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.
| Time | Cur. | Event | Actual | Forecast | Previous |
| 01:30 | CNH | CPI (MoM) (Aug) | 0.4% | 0.3% | -0.1% |
| 17:00 | USD | 10-Year Note Auction | - | 4.683% | |
| 17:00 | EUR | ECB President Lagarde Speaks | - | - |
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.
| R1: 1.1650 | S1: 1.1600 |
| R2: 1.1680 | S2: 1.1550 |
| R3: 1.1740 | S3: 1.1500 |
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.
| R1: 4390 | S1: 4320 |
| R2: 4440 | S2: 4295 |
| R3: 4500 | S3: 4250 |
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.
| R1: 154.50 | S1: 152.80 |
| R2: 156.00 | S2: 151.20 |
| R3: 157.20 | S3: 150.00 |
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.
| R1: 1.3570 | S1: 1.3500 |
| R2: 1.3610 | S2: 1.3470 |
| R3: 1.3650 | S3: 1.3430 |
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.
| R1: 67.00 | S1: 64.80 |
| R2: 67.75 | S2: 63.50 |
| R3: 70.00 | S3: 61.00 |
Hawkish Federal Reserve meeting minutes reinforced expectations for another rate hike this year, pushing Treasury yields higher and supporting the US dollar.
Oil inventories are nearing depletion, increasing supply risks and supporting prices. Aramco estimates less than 6 billion barrels remain after over 1 billion barrels were drawn this year, while the IEA is preparing a 100-million-barrel release. The US 10-year Treasury yield stabilized near 5.31% on Wednesday, close to 24-year peaks, as markets awaited the Fed's minutes.
The dollar index steadied around 102 on Tuesday, near its highest since April 2025, as the euro weakened on French fiscal and political concerns and Spain's upcoming snap election, yet stabilized near 1.1220 after touching its lowest level since May 2025.
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