EUR/USD slipped toward 1.1700 ahead of the FOMC minutes, while the Japanese yen weakened past 147 for a third session as tensions over US-Japan trade talks deepened.
Gold remained under pressure near $3,285, held back by mixed Chinese inflation data and a firm dollar. The British pound dropped below $1.36 on concerns over US tariffs and alarming UK debt projections, while silver extended losses to $36.50, weighed down by aggressive US tariff plans and rising Treasury yields.
| Time | Cur. | Event | Forecast | Previous |
| 14:30 | USD | Crude Oil Inventories | -1.7M | 3.845M |
| 18:00 | USD | FOMC Minutes |
EUR/USD dropped to around 1.1705 in Wednesday’s Asian session as the Euro weakened against a stronger US Dollar, with markets unsettled by new tariff threats from US President Donald Trump. Trump proposed a 50% tariff on copper imports and hinted at additional levies on semiconductors and pharmaceuticals, while negotiations with the EU and China continue. He warned that a formal tariff notice to the EU could come within days. The growing uncertainty is weighing on the Euro ahead of the release of the Federal Reserve’s meeting minutes, which may offer clues on the path of interest rates.
Resistance for the pair is at 1.1750, while support is at 1.1685.
| R1: 1.1750 | S1: 1.1685 |
| R2: 1.1810 | S2: 1.1600 |
| R3: 1.1830 | S3: 1.1545 |
The Japanese yen extended its slide for a third straight session, weakening beyond 147 against the US Dollar as trade frictions with the US intensified. President Trump confirmed a 25% tariff on Japanese imports starting August 1, while Japan’s Prime Minister Ishiba called the move “deeply regrettable” but committed to further negotiations. The Bank of Japan warned of possible inflationary effects, particularly on food prices such as rice.
Resistance is at 147.00, with major support at 144.85.
| R1: 147.00 | S1: 144.85 |
| R2: 148.15 | S2: 143.55 |
| R3: 148.65 | S3: 142.40 |
Gold prices attempted to recover on Wednesday after losing over 1% on Tuesday, but gains remained capped as mixed Chinese inflation data and renewed US trade tensions supported the Dollar. China’s CPI rose 1% year-on-year in June while PPI fell 3.6%, deeper than expected. Meanwhile, Trump’s tariff plans and investor focus on the upcoming FOMC minutes are keeping gold under pressure.
Resistance is at $3,365, while support holds at $3,285.
| R1: 3365 | S1: 3285 |
| R2: 3395 | S2: 3250 |
| R3: 3430 | S3: 3205 |
The British pound slid below $1.36, hitting a two-week low as the US Dollar strengthened and concerns over new US tariffs and the UK’s fiscal outlook weighed on sentiment. Trump confirmed 25% tariffs on 14 countries starting August 1, with the UK rushing to finalize a deal to avoid a possible steel tariff increase to 50%.
Meanwhile, the Office for Budget Responsibility warned that UK public debt could exceed 270% of GDP by the early 2070s, citing demographic and fiscal pressures.
Resistance is at 1.3600, while support holds at 1.3500.
| R1: 1.3600 | S1: 1.3500 |
| R2: 1.3700 | S2: 1.3430 |
| R3: 1.3760 | S3: 1.3380 |
Silver prices slipped for a third session, trading around $36.50 on Wednesday as a stronger US Dollar and rising Treasury yields pressured precious metals. Markets reacted to Trump’s aggressive new tariffs, including a 50% levy on copper and potential 200% tariffs on pharmaceuticals, while investors await the Fed’s meeting minutes for policy guidance. A solid US jobs report has reduced expectations for near-term rate cuts, further supporting the dollar.
Resistance is at 37.50, while support holds at 35.40.
| R1: 37.50 | S1: 35.40 |
| R2: 39.00 | S2: 34.85 |
| R3: 41.00 | S3: 33.80 |
The U.S. dollar extended its strength after the Federal Reserve kept interest rates unchanged and signaled no immediate plans to ease, pressuring major currencies and precious metals. The euro fell to its lowest level since mid-June, while the British pound dropped toward a 2.5-month low.
Eurozone Growth Slows to 0.1% in Q2 Amid Trade UncertaintyAccording to preliminary data released on Tuesday, the Eurozone economy nearly stalled in the second quarter of 2025, expanding by just 0.1 percent. The figure marks a sharp deceleration from the 0.6 percent growth recorded in the first quarter and represents the weakest quarterly performance since late 2023.
Detail Currencies Stir as Fed Takes the Spotlight (07.30.2025)Markets entered a holding pattern on Wednesday as traders positioned themselves ahead of the Federal Reserve’s policy decision.
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