Markets traded in a tight range as geopolitical tensions and strong U.S. labor data continued to support the dollar.
EUR/USD held near 1.1520, with limited upside as expectations for Fed rate cuts weakened. The Japanese yen remained close to the 160 level under pressure from rising energy costs, while sterling stayed near multi-month lows amid weak risk sentiment. In commodities, gold and silver stabilized after recent declines, with prices pausing as investors assessed escalating Middle East risks and potential policy responses. Overall, markets remained cautious, with the dollar maintaining its strength.
| Time | Cur. | Event | Forecast | Previous |
| 15:30 | USD | Durable Goods Orders (MoM) (Feb) | -1.0% | 0.0% |
The Euro stabilized near $1.152 during quiet trading as the Iran conflict and high oil prices weighed on sentiment. Strong US labor data further dampened expectations for Federal Reserve rate cuts, keeping the currency range-bound against a resilient Dollar.
For EUR/USD, the initial resistance is seen at 1.1590, while the closest support is positioned at 1.1500.
| R1: 1.1590 | S1: 1.1500 |
| R2: 1.1640 | S2: 1.1440 |
| R3: 1.1700 | S3: 1.1400 |
Gold stabilized near $4,650 as markets weighed escalating geopolitical threats. Prices paused their decline after President Trump warned of strikes on Iranian infrastructure unless his demands, including the reopening of the Strait of Hormuz, are met.
First resistance is seen at $4720, with initial support near $4580.
| R1: 4720 | S1: 4580 |
| R2: 4860 | S2: 4500 |
| R3: 4970 | S3: 4420 |
The Yen hovered near 160 per dollar, its weakest level since 2024. A dominant Dollar, surging energy costs from the Iran conflict, and the looming pressure of President Trump’s deadline continue to weigh heavily on the Japanese currency.
Technically, resistance stands near 159.90, while support is firm at 158.50.
| R1: 159.90 | S1: 158.50 |
| R2: 160.40 | S2: 157.60 |
| R3: 161.00 | S3: 157.20 |
The Pound held around $1.32 as geopolitical conflict and surging energy costs dampened risk appetite. Strong US labor data supported the Dollar, further reducing expectations for Federal Reserve easing and keeping Sterling pinned near its recent lows.
From a technical view, support stands near 1.3320, with resistance around 1.3170.
| R1: 1.3320 | S1: 1.3170 |
| R2: 1.3430 | S2: 1.3110 |
| R3: 1.3480 | S3: 1.3000 |
Silver stabilized at $72.50 as markets weighed escalating geopolitical risks. Prices paused following President Trump’s ultimatum to Iran: meet specific demands, including reopening the Strait of Hormuz by Tuesday night, or face strikes on power plants and bridges.
From a technical view, resistance stands near $74.10 while support is located around $71.50.
| R1: 74.10 | S1: 71.50 |
| R2: 78.50 | S2: 70.00 |
| R3: 80.00 | S3: 68.00 |
Markets turned their attention to the European Central Bank on Wednesday as the euro recovered modestly from recent lows.
Markets remained cautious on Tuesday as investors balanced easing tensions between Iran and Israel against persistent inflation concerns.
Strong US Data Backs Rate Hike Bets (08-12 June)Global markets started the week as investors reassessed interest rate expectations following a series of stronger US economic releases. Solid labor market data, rising job openings, and resilient employment figures strengthened the case for tighter monetary policy, lifting the US dollar and bond yields. At the same time, renewed tensions in the Middle East, including missile exchanges between Iran and Israel and ongoing disruptions near the Strait of Hormuz, kept energy markets on edge and maintained concerns about inflationary pressures.
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