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Global markets trade on the back foot as risk aversion dominates sentiment, weighing on major currencies amid diverging central bank signals. Sterling slides to multi-week lows following a dovish Bank of England tone, while the Australian and New Zealand Dollars weaken as investors trim exposure to risk-sensitive assets. In contrast, the Euro attempts a modest rebound on improving prospects of a more dovish Federal Reserve, while the Canadian Dollar finds support as oil prices recover.
GBP/USD has dropped to a two-week low near the 1.3500 level as a dovish Bank of England outlook weighs on Sterling, while broader risk aversion limits appetite for the Pound despite easing Fed cut expectations.
Geopolitical Risks: Global uncertainty continues to dampen risk appetite.
US Economic Data: Stable US data keeps Dollar demand resilient.
FOMC Outcome: Expectations of a more cautious Fed offer limited relief to GBP.
Trade Policy: Trade concerns remain a secondary factor for Sterling.
Monetary Policy: Dovish BoE signals reinforce downside pressure.
Trend: Bearish continuation.
Resistance: 1.3600
Support: 1.3450
Forecast: GBP/USD may remain under pressure unless BoE expectations shift.
Market Sentiment: Cautiously bearish.
Catalysts: UK data releases, BoE commentary, global risk tone.
NZD/USD has softened below the 0.6000 handle as renewed risk aversion weighs on the New Zealand Dollar, with investors reducing exposure to high-beta currencies.
Geopolitical Risks: Risk-off sentiment limits demand for growth-sensitive assets.
US Economic Data: Resilient US data supports defensive positioning.
FOMC Outcome: Slower Fed easing expectations cap upside.
Trade Policy: External trade risks continue to cloud outlook.
Monetary Policy: RBNZ policy remains cautious amid slowing momentum.
Trend: Bearish bias.
Resistance: 0.6050
Support: 0.5950
Forecast: NZD/USD may remain vulnerable while risk aversion persists.
Market Sentiment: Bearish.
Catalysts: Risk sentiment shifts, US data, Asia-Pacific developments.
USD/CAD has pulled back toward the 1.3700 level as rebounding oil prices provide support to the Canadian Dollar, offsetting broader cautious market conditions.
Geopolitical Risks: Energy-related geopolitical developments influence oil prices.
US Economic Data: Stable US data limits sharp downside.
FOMC Outcome: Expectations of Fed easing offer mixed signals.
Trade Policy: Trade dynamics remain a background influence.
Monetary Policy: Oil-price sensitivity continues to drive CAD performance.
Trend: Mild corrective pullback.
Resistance: 1.3780
Support: 1.3650
Forecast: USD/CAD may consolidate while oil prices remain supported.
Market Sentiment: Neutral to mildly bearish.
Catalysts: Oil price movements, US and Canadian data.
EUR/USD is attempting to regain ground near 1.1770 as improving prospects for a more dovish Federal Reserve provide modest support, though risk aversion caps upside momentum.
Geopolitical Risks: Persistent uncertainty limits bullish positioning.
US Economic Data: Data resilience tempers expectations for aggressive Fed cuts.
FOMC Outcome: Growing dovish expectations support the Euro at the margin.
Trade Policy: Trade-related concerns weigh on Eurozone growth sentiment.
Monetary Policy: Policy divergence between the Fed and ECB remains in focus.
Trend: Sideways with mild recovery attempts.
Resistance: 1.1820
Support: 1.1700
Forecast: EUR/USD may struggle to sustain gains without clearer Fed signals.
Market Sentiment: Neutral.
Catalysts: Fed commentary, Eurozone data, risk sentiment shifts.
AUD/USD remains subdued as increased risk aversion weighs on the Australian Dollar, with investors cautious following recent RBA commentary and broader global uncertainty.
Geopolitical Risks: Risk-off conditions pressure commodity-linked currencies.
US Economic Data: Stable data supports defensive positioning.
FOMC Outcome: Fed uncertainty limits directional clarity.
Trade Policy: China-linked trade dynamics remain a key sensitivity.
Monetary Policy: RBA’s cautious tone caps AUD upside.
Trend: Bearish to sideways.
Resistance: 0.6620
Support: 0.6500
Forecast: AUD/USD may remain pressured while risk sentiment stays fragile.
Market Sentiment: Bearish.
Catalysts: Risk sentiment, RBA communication, China-related news.
Overall, risk-off conditions continue to shape near-term market direction as investors navigate mixed central bank messaging and fragile confidence. While selective support emerges from commodities and shifting Fed expectations, broader uncertainty keeps pressure on high-beta currencies. With policy signals, energy prices, and global risk sentiment in focus, markets are likely to remain cautious and reactive in the sessions ahead.
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