Euro struggles to extend gains as Middle East tensions support the US Dollar
Euro struggles to extend gains as Middle East tensions support the US Dollar
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Euro struggles to extend gains as Middle East tensions support the US Dollar
Forex
Gold hits two-week high as traders weigh Middle East risks, Fed outlook
Pound Sterling Price News and Forecast: GBP/USD remains below 50-day EMA near the confluence of 1.3400
Silver price edges higher as geopolitical tensions offset inflation concerns
The US dollar staged a four-day growth against the backdrop of air strikes on Iran. Rumours of a temporary ceasefire have not been confirmed, pushing Brent to near $93 per barrel and fuelling inflation fears.
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GBP/USD Price Forecast: Remains below 50-day EMA near the confluence of 1.3400
Oil prices are extending gains towards a six-week high amid fears of further supply disruption after the U.S. and Iran exchanged fire for an 11th consecutive night. Meanwhile, oil tankers made U-turns in the Red Sea following warnings of disruption from Iran-backed Houthi forces.
The kiwi has strengthened meaningfully against most peers this month. However, against the US dollar specifically, NZD/USD remains well below its 2026 highs, trading in the mid-0.58 area versus January's peak near 0.6075.
Gold traded around 4,080 USD per ounce on Wednesday, having risen nearly 2% the previous day. Investors continue to assess developments in the Middle East and the impact of elevated oil prices on inflation and interest rates.
Gold rises amid heightened external risks
Commodity-linked currencies remain under pressure as geopolitical tensions in the Middle East continue to escalate. The United States has maintained strikes on targets in Iran, while the Tehran-backed Houthis have intensified threats to shipping in the Red Sea and near key oil transit routes.
Summary:USD/CAD held near 1.4100 after extending its recovery, with traders watching the key 1.4115 resistance level. Safe-haven demand for the US dollar continues to outweigh support for the Canadian dollar from higher crude oil prices.
XAUUSD (the Gold) remains choppy XAUUSD (the Gold) saw a lift as the yellow metal moved away from the critical 4000 support. As the market remains volatile, with all eyes on Iran's next move, prices look to break the 4100 level.
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USD/CAD Price Forecast: Consolidates near 1.4100 as bulls await 200-SMA breakout on H4