EURUSD
- EUR/USD Price: EUR/USD is holding near the 1.1550 level during Wednesday's European session.
- ECB rate: According to TD Securities, markets continue to fully price in a 25-basis-point ECB interest rate hike in September. Expectations of further monetary tightening remain supportive for the Euro by reinforcing the prospect of higher borrowing costs across the Eurozone.
- Hormuz agreement: Axios reported that the US, Iran, and Oman are nearing an interim agreement that could lead to the reopening of the Strait of Hormuz.
- Iran's rejection: Iran's Fars News Agency denied US claims that the Strait of Hormuz would reopen under a new agreement, highlighting continued uncertainty over negotiations.
- Upcoming data: Investors are closely watching the upcoming US ADP Employment report and ISM Services PMI, which are expected to provide fresh insights into the strength of the US economy.
| SMA (20) | Slightly Falling |  |
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| RSI (14) | Rising |  | |
| MACD (12, 26, 9) | Slightly Rising | |
Closing statement: EUR/USD remains supported by expectations of another ECB rate hike, but upcoming US economic data and developments surrounding the Strait of Hormuz are likely to determine the pair's next directional move.
GBPUSD
- GBP/USD Price: GBP/USD is trading slightly above the 1.3450 level during Wednesday's European session.
- BoE stance: The Bank of England kept interest rates unchanged in a 6-3 vote, with three policymakers supporting a rate hike, indicating that inflation concerns have not completely disappeared. However, Governor Andrew Bailey emphasized that the disinflation process remains on track, reinforcing expectations that the BoE is in no rush to tighten policy further.
- Iran negotiations: An Iranian official stated that ongoing discussions with Oman do not involve direct US participation and are focused on establishing an "intermediate corridor" for regional shipping.
- Job openings: The US JOLTS report showed job openings falling to 7.359 million in June, below both the previous month's reading and market expectations.
- Fed's Schmid: Federal Reserve official Jeff Schmid reiterated that tighter monetary policy is still needed to bring inflation back to the Fed's 2% target, emphasizing that inflation remains his primary concern.
| SMA (20) | Rising | | |
| RSI (14) | Rising | | |
| MACD (12, 26, 9) | Slightly Rising | |
Closing statement: GBP/USD is finding support from softer US labor market data and reduced safe-haven demand for the Dollar, but the Bank of England's cautious outlook and the Federal Reserve's hawkish tone may limit further upside in the near term.
XAUUSD
- XAU/USD Price: Gold is advancing for a second consecutive session, climbing to around $4,141 during Wednesday's European trading.
- Chinese data: China's July Services PMI came in well below expectations, marking its weakest reading since September 2024 while only narrowly remaining in expansion territory.
- US-China: A US House panel accused Chinese state-linked telecommunications companies of being closely connected to Beijing and raising national security concerns.
- Currency market: US Treasury Secretary Scott Bessent stated that Japan is making serious efforts to limit the depreciation of the Japanese Yen.
- Fed officials: Kansas City Fed President Jeff Schmid and Philadelphia Fed President Anna Paulson reiterated that tighter monetary policy and higher interest rates are still needed to bring inflation under control.
| SMA (20) | Neutral | ||
| RSI (14) | Rising | | |
| MACD (12, 26, 9) | Slightly Falling | |
Closing statement: Gold remains well-supported by weaker global growth prospects and rising geopolitical tensions, although hawkish Federal Reserve rhetoric could cap upside if expectations for higher US interest rates strengthen further.
CRUDE OIL
- Crude Oil Price: WTI crude oil is trading around $76.30 during Wednesday's European session, with price action remaining relatively subdued.
- OPEC+ production: Seven OPEC+ members agreed to raise production quotas by 188,000 barrels per day in September, marking the sixth consecutive monthly output increase.
- Jones Act: The White House is expected to extend a waiver of the Jones Act in an effort to improve fuel transportation and help reduce gasoline prices.
- API report: The American Petroleum Institute estimated that US crude oil inventories rose by 2.69 million barrels last week, contrary to expectations for a 2 million-barrel decline.
- Next focus: Investors are closely watching reports surrounding a potential US-Iran ceasefire agreement, along with the upcoming EIA crude oil inventory report.
| SMA (20) | Rising | | |
| RSI (14) | Falling | | |
| MACD (12, 26, 9) | Slightly Rising | |
Closing statement: WTI remains under pressure from rising OPEC+ output and an unexpected increase in US crude inventories, while geopolitical developments and the EIA stockpile report are likely to determine the market's next move.
DAX
- DAX 40 Price: The DAX 40 is trading around 26,400 points after setting fresh all-time highs earlier in Wednesday's session.
- Corporate earnings: Germany's earnings season remains the primary market driver, with results from major DAX constituents including DHL Group, Siemens Energy, Vonovia, Infineon, Fresenius, and Beiersdorf.
- GS view: Goldman Sachs raised its price target for Bayer to €63.50 and maintained its "Buy" recommendation following stronger-than-expected quarterly results.
- Siemens results: Siemens Energy is expected to post strong gains after reporting an impressive third-quarter performance, extending its recovery from the lows reached at the end of July.
- Fresenius results: Fresenius announced another successful quarter, with ongoing restructuring efforts continuing to improve financial performance.
| SMA (20) | Rising | | |
| RSI (14) | Rising | | |
| MACD (12, 26, 9) | Rising | | |
Closing statement: The DAX 40 remains firmly supported by robust corporate earnings and improving company outlooks, keeping the index well-positioned to extend its record-breaking rally if positive earnings momentum continues.