Global markets remained cautious as a new 10% U.S. global tariff came into force, keeping trade uncertainty at the center of investor focus.
The euro stayed below $1.18, while the yen weakened amid softer expectations for Bank of Japan tightening. Gold and silver found support from renewed safe-haven demand linked to tariff risks, while sterling held steady near recent lows as traders assessed the potential impact of higher levies in the months ahead.
| Time | Cur. | Event | Forecast | Previous |
| 07:00 | EUR | German GDP (QoQ) | 0.3% | 0.0% |
| 10:00 | EUR | CPI (YoY) (Jan) | 1.7% | 1.9% |
| 15:30 | USD | Crude Oil Inventories | - | -9.014M |
The euro remained just below $1.18 as a new 10% global tariff, signed by President Trump on Friday, took effect. This executive order followed a Supreme Court ruling that overturned previous duties, creating fresh trade uncertainty and dampening investor appetite for the single currency.
For EUR/USD, the initial resistance is seen at 1.1840, while the closest support is positioned at 1.1750.
| R1: 1.1840 | S1: 1.1750 |
| R2: 1.1890 | S2: 1.1710 |
| R3: 1.1950 | S3: 1.1640 |
The yen hovered around 156 per dollar on Wednesday, following a sharp decline. This weakness came after reports that Prime Minister Sanae Takaichi expressed concerns regarding further interest rate hikes during a recent meeting with Bank of Japan Governor Kazuo Ueda, dampening expectations for immediate policy tightening.
Technically, resistance stands near 156.70, while support is firm at 153.50.
| R1: 156.70 | S1: 153.50 |
| R2: 157.50 | S2: 151.20 |
| R3: 159.60 | S3: 150.50 |
Gold prices climbed to approximately $5,150 per ounce on Wednesday, reclaiming some of the previous session's losses. Safe-haven demand remains high as a new 10% global tariff took effect Tuesday. The Trump administration is now pushing to increase this levy to 15% to rebuild its trade strategy following the Supreme Court's recent ruling against earlier, more extensive duties.
Gold sees support near $5105, while resistance is around $5200.
| R1: 5200 | S1: 5105 |
| R2: 5240 | S2: 5040 |
| R3: 5300 | S3: 4900 |
Sterling remained stable near $1.35, hovering close to last week’s one-month lows as President Trump’s new 10% global tariffs took effect. Although the rate could still rise to 15%, the current lower levy offers slight relief for British businesses amid ongoing trade uncertainty.
From a technical view, support stands near 1.3360, with resistance around 1.3540.
| R1: 1.3540 | S1: 1.3360 |
| R2: 1.3670 | S2: 1.3290 |
| R3: 1.3750 | S3: 1.3080 |
Silver rose above $88 per ounce on Wednesday, rebounding from the prior session’s losses as tariff-related, geopolitical, and wider economic uncertainties supported safe-haven demand. The US started imposing a temporary 10% global tariff on Tuesday, and the White House is reportedly aiming to lift it to 15% after the Supreme Court last week invalidated President Donald Trump’s broad reciprocal tariffs.
From a technical view, resistance stands near $90.50 while support is located around $87.80.
| R1: 90.50 | S1: 87.80 |
| R2: 91.25 | S2: 83.40 |
| R3: 95.00 | S3: 79.00 |
Markets shifted toward risk-on sentiment as easing geopolitical tensions and uncertainty around Federal Reserve policy pressured the U.S. dollar. EUR/USD climbed toward 1.18, reaching multi-month highs, while sterling also advanced to a seven-week peak.
US-Iran Talks End Without BreakthroughDiplomatic negotiations between the United States and Iran ended without an agreement after more than 21 hours of discussions in Pakistan, marking another setback in efforts to ease pressure surrounding Iran’s nuclear program and regional role.
Detail
Oil Shock and Inflation Reprice Global Markets (13 – 17 April)Global sentiment shifted this week as markets balanced high-stakes diplomacy in Islamabad with a severe energy supply squeeze. While talks between US and Iranian officials provided a fragile glimmer of hope, the US-led blockade of the Strait of Hormuz, triggered by a breakdown in weekend negotiations, sent Brent crude surging 8% to approximately $103/barrel.
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