Markets Brace for ECB Decision (09.09.2026)

Global markets remained focused on rising energy costs and expectations for further monetary tightening as Middle East tensions continued to pressure commodity markets. 

The euro held near 1.1630 ahead of Thursday’s ECB decision, while sterling stayed above 1.35 as higher energy prices reinforced UK inflation concerns. Gold stabilized around $4,400 and silver held above $66 after recent losses as rate hike expectations limited demand for precious metals. Meanwhile, the yen strengthened toward 153 following comments from U.S. Treasury Secretary Scott Bessent and remained near its strongest level in almost seven months.

Euro Holds Near $1.1630

The euro traded steadily around $1.1630 as investors turned their focus toward the European Central Bank's upcoming monetary policy decision. Rising energy costs continue to heighten inflation fears. Markets broadly anticipate an interest rate increase on Thursday, with traders pricing in strong odds of a subsequent rate hike before year-end.

The first resistance is positioned at 1.1650 while the support starts from 1.1600.

Gold Stabilizes Near $4,400

Gold traded near $4,400 an ounce on Wednesday following two straight days of losses, pressured by rising energy prices that heightened inflation concerns and increased expectations for further interest rate hikes. Crude prices continued their upward trajectory after US forces destroyed five Iranian tankers near Kharg Island in response to targeted attacks on a US warship.

First resistance is seen at $4390, with initial support near $4320.

Yen Holds Firm Near 153

The Japanese yen advanced toward 153 against the dollar on Wednesday, staying near its highest levels in almost seven months. The move followed remarks from US Treasury Secretary Scott Bessent, who warned traders against shorting the currency. Bessent noted he possesses valuable insight into Bank of Japan policy decisions regarding market moves and prospective exchange rate interventions.

First resistance is seen at 154.50, with initial support near 152.80.

Sterling Holds Above $1.35

The British pound traded stably just above $1.35 as persistent inflation worries strengthened expectations for additional Bank of England rate increases. Energy markets experienced sharp gains, with Brent crude nearing $100 per barrel and UK natural gas reaching multi-year highs. These price surges follow escalating Middle East friction and potential shipping agreements between Iran and Oman regarding the Strait of Hormuz.

From a technical view, resistance stands near 1.3570, with support around 1.3500.

Silver Holds Above $66

Silver traded near $66.6 an ounce on Wednesday following two sessions of decline, as elevated energy costs heightened inflation concerns and reinforced expectations for additional rate hikes. Crude prices pushed higher after US forces destroyed five Iranian oil tankers near Kharg Island in response to missile strikes targeting a US warship, adding upward pressure across commodity markets.

From a technical view, resistance stands near $66.50, while support is located around $64,80.