The euro holds steady near 1.1670 despite Trump’s 30% tariff threat on EU goods, while Japan braces for a 25% U.S. tariff with no clear retaliation in sight, pressuring the yen near a two-month low.
Gold and silver continue to benefit from safe-haven demand, with silver hovering just below its 14-year high. The British pound stays weak amid dovish BoE signals and soft UK data, keeping the focus on potential rate cuts. As geopolitical risks and central bank signals collide, traders are navigating a volatile week with caution.
| Time | Cur. | Event | Forecast | Previous |
| 15:30 | USD | Core CPI (MoM) (Jun) | 0.3% | 0.1% |
| 15:30 | USD | CPI (YoY) | 2.6% | 2.4% |
EUR/USD hovered near 1.1670 in Tuesday’s Asian session as markets awaited US-EU trade updates. Despite Trump’s 30% tariff announcement on EU imports, he confirmed that negotiations with Brussels are ongoing ahead of the August 1 deadline. According to Bloomberg, the EU is ready to respond with proportional tariffs targeting $84B (€72B) worth of US goods, including Boeing jets, bourbon, cars, and machinery.
Resistance for the pair is at 1.1715, while support is at 1.1645.
| R1: 1.1715 | S1: 1.1645 |
| R2: 1.1810 | S2: 1.1600 |
| R3: 1.1830 | S3: 1.1545 |
The yen traded around 147.6 per dollar on Tuesday, close to a two-month low, as market sentiment remained fragile amid lingering trade tensions. The U.S. plans to impose 25% tariffs on Japanese exports starting August 1, but Tokyo hasn’t signaled retaliation. Talks between the two sides have stalled, and Japanese officials warn of potential economic fallout if the measures take effect.
Resistance is at 147.75, with major support at 146.15.
| R1: 147.75 | S1: 146.15 |
| R2: 148.30 | S2: 145.30 |
| R3: 149.30 | S3: 144.65 |
Gold edged higher to $3,350 on Tuesday after easing slightly the day before, driven by growing concern over U.S. trade policy. Trump issued formal letters to 25 countries confirming that new tariffs, including a 30% tax on imports from key partners like the EU and Mexico, will begin on August 1. Safe-haven flows supported gold prices with the rising geopolitical uncertainty.
Resistance is at $3,370, while support holds at $3,330.
| R1: 3370 | S1: 3330 |
| R2: 3400 | S2: 3295 |
| R3: 3430 | S3: 3250 |
GBP/USD held around 1.3430–1.3435, just above a three-week low, with traders awaiting US CPI data for further clues on dollar direction. UK economic data remains soft, and BoE Governor Bailey signaled that deeper rate cuts may be on the table if the labor market weakens further. He emphasized growing economic slack, which could help bring inflation down. Meanwhile, a slight dollar pullback provided limited relief to the pair.
Resistance is at 1.3500, while support holds at 1.3380.
| R1: 1.3500 | S1: 1.3380 |
| R2: 1.3550 | S2: 1.3270 |
| R3: 1.3630 | S3: 1.3140 |
Silver traded around $38.10 during Tuesday’s Asian session after hitting a 14-year high of $39.13 on Monday. Safe-haven demand remained firm following Trump’s threat of severe tariffs on Russia unless a peace deal is reached within 50 days. Further fueling uncertainty, NATO confirmed a new weapons package for Ukraine.
Meanwhile, Powell’s comments on inflation risks tied to tariffs raised doubts over near-term Fed rate cuts, weighing slightly on silver. Trump’s renewed criticism of the Fed Chair also reignited concerns over central bank independence. Tariff negotiations with the EU continue, though tensions persist, especially after the U.S. slapped a 17% duty on fresh tomato imports from Mexico.
Resistance is at 38.50, while support holds at 38.00.
| R1: 38.50 | S1: 38.00 |
| R2: 39.50 | S2: 37.20 |
| R3: 40.10 | S3: 35.50 |
Markets showed cautious strength in early August as expectations for U.S. interest rate cuts continued to grow following weaker labor data and renewed tariff threats.
Global markets are locked on the Federal Reserve as softer U.S. jobs and services data reignite hopes for rate cuts, lifting the euro above $1.1570 and driving gold and silver to multi-week highs.
Detail
Eurozone PMI Data Opens Door for Potential ECB Rate CutFresh economic data from the Eurozone is fueling expectations that the European Central Bank (ECB) may have room to deliver another rate cut before year-end.
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