Global markets were mixed on Wednesday as central bank signals and data shaped sentiment.
The euro slipped below $1.18 after weak Eurozone PMIs, with the ECB hinting its rate-cut cycle may be ending. The pound held near $1.35 but faced pressure from rising UK public borrowing. The yen weakened toward 148 per dollar as Powell stressed caution on future Fed cuts, while the offshore yuan eased to 7.11 after a two-day rally.
Gold stayed near $3,750 despite a slight dip, supported by Fed easing expectations. Silver pulled back from 14-year highs, while Brent crude climbed toward $68 on falling U.S. inventories and WTI slipped below $62 on oversupply worries.
Equities saw volatility, with the US 100 Tech Index down 0.73% after recent highs. Megacap stocks like Nvidia, Apple, Oracle, and Tesla remained key drivers. Bitcoin rebounded above $112,000, gaining over 2% in four weeks.
| Time | Cur. | Event | Forecast | Previous |
| 14:00 | USD | New Home Sales (Aug) | 650K | 652K |
| 14:30 | USD | Crude Oil Inventories | -9.285M | |
| 17:00 | USD | 5-Year Note Auction | 3.724% |
EUR/USD dipped toward 1.1800 in Wednesday’s Asian session, ending a two-day rebound. The U.S. dollar firmed after Fed Chair Jerome Powell struck a cautious tone on future cuts, stressing the balance between sticky inflation and a weakening job market. His comments cooled expectations for aggressive easing, with traders pricing just a 33% chance of another cut this year, while no move is expected in October. Focus now shifts to Germany’s IFO survey later today.
Resistance is at 1.1840, with key support at 1.1750.
| R1: 1.1840 | S1: 1.1750 |
| R2: 1.1900 | S2: 1.1710 |
| R3: 1.1960 | S3: 1.1670 |
The Japanese yen weakened toward 148 per dollar on Wednesday, reversing earlier gains as the US dollar strengthened. The move followed remarks from Federal Reserve Chair Jerome Powell, who highlighted uncertainty over the pace of rate cuts, stressing the need to balance inflation control with support for a softening labor market.
Resistance is at 148.75, while support holds at 146.05.
| R1: 148.75 | S1: 146.05 |
| R2: 150.90 | S2: 145.50 |
| R3: 151.40 | S3: 144.25 |
Gold eased to around $3,750 per ounce on Wednesday, staying near its recent record as traders assessed fresh comments from Federal Reserve officials. Chair Jerome Powell warned of the challenge in curbing stubborn inflation without deepening labor market weakness, while Governor Michelle Bowman signaled the Fed could accelerate rate cuts if employment conditions deteriorate further.
Gold is currently facing resistance around $3,791, with strong support near $3,736.
| R1: 3791 | S1: 3736 |
| R2: 3830 | S2: 3696 |
| R3: 3850 | S3: 3625 |
The British pound weakened on Wednesday against major peers following the release of preliminary S&P Global UK PMI data for September. The Composite PMI slipped to 51.0, below expectations of 52.7 and down from 53.5 in August, indicating that business activity continued to grow but at a slower pace.
The first resistance is seen at 1.3575, with nearby support beginning at 1.3490.
| R1: 1.3575 | S1: 1.3490 |
| R2: 1.3650 | S2: 1.3440 |
| R3: 1.3735 | S3: 1.3390 |
On Wednesday, silver traded just below $44 an ounce, holding near a 14-year high as markets awaited upcoming Federal Reserve signals. Support came from constrained supply and solid demand from the solar, electric vehicle, and electronics sectors, while investors looked to Powell’s remarks and the PCE inflation data later this week for clearer guidance.
The first resistance at $44.20 and support at $43.60.
| R1: 44.20 | S1: 43.60 |
| R2: 46.05 | S2: 42.00 |
| R3: 49.80 | S3: 40.50 |
Bond Market Pushback Takes Center StageMarkets are almost fully pricing in another Federal Reserve rate cut this week, yet the US bond market continues to move in the opposite direction.
Detail
Central Bank Expectations Reset the Tone (8-12 December)Traders adjusted positioning before the Federal Reserve’s December decision and evaluated fresh signals from the ECB, BoE and BOJ.
Detail Futures Stall, 10-Year Yield Pushes Above 4.1% (12.08.2025)US stock futures were flat on Monday ahead of the Fed’s meeting, with markets pricing an 88% chance of a 25 bp cut on Wednesday.
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