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Global FX markets are trading with a European-led tone as the Euro strengthens on the back of a sharp improvement in Germany’s ZEW sentiment index. Broad US Dollar weakness has allowed major pairs to hold firm, with the Pound steady ahead of key UK inflation data, while selective Dollar strength persists against safe-haven and commodity-linked currencies amid lingering tariff uncertainty.
USD/CHF rebounds above the 0.7900 level after recent declines. The recovery comes despite rising US-EU trade tensions, with the pair finding support as risk sentiment stabilizes.
• Geopolitical Risks: Escalating US-EU tensions add volatility but have not triggered sustained CHF demand.
• US Economic Data: Softer US data contributes to uneven Dollar performance.
• FOMC Outcome: Fed caution limits aggressive USD upside.
• Trade Policy: Renewed tariff rhetoric supports defensive positioning.
• Monetary Policy: SNB’s accommodative stance reduces Franc attractiveness.
• Trend: Short-term corrective rebound within a broader sideways structure.
• Resistance: 0.7945, near recent swing highs.
• Support: 0.7870, short-term base support.
• Forecast: Upside may remain limited unless risk sentiment deteriorates.
• Market Sentiment: Cautiously neutral with selective Dollar demand.
• Catalysts: US macro releases and trade-related headlines.
GBP/USD holds firm near the 1.3450 level as markets await UK CPI data. The pair benefits from a softer Dollar and steady UK macro expectations.
• Geopolitical Risks: Limited direct impact on the Pound at present.
• US Economic Data: Dollar softness supports GBP resilience.
• FOMC Outcome: Fed patience underpins non-USD currencies.
• Trade Policy: Tariff uncertainty remains a background risk.
• Monetary Policy: BoE rate expectations remain supportive ahead of inflation data.
• Trend: Mildly bullish in the near term.
• Resistance: 1.3500, a key psychological barrier.
• Support: 1.3400, short-term demand zone.
• Forecast: Upside potential remains if UK CPI meets or exceeds expectations.
• Market Sentiment: Constructive but cautious ahead of data.
• Catalysts: UK CPI release and BoE commentary.
EUR/USD trades near 1.1750, maintaining gains as the US Dollar weakens. The pair draws strong support from a surge in Germany’s ZEW economic sentiment index.
• Geopolitical Risks: Trade tensions pose limited immediate downside risk.
• US Economic Data: Weakening US indicators pressure the Dollar.
• FOMC Outcome: Expectations of policy patience weigh on USD demand.
• Trade Policy: Tariff risks remain secondary to data-driven flows.
• Monetary Policy: ECB policy stability allows Euro strength to persist.
• Trend: Bullish in the short term.
• Resistance: 1.1785, near recent highs.
• Support: 1.1685, key pullback support.
• Forecast: Further upside is possible if European data momentum continues.
• Market Sentiment: Optimistic toward the Euro on improving fundamentals.
• Catalysts: Additional Eurozone data and ECB communication.
USD/CAD posts modest gains above 1.3800 as markets digest renewed tariff threats. The pair stabilizes despite broader Dollar softness.
• Geopolitical Risks: Tariff rhetoric weighs on risk-sensitive currencies.
• US Economic Data: Mixed data provides uneven USD support.
• FOMC Outcome: Rate Fed caution caps aggressive Dollar moves.
• Trade Policy: Trade uncertainty supports short-term USD demand.
• Monetary Policy: BoC’s cautious stance limits CAD strength.
• Trend: Sideways with mild upside bias.
• Resistance: 1.3870, near recent highs.
• Support: 1.3765, short-term support.
• Forecast: Consolidation is likely unless trade risks escalate.
• Market Sentiment: Cautious with sensitivity to headlines.
• Catalysts: Trade developments and Canadian data releases.
NZD/USD trades near 0.5825 with a mild negative bias. The pair remains under pressure despite limited downside momentum.
• Geopolitical Risks: Trade uncertainty dampens risk appetite.
• US Economic Data: Dollar weakness limits deeper NZD losses.
• FOMC Outcome: Fed patience provides some stability.
• Trade Policy: Tariff threats weigh on risk-linked currencies.
• Monetary Policy: RBNZ’s cautious stance caps upside potential.
• Trend: Sideways to mildly bearish.
• Resistance: 0.5860, near recent highs.
• Support: 0.5790, near-term downside support.
• Forecast: The pair may remain range-bound with limited downside.
• Market Sentiment: Neutral with cautious risk appetite.
• Catalysts: Global risk sentiment and upcoming US data.
Overall, currency markets remain driven by macro data and shifting policy expectations, with European optimism offsetting pockets of caution tied to trade rhetoric. As attention turns to upcoming UK CPI data and further economic releases, near-term FX direction is likely to remain data-dependent, with the Dollar vulnerable to continued softness if momentum in European indicators persists.
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