Wednesday. The white metal gains even as oil prices rebound strongly due to renewed conflicts between the United States (US) and Iran.
EUR/USD holds ground for the second successive day, trading around 1.1390 during the Asian hours on Wednesday.
The United States Dollar Index (DXY), which tracks the Greenback against a basket of currencies, is seen consolidating below the 101.50 level during the Asian session as traders await the outcome of a two-day FOMC meeting, due later this Wednesday.
Bitcoin eased below $64,000 on Tuesday as traders navigate exchange shutdowns and heightened uncertainty ahead of the Federal Reserve’s (Fed) policy meeting, according to K33.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction during the Asian session on Wednesday, snapping a three-day losing streak to an over two-week low touched the previous day.
The Australian Bureau of Statistics (ABS) will publish the June Consumer Price Index (CPI) on Wednesday at 01:30 GMT. The report is expected to show that inflation rose 4% from a year earlier, matching the May reading. The monthly CPI is foreseen at 0.2% following the -0.7% print from May.
The Greenback, when tracked by the US Dollar Index (DXY), abandons the area of monthly peaks and recedes toward the 101.30 zone on turnaround Tuesday.
ING’s Warren Patterson and Ewa Manthey note that Brent has sold off sharply as US–Iran strikes pause and President Trump signals a “good chance” of a deal. They stress that flows through the Strait of Hormuz and Bab el-Mandeb, as well as Black Sea exports, remain critical.
Scotiabank strategists Shaun Osborne and Eric Theoret report GBP/USD is extending its bearish reversal toward early-July levels as markets scale back Bank of England (BoE) tightening expectations. September pricing has been cut and cumulative hikes by December reduced.
EUR/GBP holds firm on Tuesday, extending its recovery from the more than one-year low touched earlier this month as diverging monetary policy expectations between the European Central Bank (ECB) and the Bank of England (BoE), along with UK fiscal concerns, weigh on the British Pound (GBP).
The British Pound (GBP) extends its decline against the US Dollar (USD) to near 1.3277 during the European trading session on Tuesday, the lowest level seen in over three weeks.
Gold (XAU/USD) trades on the back foot on Tuesday, pressured by a firmer US Dollar (USD), even as Oil prices extend their pullback on hopes of an end to the US-Iran war.
Oil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted hopes of a de-escalation of the Middle East conflict.
UOB strategists interpret Monetary Authority of Singapore's (MAS) July 2026 MPS as a calibrated tightening via a modest increase in the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope to an estimated 1.25% per annum, smaller than April’s move.
The British Pound (GBP) trades with caution at around 1.3300 against the US Dollar (USD) during the European trading session on Tuesday.
Gold (XAU/USD) attracts some follow-through selling after the previous day's failure to find acceptance above $4,100, weakening below the $4,050 level during the Asian session on Tuesday.
Bitcoin (BTC) edges lower on Tuesday, extending its losses of over 2% from the previous day. The broader crypto market suffered nearly $600 million in liquidations over the last 24 hours amid renewed sell-off pressure.
GBP/USD edges lower after opening at a bullish gap, remaining within positive territory and trading around 1.3290 during the Asian hours on Tuesday.
OCBC’s Sim Moh Siong and Christopher Wong expect USD/CNH to stay broadly rangebound near term, with the daily People's Bank of China (PBoC) fix clustered around 6.79 and acting as an anchor rather than a directional signal.
The US Dollar (USD) traded mostly unchanged on Monday as a temporary pause in hostilities between the United States and Iran reduces demand for safe-haven assets. The US Dollar Index (DXY) traded lower earlier in the session but moved closed to breakeven by the late American afternoon.
Brown Brothers Harriman’s (BBH) Elias Haddad notes that Eurozone leading indicators, including Germany’s IFO, Purchasing Managers’ Index (PMI) and ZEW, point to improving activity.
EUR/USD reverses its early gains on Monday and moves toward filling the bullish gap at the weekly open. The pair initially rose after a temporary pause in attacks between the United States (US) and Iran improved risk sentiment, sent Oil prices sharply lower and weighed on the US Dollar (USD).
BNP Paribas strategists project Eurozone Gross Domestic Product (GDP) growth to slow to 0.8% in 2026 from 1.5% in 2025 due to spillovers from the Middle East conflict and weaker consumption.
GBP/JPY edges lower on Monday as the British Pound (GBP) weakens across the board following its recent advance, with traders trimming exposure ahead of the Bank of England’s (BoE) interest-rate decision on Thursday. At the time of writing, the cross trades around 217.84, down 0.23% on the day.
OCBC’s Sim Moh Siong and Christopher Wong note that easing Oil prices, helped by reduced Iran–US tensions, are bringing crude closer to their base case of a gradual downtrend.
ING’s Francesco Pesole expects the Bank of England (BoE) to leave rates unchanged this week, with a 7–2 vote remaining the base case, although Catherine Mann could join Huw Pill and Megan Greene in supporting a rate hike.
HSBC strategists see EUR/USD at risk of moving lower as the European Central Bank (ECB) maintains a cautious, data-dependent stance and refrains from signalling further rate hikes.
Gold (XAU/USD) opens the week with a bullish gap on Monday as a temporary pause in attacks between the United States (US) and Iran improves risk sentiment and sends Oil prices sharply lower. At the time of writing, XAU/USD is trading around $4,102, up 1.24% on the day.
The Canadian Dollar (CAD) remains vulnerable, despite the safe-haven US Dollar’s (USD) weakness on Monday, and extends losses for the second consecutive day.
Commerzbank’s Charlie Lay notes that Brent and West Texas Intermediate (WTI) have pulled back after sharp gains, but underlying risks to Oil remain elevated. Escalation in the Persian Gulf and potential closure of the Strait of Bab al-Mandab are seen as key threats to supply routes.
The Japanese Yen starts the week on a positive note against the US Dollar (USD), but is down against its other currency peers.
Gold (XAU/USD) opens with a bullish gap at the start of a new week, though it struggles to capitalize on the momentum or find acceptance above the $4,100 mark as bulls seem reluctant ahead of the crucial FOMC meeting, starting on Tuesday.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) begin the week on a firm footing after surging over 1%, 4% and 1%, respectively, in the previous week. BTC holds above key technical resistance after recording its fourth consecutive weekly gain.
USD/JPY remains subdued for the second successive day, trading around 163.60 during the Asian hours on Monday.
AUD/USD extends its gains for the second consecutive trading day, hovering near 0.7000 during the Asian hours on Monday. The pair appreciates as the US Dollar (USD) declines alongside a sharp drop in oil prices.
Bitcoin (BTC) appears to be entering the early stages of a potential bottoming process, with on-chain data showing signs of accumulation amid broader market pressure, according to Glassnode in a Friday report.
The upcoming week will be dominated by monetary policy decisions from the Federal Reserve (Fed), Bank of England (BoE) and Bank of Japan (BoJ).
EUR/USD trades lower near the 1.1370 area on Friday, struggling despite stronger-than-expected Eurozone business-activity figures. The US Dollar Index (DXY) remains firmer near 101.50, offering limited support to the pair.
Silver (XAG/USD) edges higher on Friday as a pullback in Oil prices pushes US Treasury yields lower, while the US Dollar (USD) fluctuates near recent highs. At the time of writing, XAG/USD trades around $58.60, up 2.40% on the day.
The cryptocurrency market is broadly pulling back this Friday following an early-week surge that pushed Bitcoin (BTC) near the $67,000 mark. BTC has since retreated below $65,000, as escalating tension and hostilities between the United States and Iran fuel investor caution.
Scotiabank strategists Shaun Osborne and Eric Theoret report the British Pound (GBP) is slightly higher versus the US Dollar (USD) but lagging most G10 peers.
Pakistan and Iran are exploring a possible path toward renewed negotiations with the United States (US) as part of a new diplomatic initiative supported by China, Reuters reported, citing several sources familiar with the discussions.
AUD/USD trades higher near the 0.6990 area on Friday, recovering from an earlier pullback as the US Dollar (USD) struggles to gain clear momentum following mixed United States (US) business-activity data.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Japanese Yen (JPY) is slightly firmer versus the US Dollar (USD) but still underperforming most G10 currencies. USD/JPY trades near levels last seen in 1986, with limited resistance overhead.
Rabobank’s Stefan Koopman expects the Bank of England (BoE) to keep Bank Rate at 3.75% on 30 July and unchanged through 2026, even as markets still price some chance of further tightening.
Silver (XAG/USD) trades around $58.55 at the time of writing on Friday, up 2.24% on the day, benefiting from a modest pullback in the US Dollar (USD) following its recent rally.
The Euro (EUR) trades slightly higher to near 1.1385 against the US Dollar (USD) during the European trading session on Friday. The major currency pair edges up as the US Dollar corrects marginally after a strong upside move the previous day.
Deutsche Bank strategists note that the European Central Bank (ECB) kept its deposit rate at 2.25%, while its communication continued to leave the door open to further tightening.
According to Commerzbank’s Tatha Ghose, the Central Bank of the Republic of Türkiye (CBRT) kept its one-week repo rate at 37.0% and maintained the corridor at 35.5%-40.0%. With the repo window still closed, effective funding remains near 40%, which Ghose views as Lira-supportive.
ING’s Warren Patterson and Ewa Manthey report that Gold has come under pressure as higher Oil prices stoke inflation concerns and push yields and the US Dollar higher.
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, drifts lower during the early European session on Friday and erodes a part of the previous day's strong gains back closer to the monthly high.
European Central Bank (ECB) Governing Council member Martin Kocher said on Friday that he doesn’t see any hard evidence of second-round effects, but the central bank will act if the inflation outlook deteriorates.
The Euro (EUR) rallies further against the British Pound (GBP) as the latter weakens despite upbeat United Kingdom (UK) Retail Sales data for June. The EUR/GBP pair jumps to near 0.8550 in the European trading session on Friday, the highest level seen in two weeks.
ING analysts Warren Patterson and Ewa Manthey note that Brent has broken above $100/bbl as Middle East tensions escalate and supply risks mount. They highlight threats to flows through the Strait of Hormuz and the Red Sea, as well as disruptions to Kazakh exports.
The Australian Dollar (AUD) trades marginally higher at around 0.6976 against the US Dollar (USD) during the European trading session on Friday.
The NZD/USD pair attracts some buyers during the Asian session on Friday and moves away from a one-and-a-half-week trough, around the 0.5760 region touched the previous day.
EUR/USD gains ground after posting modest losses in the previous day, trading around 1.1380 during the Asian hours on Friday.
Gold price (XAU/USD) faces some selling pressure to around $4,050 during the early Asian session on Friday.
AUD/USD trades lower near the 0.6970 area on Thursday, giving back earlier gains as the US Dollar (USD) strengthens on the back of upbeat United States (US) labor market data and continued hostilities between the US and Iran.
Crude Oil is staging the kind of one-day advance that usually arrives strapped to a flash headline, and the wires have duly supplied several, but the tape refuses to behave like a reaction.
West Texas Intermediate (WTI) crude Oil rallies more than 5% on Thursday as rising tensions in the Middle East deepen supply risks. At the time of writing, WTI trades around $90.35 per barrel, its highest level since June 11.
Commerzbank strategist Michael Pfister argues that Banxico’s recent rate cuts were broadly justified by moderating inflation and Mexico’s weakening economy, leaving little reason for the central bank to tighten policy despite markets pricing in roughly three rate hikes.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.
BNY's Geoff Yu highlights that Brent has surged into the high $90s as Houthi attacks and U.S.-Iran escalation raise disruption risks around the Strait of Hormuz and Red Sea. Bond markets are treating this as an inflation shock, with higher yields and tighter financial conditions.
USD/CAD rebounds on Thursday as the US Dollar (USD) regains momentum amid rising tensions in the Middle East and growing Federal Reserve (Fed) rate hike bets, while traders show a muted reaction to Canadian Retail Sales data.
Cryptocurrency prices are trending lower on Thursday, pressured by renewed inflation concerns stemming from ongoing tensions between the United States (US) and Iran and persistently elevated Oil prices.
The British Pound (GBP) consolidates losses below 1.3400 against the US Dollar (USD) on Thursday, on track for a 0.6% weekly decline, following a reversal from 1.3558 highs last week.
The Euro (EUR) is giving away previous gains against the Japanese Yen (JPY) on Thursday, as investors position for the European Central Bank's (ECB) monetary policy decision.
USD/CHF extends its gains for the fourth successive day, trading around 0.8150 during the European hours on Thursday. The pair appreciates as the US Dollar (USD) gains ground after recovering its daily losses amid rising geopolitical tensions between the United States (US)-and Iran.
The Euro (EUR) remains steady above 1.1400 against the US Dollar (USD) on Thursday, showing a surprising resilience to the surging Oil prices and the escalation of hostilities in the Middle East.
The European Central Bank (ECB) is expected to hold the interest rate on the main refinancing operations and the deposit facility steady at 2.4% and 2.25%, respectively. The decision will be announced on Thursday at 12:15 GMT.
Rabobank strategist Michael Every warns that escalating conflict around Hormuz and the Red Sea could push Brent above its current USD 95.5 level and widen crack spreads further.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 101.00 in the early European trading hours on Thursday. The DXY weakens amid improved risk sentiment.
Lloyd Chan at MUFG underscores escalating US–Iran tensions and threats to energy infrastructure and shipping through the Strait of Hormuz and Bab el-Mandeb.
The USD/CAD pair attracts some sellers to near 1.4060 during the early European trading hours on Thursday. A rise in crude oil prices provides some support to the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).
Gold (XAU/USD) holds above the $4,100 mark during the Asian session on Thursday and, for now, seems to have stalled the previous day's modest pullback from an over two-week high.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is losing ground for the second consecutive day, trading around 101.00 during the Asian session on Thursday.
EUR/USD extends its gains for the second consecutive day, trading around 1.1410 during the Asian hours on Thursday. The pair gains ground as the Euro (EUR) finds solid support ahead of the European Central Bank's (ECB) upcoming interest rate decision.
Silver (XAG/USD) attracts fresh buyers near the $58.25-$58.20 zone during the Asian session on Thursday, stalling the previous day's modest pullback from the $61.00 neighborhood, or an over two-week high.
The Houthis, the Iran-backed group in Yemen, on Thursday claimed an attack on two Saudi oil tankers transiting through the Red Sea, identified as ENCELA and LAYLIA, saying the vessels violated the naval blockade imposed by the group on Monday, the Guardian reported.
Gold price (XAU/USD) trades in positive territory around $4,125 during the early Asian session on Thursday. The precious metal extends its recovery as ongoing geopolitical uncertainties continue to underpin safe-haven demand.
Gold price (XAU/USD) surges over 1.50% on Wednesday, cracks a key resistance trendline and hits a new two-week high as the Greenback weakens. This Bullion price action comes despite rising tensions and hostilities between the US and Iran.
TD Securities strategists expect modest US Dollar (USD) strength in Q3 2026 as positioning has room to rebuild.
Societe Generale economist Sam Cartwright analyzes June United Kingdom (UK) inflation, noting headline Consumer Price Index (CPI) at 2.6% year-on-year, below Bank of England (BoE) projections, with core inflation steady at 2.6%.
Bitcoin (BTC) trades slightly lower around $66,000 on Wednesday as tensions in the Middle East escalate further. Still, the Crypto King is up over 2.5% so far this week.
Chris Turner at ING notes EUR/USD has held up relatively well despite energy price gains and wider natural gas prices.
GBP/USD remains steady after four days of losses, trading around 1.3370 during the European hours on Wednesday. The pair is holding a mildly bearish near‑term bias as spot remains capped beneath the 50‑day and nine-day Exponential Moving Averages (EMAs).
According to a Bloomberg report, the Bank of Japan (BoJ) is widely seen holding interest rates steady at the July meeting.
Oil prices continue rallying on Wednesday as hostilities in Iran threaten to escalate out of control, and reports of vessels turning around in the Red Sea heighten concerns about supply disruptions.
The EUR/USD pair holds positive ground near 1.1410 during the early European trading hours on Wednesday, bolstered by a hawkish tone from the European Central Bank (ECB).
USD/CHF continues its winning streak for the third successive day, trading around 0.8130 during the Asian hours on Wednesday. The pair appreciates as the US Dollar (USD) receives support from growing risk aversion tied to escalating geopolitical tensions between the United States and Iran.
The AUD/USD pair struggles to capitalize on a modest Asian session uptick and extends its sideways consolidative price move around the 0.7000 psychological mark on Wednesday.
The broader cryptocurrency market is witnessing an easing of bearish momentum, with Bitcoin (BTC) holding above $66,000 on Wednesday. Altcoins including Ondo (ONDO) and Gram (GRAM), formerly known as Toncoin, are leading gains over the last 24 hours, driven by new features.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain on the front foot on Wednesday as the broader crypto market extends its gains so far this week.
Yemen’s Houthis said that they have closed the Bab el-Mandeb Strait to Saudi-linked shipping in retaliation for the kingdom’s blockade on Yemen and a recent attack on the international airport in Yemen’s rebel-held capital, Sanaa, the Guardian reported on Wednesday.
The United States Central Command (CENTCOM) said that it completed another night of attacks that targeted “military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to threaten commercial sh
The USD/CAD pair struggles to capitalize on its strong weekly gains registered over the past two days and edges lower during the Asian session on Wednesday. Spot prices currently trade around the 1.4100 round figure, though the fundamental backdrop warrants caution for aggressive bearish traders.
NZD/USD depreciates after opening at a bullish gap, remaining in the positive territory and trading around 0.5830 during the Asian hours on Wednesday.
The AUD/USD pair gathers strength to near 0.7010 during the early Asian trading hours on Wednesday. The Australian Dollar (AUD) strengthens against the US Dollar (USD) as the likelihood of the Reserve Bank of Australia (RBA) interest rate hike rises.
A Reuters poll revealed that the Federal Reserve is most likely to keep interest rates unchanged for the rest of the year as it battles stubbornly high inflation that has remained above the Fed’s 2% goal for at least 5 years.
Silver price (XAG/USD) surges over 4.50% on Tuesday, reaching five-day highs, clearing $59.00 as buyers push the white metal to test a downslope resistance trendline near the $59.65/$50.75 range, about to surpass the $60.00 mark.
West Texas Intermediate (WTI) trades around $84.40 at the time of writing on Tuesday, up 2.58% on the day, as concerns over global Oil supplies continue to support prices despite hopes for a diplomatic de-escalation in the Middle East.
The Pound Sterling loses some ground against the US Dollar, down by 0.48%, as risk appetite in the foreign exchange markets deteriorates, with the Greenback reclaiming key technical levels in the US Dollar Index (DXY) amid the escalation of the US-Iran conflict.
AUD/USD trades lower near the 0.7010 area on Tuesday, although the pair has retreated from its four-week high. The Australian Dollar (AUD) remains above the psychological 0.7000 level as softer United States (US) economic data limits demand for the US Dollar (USD).
EUR/USD edges lower on Tuesday as the US Dollar (USD) strengthens amid heightened tensions in the Middle East. At the time of writing, the pair trades around 1.1405, hovering near one-week lows.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight the Euro (EUR) trading quietly against the US Dollar (USD) in a tight low-1.14 range, with limited reaction to stronger ZEW sentiment data. Short-term rates have stabilized after a hawkish repricing, supporting EUR via yield spreads.
Brown Brothers Harriman’s (BBH) Elias Haddad highlights that the sell-off in gilts and British Pound (GBP) has stabilized after Prime Minister Andy Burnham appointed John Healey as Chancellor and pledged to stick to fiscal rules.
ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the Dollar is drawing broad-based support as markets slowly react to escalating tensions in the Gulf.
USD/CAD trades on the front foot as tensions in the Middle East keep the US Dollar (USD) firmly bid, while the Canadian Dollar also faces pressure from renewed trade frictions with the United States.
BNY’s Geoff Yu highlights Japan’s new fiscal guidelines under Prime Minister Takaichi, which prioritize proactive spending and long-term investment over near-term consolidation.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) has recovered overnight losses versus the US Dollar (USD) after news that President Trump may impose new tariffs on Canadian exports.
Lee Hardman at MUFG highlights that the Pound has modestly recovered after losses following Andy Burnham’s appointment as UK Prime Minister, while long-dated gilts remain under pressure.
The British Pound (GBP) is one of the weakest performers among major currencies, extending its reversal against the US Dollar for the fourth consecutive week.
Gold price (XAU/USD) is up 1.5% to near $4,067 during the European trading session on Tuesday. The precious metal outperforms as the rally in oil prices has stalled, with investors turning confident that negotiations between the United States (US) and Iran towards peace have resumed.
The Japanese Yen (JPY) keeps drifting lower on Tuesday, unfazed by the mild US Dollar’s weakness.
GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on the previous day's late rebound from the $79.50-$79.45 area and trades with a negative bias through the first half of the European session on Tuesday.
Bitcoin (BTC) extends its gains, trading above $65,800 on Tuesday after closing above the key technical hurdle the previous day. The bullish price action is further supported by the return of institutional demand, with spot Exchange Traded Funds (ETFs) continuing their inflows on Monday.
USD/JPY gains ground for the fourth successive day, trading around 162.60 during the European hours on Tuesday. Japanese banks will be closed due to Marine Day bank holiday.
The Swiss Franc (CHF) has trimmed some losses against the US Dollar (USD) on Tuesday, as USD/CHF bulls failed to find acceptance above the 0.8100 area.
Here is what you need to know on Tuesday, July 21:
ING strategists Warren Patterson and Ewa Manthey note Brent retreated below $90/bbl as hopes for US–Iran de-escalation offset rising supply risks. They highlight reports of a proposed 10‑day ceasefire and ongoing large divisions between the US and Iran.
The GBP/USD pair holds positive ground near 1.3450 during the early European trading hours on Tuesday. The British Pound (GBP) strengthens against the US Dollar (USD) following the UK employment report.
The USD/CAD pair attracts buyers for the second straight day on Tuesday and recovers further from its lowest level since June 17, around the 1.4000 psychological mark touched the previous day.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining in the positive territory and trading around 101.00 during the Asian session on Tuesday.
GBP/USD steadies after three days of losses, trading around 1.3430 during the Asian hours on Tuesday.
Silver (XAG/USD) attracts buyers for the third straight day and climbs back above the $57.00 mark during the Asian session on Tuesday.
The NZD/USD pair attracts some buyers to around 0.5865 during the early Asian trading hours on Tuesday. The New Zealand Dollar (NZD) edges higher against the US Dollar (USD) following hotter New Zealand inflation data.
The US Dollar Index (DXY) rises around 0.2% toward 101.00 as higher United States (US) Treasury yields and escalating tensions in the Middle East support the Greenback.
MUFG’s Lloyd Chan highlights that higher Oil prices and persistent inflation risks are weighing on Asian currencies, with the Indian Rupee (INR) and Thai Baht (THB) underperforming against the US Dollar.
Gold price edges down some 0.19% on Monday as hostilities between the US and Iran extended, following a short-lived truce that began after both countries agreed to a ceasefire, which was broken nine days ago. At the time of writing, XAU/USD trades at $4,011.
The US Dollar Index (DXY) edges higher on Monday as heightened tensions in the Middle East drive demand for the safe-haven Greenback.
Silver (XAG/USD) trades on the front foot on Monday as buyers defend the $55.00 mark after the metal briefly slipped below it on Friday, touching its lowest level since December 2025. At the time of writing, XAG/USD trades around $56.85, up nearly 1.50% on the day.
EUR/USD edges lower on Monday after reversing earlier gains as markets swing between risk-on and risk-off sentiment. At the time of writing, the pair trades around 1.1408, easing from an intraday high of 1.1449.
TD Securities strategists note that softer Canadian Consumer Price Index (CPI) is lifting USD/CAD as rate divergence remains a key driver. They argue broad US Dollar (USD) strength should limit USD/CAD downside below 1.40 and see higher Oil prices as CAD-supportive on crosses but not versus USD.
Brown Brothers Harriman’s (BBH) Elias Haddad expects the ECB to leave rates at 2.25% this week after June’s 25 bps hike, maintaining a data-dependent stance without new projections.
Royal Bank of Canada’s (RBC) Abbey Xu notes that Canadian inflation eased in June, with Consumer Price Index (CPI) slowing to 2.8% year-over-year and energy prices reversing part of their earlier surge.
TD Securities expects the Federal Reserve to keep the Fed funds rate unchanged through 2026, as inflation stays above target and the labor market stabilizes.
USD/CAD edges higher on Monday as softer-than-expected Canadian inflation data and a firmer US Dollar (USD) weigh on the Canadian Dollar (CAD), while tensions in the Middle East keep financial markets volatile. At the time of writing, the pair is trading around 1.4045, up 0.17% on the day.
Brown Brothers Harriman’s (BBH) Elias Haddad expects Australia’s June labor force report to show a modest 15k job gain and unemployment steady at 4.4%, slightly above the Reserve Bank of Australia's (RBA) projection.
HSBC strategists see NZD/USD supported by New Zealand’s strengthening growth data and an aggressive Reserve Bank of New Zealand (RBNZ) hiking path. The RBNZ has begun raising rates and HSBC Economics projects 25bp hikes per quarter to 3.50% by Q3 2027.
TD Securities’ Julie Ioffe expects United Kingdom (UK) headline Consumer Price Index (CPI) to slow to 2.7% year-on-year in June, in line with consensus but below Bank of England (BoE) projections, as lower fuel prices offset sticky Services. Core CPI is seen at 2.6% and Services at 3.6%.
ING’s Chris Turner notes that deteriorating Gulf headlines and higher energy prices are keeping the Dollar supported, even if US Dollar Index (DXY) remains about 1% below its June peak.
Gold (XAU/USD) shows marginal gains on Monday, as the US Dollar recovery stalled and Oil prices pulled back from highs. The precious metal remains capped below a descending trendline resistance, but downside attempts remain supported above the $3,965 area, thus forming a descending triangle pattern
Cryptocurrency prices remain under pressure on Monday, as Bitcoin (BTC) falls toward $64,000. Altcoins, including Ethereum (ETH) and Ripple (XRP), uphold a weakening technical structure. ETH is trading sideways between support at $1,826 and resistance at $1,937.