U.S. Inflation and Hormuz Talks Shape Sentiment (08.12.2026)

Global markets traded cautiously ahead of key U.S. inflation data, with investors assessing its potential impact on the Federal Reserve’s September rate decision. 

The euro and sterling remained firm as the dollar stayed subdued, while gold rebounded toward $4,400 and silver held near $65. Meanwhile, the yen weakened again as the effects of recent intervention faded, while conflicting signals surrounding U.S.-Iran diplomacy and the Strait of Hormuz continued to influence currencies, commodities, and inflation expectations.

Euro Holds Near 1.1540

EUR/USD moved sideways on Wednesday, hovering around 1.1540 while remaining confined within its established trading range. A subdued US dollar helped stabilize the pair as markets closely watched Middle East developments and potential Strait of Hormuz progress. Technical indicators retain a mildly bullish bias, though the 100-day moving average limits immediate gains, with a breakout opening path toward the 200-day average.

The first resistance is positioned at 1.1570 while the support starts from 1.1500.

Gold Rebounds Toward $4,400

Gold climbed toward $4,400 an ounce on Wednesday, recovering from the previous session’s losses as investors awaited key US inflation data for clues on the Federal Reserve’s next policy steps. Markets remain split over a possible 25-basis-point Fed rate hike in September after rates were left unchanged in July, while higher oil prices continue to support a hawkish outlook. Meanwhile, investors monitored developments around a potential US-Iran agreement to reopen the Strait of Hormuz, with Pakistan’s defense minister saying the two sides were close to a deal and reports suggesting Iran-Oman talks had advanced.

First resistance is seen at $4430, with initial support near $4390.

Yen Weakens Past 159

The Japanese yen weakened beyond 159 per dollar on Tuesday, giving back roughly half of its recent intervention-driven gains and testing the willingness of Tokyo and Washington to support the currency. Traders remain alert to the possibility of another intervention. Japan and the US carried out a record coordinated yen-buying operation at the end of July after the currency hit 40-year lows, but markets were disappointed when no further measures followed.

First resistance is seen at 160.00, with initial support near 158.60.

Sterling Holds Near $1.349

The British pound remained firm near $1.349, hovering close to multi-week highs as markets processed mixed signals surrounding Middle East diplomacy and the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi indicated progress on a regional shipping framework with Oman, though he dismissed direct US talks and clarified that any final agreement would not immediately restore normal maritime traffic.

From a technical view, resistance stands near 1.3530, with support around 1.3400.

Silver Stabilizes Near $65

Silver held steady near $65 per ounce on Wednesday following a previous dip, as investors positioned ahead of critical US inflation figures for monetary policy direction. Financial markets remain divided over a potential 25-basis-point Federal Reserve interest rate hike in September, with elevated crude prices reinforcing hawkish policy risks. Meanwhile, market participants continue tracking evolving diplomatic signals regarding a potential US-Iran agreement to reopen the Strait of Hormuz.

From a technical view, resistance stands near $65.80, while support is located around $65.00.