US stocks hit fresh records after the Fed’s 25-bps rate cut, with the Dow up 0.27%, S&P 500 0.48%, and Nasdaq 0.94%. Tech led gains as Intel surged 23% on a $5B Nvidia partnership, while Nvidia, Palantir, Coinbase, and CrowdStrike also rallied.
The 10-year Treasury yield held near 4.11% and the dollar index around 97.4. The Fed signaled two more cuts in 2025 but only one in 2026, with Powell calling the move “risk management” amid labor weakness. Jobless claims fell, supporting the dollar, while QT continued. The Bank of Canada also cut rates, while the BoE held steady.
Japan’s inflation eased to 2.7% in August, the lowest since late 2024, as energy subsidies and slower food inflation helped. In the UK, the BoE kept rates at 4% in a 7–2 vote, slowed gilt sales, and maintained a cautious stance as CPI held at 3.8% with weak growth and softer labor data.
| Time | Cur. | Event | Forecast | Previous |
| 03:00 | JPY | BoJ Interest Rate Decision | 0.50% | 0.50% |
| 06:00 | GBP | Retail Sales (MoM) (Aug) | 0.4% | 0.6% |
| 09:00 | EUR | ECB President Lagarde Speaks | ||
| 12:30 | CAD | Retail Sales (MoM) (Jul) | -0.6% | 1.5% |
| 18:30 | USD | FOMC Member Daly Speaks |
The euro traded near $1.18, just below four-year highs, as markets anticipated broad monetary easing to support the labor market. The dollar firmed after the Fed’s 25-bps cut, with another 50 bps expected by year-end. Chair Powell called the move “risk management.” The ECB held rates steady, warning of risks from tariffs, inflation, and fiscal policy, while Eurozone inflation eased to 2.0% in August.
Resistance is at 1.1840, with key support at 1.1750.
| R1: 1.1840 | S1: 1.1750 |
| R2: 1.1930 | S2: 1.1720 |
| R3: 1.2000 | S3: 1.1610 |
The yen traded near 148 per dollar on Friday as markets awaited the Bank of Japan’s policy decision, with rates expected to stay unchanged. A 25-bps hike is priced for October on signs of economic resilience. Core inflation eased to 2.7% in August, while the yen fell 1% over two sessions as the dollar firmed after the Fed’s quarter-point cut, described as a cautious labor-market measure.
Resistance is at 148.50, while support holds at 146.00.
| R1: 148.50 | S1: 146.00 |
| R2: 150.90 | S2: 145.80 |
| R3: 154.50 | S3: 144.00 |
Gold hovered near $3,650 per ounce on Friday, recovering after a two-day drop and pausing a four-week rally. The Fed’s first cut since December was seen as a cautious response to labor market weakness, with officials warning inflation could slow easing. Gold is up 39% this year, supported by easing expectations, geopolitical risks, central bank demand, and a surge in Swiss exports to China.
Gold is currently facing resistance around $3,700, with strong support near $3,625.
| R1: 3700 | S1: 3625 |
| R2: 3730 | S2: 3590 |
| R3: 3760 | S3: 3550 |
The British pound slipped below $1.36 after central bank updates. The BoE held rates at 4% in a 7–2 vote, with Dhingra and Taylor backing a cut, and slowed quantitative tightening from £100B to £70B while focusing on shorter gilts. Inflation forecasts stayed steady, Q2 growth was slightly stronger, and traders added modest long-term easing bets. Meanwhile, the Fed cut rates by 25 bps, signaling more reductions but calling the move risk management.
The first resistance is seen at 1.3660, with nearby support beginning at 1.3470.
| R1: 1.3660 | S1: 1.3470 |
| R2: 1.3730 | S2: 1.3420 |
| R3: 1.3780 | S3: 1.3360 |
Silver climbed to around $42.3 per ounce on Friday, rising 18.7% from its July 31 trough. Despite recent pullbacks, silver remains near its peak. However, a less dovish Fed tone and a resilient US dollar suggest tighter price action ahead. Daily RSI indicators also hint at potential divergence, signaling that an intermediate correction could be on the horizon even as prices hold near their highs.
The first resistance is at $42.70, and support holds at $40.80.
| R1: 42.70 | S1: 40.80 |
| R2: 43.00 | S2: 39.50 |
| R3: 44.10 | S3: 38.70 |
Global markets on Friday leaned cautiously constructive as traders positioned for a possible Fed rate cut next week, persistent tightness in precious metals, and rising expectations of a BOJ shift.
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