News & analysis

From crude to AI, the forces driving US markets have changed dramatically. Thursday's Nasdaq rout triggered an extraordinary Treasury rally, but the dollar barely moved. What happens next could depend on Nasdaq support.

Safe-haven demand sent the Japanese yen higher across FX majors, while USD/JPY broke lower ahead of Japan's CPI release and next week's BOJ meeting.

Recent trading sessions have not been particularly eventful for EUR/USD price action in the short term. In fact, recent moves have been limited to roughly 0.2%, highlighting a clear lack of direction within the market.

Stocks are selling off in both the US and Japan and USD/JPY has started to show a degree of strain, with a pullback to a key support level even as USD-strength remains in-force elsewhere.

GBP/USD has surged to pivotal resistance at five-week highs, with the next reaction likely to determine whether the recovery has further to run.

Trading conditions continue to be challenging for silver in the short term. The precious metal has been losing value at an accelerated pace and, during today's session alone, has fallen more than 5.5%, reaching new lows for 2026. This development highlights how selling pressure has become increasingly dominant across recent market activity.

Both US Dollar strength and EUR/USD weakness were looking long-in-the-tooth last week, and the initial semblance of reversal started to show. But kicking into a new trend has been harder than imagined so far.

Gold bears have broken the monthly range, with a daily close below key support threatening another sharp decline toward the yearly lows.

U.S. stocks are falling sharply on Thursday, led by the tech sector, as Meta Platforms' negative free cash flow unnerved markets, while oil prices continued rising, adding to inflationary concerns.

It has been a risk off day so far with stocks, gold, silver and cryptos all taking a plunge. The Japanese yen has emerged as the strongest currency, with risk sensitive antipodeans falling along with the euro – the latter down due to ongoing French bond market turmoil. Along with global indices, US index futures have taken a drop, threatening to undo what had looked like a promising rebound on Wall Street yesterday.

EUR/USD and DXY Forecast: French 10Y yields test levels last seen in 2002 as US and German yields show reversal risks. Key scenarios and levels to watch on the DXY and EURUSD charts

DAX falls as oil prices rise and tech concerns weigh. Gold falls as higher oil prices fuel rate concerns.