Markets were steady on Tuesday as investors awaited key economic indicators and central bank signals. The euro hovered near $1.18, supported by expectations that Eurozone PMIs will show modest improvements in both manufacturing and services.
The yen strengthened to 147.5 per dollar as the greenback eased, with traders eyeing political uncertainty in Washington and steady BoJ policy. Gold climbed above $3,750, fueled by Fed rate cut bets, while silver retreated to $43.80 after touching fresh multi-year highs. The pound traded near $1.35, weighed down by fiscal concerns and awaiting PMI data.
| Time | Cur. | Event | Forecast | Previous |
| 13:45 | USD | S&P Global Manufacturing PMI (Sep) | 51.8 | 53.0 |
| 13:45 | USD | S&P Global Services PMI (Sep) | 53.8 | 54.5 |
| 16:35 | USD | Fed Chair Powell Speaks | - | - |
| 17:00 | USD | 2-Year Note Auction | - | 3.641% |
EUR/USD hovered near 1.18, close to yearly highs. Germany and the Eurozone will release preliminary September PMIs on Tuesday. The HCOB German Composite PMI is expected to hold at 50.5, with Manufacturing seen rising to 50.0 from 49.8 and Services to 49.5 from 49.3. For the Eurozone, the Composite is forecast at 51.1 vs. 51.0, Manufacturing at 50.9 vs. 50.7, and Services steady at 50.5.
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 strengthened to around 147.5 per dollar on Tuesday, rebounding from two-week lows as the U.S. dollar eased amid renewed reassessment of the Federal Reserve’s policy outlook. Political uncertainty in Washington, including ongoing congressional negotiations to prevent a September 30 government shutdown, also weighed on the greenback. Meanwhile, the Bank of Japan kept its policy rate steady at 0.5% for the fifth consecutive meeting.
Resistance is at 148.50, while support holds at 146.00.
| R1: 148.50 | S1: 146.00 |
| R2: 150.90 | S2: 145.80 |
| R3: 154.50 | S3: 144.00 |
Gold climbed above $3,750 per ounce on Tuesday, supported by expectations of further interest rate cuts from the Federal Reserve this year. After last week’s initial reduction, the Fed signaled that additional easing may follow as the labor market weakens, with markets now pricing in nearly two more 25-basis-point cuts before year-end.
Gold is currently facing resistance around $3,785, with strong support near $3,735.
| R1: 3785 | S1: 3735 |
| R2: 3800 | S2: 3710 |
| R3: 3830 | S3: 3660 |
The British pound traded near $1.35, holding close to Friday’s two-week low of $1.346, as investors awaited the S&P Global flash PMI and remarks from Bank of England and Federal Reserve officials. Market focus remains on the UK’s fiscal outlook after data showed public sector net borrowing rose sharply to almost £18 billion in August, well above the forecast £12.5 billion.
The first resistance is seen at 1.3595, with nearby support beginning at 1.3435.
| R1: 1.3595 | S1: 1.3435 |
| R2: 1.3730 | S2: 1.3345 |
| R3: 1.3780 | S3: 1.3240 |
Silver retreated after reaching fresh 14-year highs, trading near $43.80 per ounce during Tuesday’s Asian session. The pullback reflected a technical correction, compounded by cautious remarks from several US Federal Reserve officials on Monday. Still, strong fundamentals remain in place, with tight supply continuing to underpin upward momentum for the metal.
The first resistance is at $44.25 and the support is at $43.40.
| R1: 44.25 | S1: 43.40 |
| R2: 44.60 | S2: 42.90 |
| R3: 45.30 | S3: 40.00 |
China’s Uneven Economic ResilienceChina’s economy began the year with a stronger performance than anticipated, primarily fueled by a strong export sector that helped mitigate stagnant domestic consumption. While headline growth suggests a degree of stability, the recovery's internal structure is notably unbalanced. Also, intensifying geopolitical tensions, specifically the energy disruptions tied to the Iran conflict, threaten to dampen the global outlook and undermine China’s economic momentum.
Detail Optimism Supports Markets (04.16.2026)Markets remained supported as optimism around a potential US–Iran agreement kept risk sentiment elevated.
Markets Balance Between Relief and RiskGlobal markets have begun pricing in a more moderate geopolitical outlook, yet the underlying situation remains unsettled. Diplomatic overtures between the United States and Iran have shown a sense of guarded relief following weeks of heightened anxiety regarding energy flows and critical shipping lanes. Interestingly, the failure of disruptions in the Strait of Hormuz to ignite a total energy crisis has challenged traditional market expectations.
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