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Global markets are trading with a cautious tone as oil prices stabilize amid easing Iran supply concerns, while renewed US-EU trade war fears weigh on risk appetite. Safe-haven demand has lifted gold prices, reflecting investor caution, as major currency pairs trade mixed and remain sensitive to both tariff developments and technical levels.
WTI crude oil trades flat below the mid-$59.00 area, struggling to find clear direction. Prices remain capped as easing Iran supply concerns offset ongoing US-EU trade war fears.
• Geopolitical Risks: Reduced concerns over Iranian supply disruptions limit upside pressure.
• US Economic Data: Mixed US data keeps demand expectations subdued.
• FOMC Outcome: Higher-for-longer rate expectations continue to weigh on energy demand outlooks.
• Trade Policy: US-EU trade tensions raise concerns over global growth and oil demand.
• Monetary Policy: Tight global financial conditions cap speculative buying interest.
• Trend: Sideways with limited directional momentum.
• Resistance: $59.80, where recent rebounds have stalled.
• Support: $58.70, near the recent consolidation floor.
• Forecast: Prices are likely to remain range-bound unless supply or demand shocks emerge.
• Market Sentiment: Neutral to cautious, with limited bullish conviction.
• Catalysts: Inventory data and geopolitical headlines related to trade and supply.
USD/CAD holds above the 1.3850 level as the Canadian Dollar weakens. The pair stabilizes amid softer oil prices and a steady US Dollar.
• Geopolitical Risks: Trade tensions weigh on commodity-linked currencies like CAD.
• US Economic Data: Stable US data underpins the Dollar.
• FOMC Outcome: xpectations of policy patience continue to support USD.
• Trade Policy: Trade war risks add pressure to CAD sentiment.
• Monetary Policy: BoC policy outlook remains cautious, limiting CAD support.
• Trend: Mildly bullish for USD/CAD in the short term.
• Resistance: 1.3920, a key upside barrier.
• Support: 1.3820, near-term downside support.
• Forecast: Further consolidation with a slight upside bias is expected.
• Market Sentiment: Cautious, favoring the US Dollar.
• Catalysts: Canadian economic data and oil price movements.
EUR/USD tests resistance near the nine-day EMA around 1.1650. The pair attempts to stabilize following recent declines, but upside momentum remains limited.
• Geopolitical Risks: Trade tensions dampen Eurozone risk sentiment.
• US Economic Data: Firm US data continues to support the Dollar.
• FOMC Outcome: Fed caution limits aggressive EUR/USD rebounds.
• Trade Policy: US-EU tariff concerns add pressure to the Euro.
• Monetary Policy: ECB’s cautious stance restricts Euro upside.
• Trend: Short-term consolidation with a mild bearish bias.
• Resistance: 1.1655, aligned with the nine-day EMA.
• Support: 1.1585, a key near-term support level.
• Forecast: Failure to break above resistance may lead to renewed downside pressure.
• Market Sentiment: Defensive, with preference for the Dollar.
• Catalysts: Eurozone data releases and tariff-related headlines.
Gold trades above $4,650, extending gains as safe-haven demand strengthens. Trump tariff rhetoric has renewed investor caution, boosting demand for precious metals.
• Geopolitical Risks: Escalating trade tensions increase safe-haven flows.
• US Economic Data: Data uncertainty supports defensive positioning.
• FOMC Outcome: Rate pause expectations underpin gold prices.
• Trade Policy: Tariff threats directly support haven demand.
• Monetary Policy: Global policy uncertainty enhances gold’s appeal.
• Trend: Bullish in the short term.
• Resistance: $4,700, a psychological and technical barrier.
• Support: $4,600, near recent breakout levels.
• Forecast: Gold may extend gains if risk aversion persists.
• Market Sentiment: Risk-averse with strong haven demand.
• Catalysts: Trade developments and US inflation data.
NZD/USD weakens below the 0.5800 level as risk sentiment deteriorates. The Kiwi struggles amid renewed tariff threats and a steady US Dollar.
• Geopolitical Risks: Trade war concerns pressure risk-sensitive currencies.
• US Economic Data: Dollar stability limits NZD recovery.
• FOMC Outcome: Fed caution keeps USD supported.
• Trade Policy: Tariff threats weigh heavily on NZD sentiment.
• Monetary Policy: RBNZ’s cautious stance caps upside potential.
• Trend: Bearish in the short term.
• Resistance: 0.5835, near recent breakdown levels.
• Support: 0.5760, the next downside target.
• Forecast: Further weakness is possible if risk aversion persists.
• Market Sentiment: Risk-off, unfavorable for NZD.
• Catalysts: Trade headlines and upcoming US data.
Overall, market conditions point to a defensive bias, with commodities diverging and FX pairs consolidating amid heightened trade uncertainty. As investors assess tariff rhetoric, energy price dynamics, and upcoming economic data, near-term direction is likely to remain driven by geopolitical headlines and evolving risk sentiment.
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