Rate Hike Bets Pressure Currencies and Metals (09.24.2026)

Euro Drops Below $1.14

The euro slipped further below $1.14, touching a near two-month low as strong US economic data and firm Federal Reserve signals supported the dollar. Higher oil prices, linked to ongoing US-Iran tensions, added further pressure to the currency. Meanwhile, private sector activity in the eurozone expanded at its fastest pace in nearly three and a half years, keeping European Central Bank rate hike expectations alive despite rising energy costs threatening inflation.

The first resistance is positioned at 1.1400 while the support starts from 1.1350.

Gold Holds Below $4,300

Gold traded under $4,300 an ounce on Thursday following sharp previous losses caused by a stronger US currency and rising bond yields. Upbeat private sector data and cautious Federal Reserve remarks heightened inflation concerns, lifting expectations for an October interest rate increase. Meanwhile, climbing oil prices connected to ongoing geopolitical tensions around the Strait of Hormuz added extra upward pressure on inflation outlooks.

First resistance is seen at $4320, with initial support near $4240.

Yen Near Three-Week Lows

The yen traded near 158 per dollar on Thursday, remaining close to three-week lows as strong US business activity supported the dollar. Higher Treasury yields and elevated oil prices added to inflation worries, putting additional pressure on Japan's currency. Meanwhile, traders stayed alert for potential intervention as the yen neared 160, especially after recent BOJ rate checks. Expectations of further tightening remained modest following a divided central bank decision and slowing local manufacturing growth.

First resistance is seen at 158.40, with initial support near 157.20.

Pound Drops to Late-June Lows

The British pound fell sharply to around $1.325, hitting its lowest level since late June as a stronger dollar applied heavy pressure. Strong US economic data and firm Federal Reserve signals heightened expectations of further rate increases, while rising oil prices hurt sentiment for riskier assets. In the UK, business activity continued to expand in September, though at a slower pace than anticipated, leaving traders weighing prospects for a November rate adjustment.

From a technical view, resistance stands near 1.3270, with support around 1.3200.

Silver Slides Toward $64

Silver dropped toward $64 an ounce on Thursday, continuing its decline as a stronger US dollar and rising bond yields applied pressure. Stronger US private sector data fueled inflation concerns, lifting expectations for an October Federal Reserve interest rate increase to around 70%. Persistent inflation warnings from Fed officials and climbing oil prices connected to geopolitical tensions in the Strait of Hormuz further increased expectations for continued monetary tightening.

From a technical view, resistance stands near $65.50, while support is located around $63,50.