Washington launched limited defensive airstrikes on Iran's Qeshm Island following an Iranian missile attack on a U.S. aircraft, while Iranian media confirmed the blasts and President Trump adopted a milder tone despite earlier warnings.
The dollar index steadied around 101.8 on Tuesday after choppy trading, with investors turning cautious ahead of the midterms, as prediction markets show a 74% chance of Democrats taking the Senate. Diplomatic talks eased inflation concerns, supporting gold's recovery toward $3,920 as investors prepared for the US midterm elections. The euro edged higher to 1.1191 amid a softer dollar, although France's worsening credit outlook limited gains. Sterling climbed above 1.3400 ahead of an anticipated Bank of England rate hike, while the yen weakened toward 158 per dollar as reduced technology sector concerns weighed on safe-haven demand. Meanwhile, silver retreated toward $49.5 as renewed AI valuation worries and expectations for further Federal Reserve tightening pressured precious metals. Investors also await Friday's US employment report.
| Time | Cur. | Event | Actual | Forecast | Previous |
| All Day | JPY | Japan – Culture Day | - | - | |
| 03:30 | AUD | RBA Interest Rate Decision (Nov) | 4.85% | 4.85% | 4.85% |
| 15:00 | USD | JOLTS Job Openings (Sep) | 7.110M | 7.079M |
EUR/USD inched higher to 1.1191 on Tuesday as traders trimmed US dollar exposure ahead of the upcoming US midterm elections. Lower oil prices tempered inflation concerns, offering slight relief to the Eurozone's struggling manufacturing sector. However, upside momentum remained constrained after Fitch lowered France's credit outlook to negative, keeping fiscal vulnerabilities in sharp focus.
The first resistance is positioned at 1.1220 while the support starts from 1.1130.
| R1: 1.1220 | S1: 1.1130 |
| R2: 1.1260 | S2: 1.1050 |
| R3: 1.1300 | S3: 1.0980 |
Gold hovered near $3,920 per ounce on Tuesday following a nearly 2% gain, rebounding from one-year lows as falling oil prices tempered inflation concerns. Energy markets eased after Donald Trump and Iranian President Masoud Pezeshkian signaled progress in diplomatic talks. Although geopolitical inflation, monetary tightening, and tech sector liquidations have weighed on gold this year, attention turns to the US midterm elections.
First resistance is seen at $3970, with initial support near $3910.
| R1: 3970 | S1: 3910 |
| R2: 4010 | S2: 3860 |
| R3: 4080 | S3: 3790 |
The yen slipped toward 158 per dollar despite Finance Minister Satsuki Katayama warning of joint intervention with Washington against excessive market volatility. Investors await upcoming wage data following the Bank of Japan's rate hold at 1.25% and December hike hints, while easing tech selloff concerns reduced safe-haven demand.
First resistance is seen at 158.20, with initial support near 157.30.
| R1: 158.20 | S1: 157.30 |
| R2: 159.00 | S2: 156.50 |
| R3: 160.20 | S3: 154.40 |
GBP/USD rose to 1.3404 on Tuesday, ending a multi-week slump as traders positioned for Thursday's Bank of England meeting, where a 25-basis point rate hike to 4.00% is almost fully priced. Meanwhile, the dollar index slipped to 101.72 ahead of US midterms, as falling oil prices supported broader market sentiment.
From a technical view, resistance stands near 1.3430, with support around 1.3330.
| R1: 1.3430 | S1: 1.3330 |
| R2: 1.3470 | S2: 1.3270 |
| R3: 1.3530 | S3: 1.3200 |
Silver fell back toward $49.5 per ounce on Tuesday, relinquishing a significant portion of Monday's 3.6% rebound after stalling below the $51 resistance level. A renewed tech selloff driven by AI valuation concerns weighed on precious metals, while crude oil stabilized following sharp losses linked to US-Iran diplomatic efforts. Meanwhile, upbeat US ISM manufacturing figures raised Federal Reserve tightening expectations, with markets pricing a 75% chance of a December rate hike. Traders now watch today's US midterm elections ahead of Friday's payrolls data.
From a technical view, resistance stands near $51.00, while support is located around $48.90.
| R1: 51.00 | S1: 48.90 |
| R2: 52.00 | S2: 47.50 |
| R3: 55.50 | S3: 45.00 |
Fed Holds as US Growth and Diplomatic Talks Shape Markets (2 – 6 November)Financial markets entered November as investors assessed the Federal Reserve's latest policy decision and the outlook for another rate hike in December. The Dollar Index held near 102 after a volatile week, while US Treasury yields remained close to seven-week lows. The Fed kept its benchmark rate at 3.75%–4.00%, citing resilient economic activity and persistent inflation. Markets still assign roughly a 75% probability to a December hike, with attention now turning to October employment figures, ISM surveys, and comments from Fed officials.
Detail Lower Oil Prices Support Metals (11.02.2026)Markets opened the week on a quiet note on Monday following last week’s volatility. Markets continue to price roughly a 75% chance of a Fed rate hike in December.
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