Markets tilted firmly toward the dollar as hawkish Federal Reserve expectations and rising energy prices fueled inflation concerns.
EUR/USD fell below 1.17 to a three-week low, while gold and silver remained under pressure near monthly lows as higher-for-longer rate expectations weighed on non-yielding assets. The Japanese yen weakened past the 160 level despite intervention risks, reflecting limited confidence in policy support. Meanwhile, sterling traded cautiously near $1.35 as investors awaited clearer signals from central banks and geopolitical developments. Overall, inflation fears and policy tightening continue to dominate market direction.
| Time | Cur. | Event | Forecast | Previous |
| 01:30 | CNY | Manufacturing PMI (Apr) | 50.1 | 50.4 |
| 08:00 | EUR | German GDP (QoQ) (Q1) | 0.1% | 0.3% |
| 09:00 | EUR | CPI (YoY) (Apr) | 3.0% | 2.6% |
| 11:00 | GBP | BoE Interest Rate Decision (Apr) | 3.75% | 3.75% |
| 12:15 | EUR | ECB Interest Rate Decision (Apr) | 2.15% | 2.15% |
| 12:30 | USD | GDP (QoQ) (Q1) | 2.2% | 0.5% |
| 12:30 | USD | Core PCE Price Index (YoY) (Mar) | 3.2% | 3.0% |
| 12:30 | USD | Core PCE Price Index (MoM) (Mar) | 0.3% | 0.4% |
| 12:30 | USD | Initial Jobless Claims | 213K | 214K |
| 12:45 | EUR | ECB Press Conference | ||
| 13:45 | USD | Chicago PMI (Apr) | 54.8 | 52.8 |
EUR/USD dipped below 1.17, marking its weakest performance in three weeks. This decline follows a surge in the dollar driven by the Fed's hawkish stance. Rising oil prices have further intensified inflation fears, increasing demand for the dollar as a safe haven.
For EUR/USD, the initial resistance is seen at 1.1710, while the closest support is positioned at 1.1610.
| R1: 1.1710 | S1: 1.1610 |
| R2: 1.1750 | S2: 1.1550 |
| R3: 1.1790 | S3: 1.1500 |
Gold is trading near $4,550, holding close to a one-month low. Surging energy costs have heightened inflation fears, reinforcing expectations that central banks will maintain restrictive monetary policies. These persistent high-rate forecasts continue to limit any potential upside for the metal.
First resistance is seen at $4610, with initial support near $4490.
| R1: 4610 | S1: 4490 |
| R2: 4670 | S2: 4400 |
| R3: 4750 | S3: 4300 |
The Japanese yen dropped beyond 160 per dollar, hitting multi-month lows. Following the Bank of Japan’s decision to hold rates at 0.75%, investors are betting that upcoming hikes or near-term intervention will fail to provide the currency meaningful support.
Initial resistance stands at 160.50, while the first support is located at 159.80.
| R1: 160.50 | S1: 159.80 |
| R2: 160.90 | S2: 159.00 |
| R3: 161.40 | S3: 158.50 |
The pound softened to around $1.35 as markets analyzed updated UK economic outlooks. Investors remain cautious while awaiting critical policy signals from the Fed and Bank of England, coupled with shifting headlines surrounding the ongoing US-Iran diplomatic negotiations.
From a technical view, resistance stands near 1.3530, with support around 1.3390.
| R1: 1.3530 | S1: 1.3390 |
| R2: 1.3600 | S2: 1.3250 |
| R3: 1.3650 | S3: 1.3170 |
Silver remained near $72 as rising oil prices fueled inflation concerns. These pressures have intensified expectations that central banks will implement further rate hikes, keeping the non-yielding metal near its recent lows.
From a technical view, resistance stands near $74.00 while support is located around $71.00.
| R1: 74.00 | S1: 71.00 |
| R2: 75.80 | S2: 69.20 |
| R3: 77.50 | S3: 67.40 |
Markets remain volatile as Trump orders a prolonged naval blockade of the Strait of Hormuz to pressure Iran, further restricting global oil shipments.
Detail Growth Slows, Inflation Lingers (04.28.2026)The Bank of Japan held its policy rate at 0.75% in April, keeping borrowing costs at their highest level since 1995.
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