Daily Market Analysis By zForex

[zForex]

Daily Analysis by zForex Research Team - 06.23.2025​

Trump’s Iran Strike Fuels Dollar Rally, Pressures Euro and Gold
Markets opened the week gripped by fresh geopolitical risks after U.S. forces struck Iranian nuclear sites, prompting a wave of safe-haven demand.

The dollar surged as tensions escalated, pulling EUR/USD lower and weighing on risk assets. Gold held near recent highs, while silver rebounded on renewed uncertainty. Central bank outlooks and PMI data remain in focus for the week ahead.

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EUR/USD Analysis by zForex Research Team - 06.23.2025​

Trump’s Strike on Iran Lifts Dollar, Weighs on Euro
EUR/USD dipped to around 1.1480 in early Asian trading Monday as the dollar strengthens following President Trump’s decision to join Israel’s war on Iran, escalating the conflict. Over the weekend, US forces struck three Iranian nuclear sites; Fordo, Natanz, and Isfahan. Trump claimed the facilities were “totally obliterated” and warned of harsher attacks unless Iran seeks peace. The escalation supports safe-haven demand for the dollar, pressuring EUR/USD.
Meanwhile, the ECB cut rates for the eighth time this year but signaled a pause in July. President Lagarde said cuts are nearing an end, which may help limit euro losses.
Resistance is located at 1.1530, while support is seen at 1.1450

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Gold Analysis by zForex Research Team - 06.23.2025​

Middle East Conflict Keeps Gold Elevated
Gold traded near $3,360 per ounce in choppy conditions on Monday, as investors closely watched developments in the intensifying Middle East conflict following U.S. involvement in Israeli airstrikes on Iran. Over the weekend, U.S. forces targeted Iran’s three main nuclear facilities, with President Donald Trump warning of further action unless Tehran agrees to peace. The eruption of war between Israel and Iran has added new fuel to a rally that has pushed gold prices up nearly 30% this year.
Resistance is seen at $3,395, while support holds at $3,316.

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[zForex]

Daily Analysis by zForex Research Team - 06.23.2025​

Trump’s Iran Strike Fuels Dollar Rally, Pressures Euro and Gold
Markets opened the week gripped by fresh geopolitical risks after U.S. forces struck Iranian nuclear sites, prompting a wave of safe-haven demand.

The dollar surged as tensions escalated, pulling EUR/USD lower and weighing on risk assets. Gold held near recent highs, while silver rebounded on renewed uncertainty. Central bank outlooks and PMI data remain in focus for the week ahead.

EUR/USD Analysis by zForex Research Team - 06.23.2025​

Trump’s Strike on Iran Lifts Dollar, Weighs on Euro
EUR/USD dipped to around 1.1480 in early Asian trading Monday as the dollar strengthens following President Trump’s decision to join Israel’s war on Iran, escalating the conflict. Over the weekend, US forces struck three Iranian nuclear sites; Fordo, Natanz, and Isfahan. Trump claimed the facilities were “totally obliterated” and warned of harsher attacks unless Iran seeks peace. The escalation supports safe-haven demand for the dollar, pressuring EUR/USD.
Meanwhile, the ECB cut rates for the eighth time this year but signaled a pause in July. President Lagarde said cuts are nearing an end, which may help limit euro losses.
Resistance is located at 1.1530, while support is seen at 1.1450

Gold Analysis by zForex Research Team - 06.23.2025​

Middle East Conflict Keeps Gold Elevated
Gold traded near $3,360 per ounce in choppy conditions on Monday, as investors closely watched developments in the intensifying Middle East conflict following U.S. involvement in Israeli airstrikes on Iran. Over the weekend, U.S. forces targeted Iran’s three main nuclear facilities, with President Donald Trump warning of further action unless Tehran agrees to peace. The eruption of war between Israel and Iran has added new fuel to a rally that has pushed gold prices up nearly 30% this year.
Resistance is seen at $3,395, while support holds at $3,316.

 

[zForex]

Daily Analysis by zForex Research Team - 06.24.2025​

Ceasefire and Fed Dovishness Pressure US Dollar
The euro climbed to a fresh weekly high near 1.1610 on Tuesday as the US dollar weakened sharply after President Trump announced a ceasefire between Israel and Iran.
The news improved market confidence and reduced demand for safe-haven assets like the dollar, pushing the Dollar Index down from 99.42 to 98.10. On top of that, Fed Governor Michelle Bowman signaled support for a possible rate cut in July, citing rising concerns over the job market.

USD/JPY Analysis by zForex Research Team - 06.24.2025​

Yen Rebounds as Ceasefire Calms Markets
The Japanese yen recovered to around 145.5 per dollar on Tuesday, gaining strength after the ceasefire announcement. Although Iran launched missiles at a US base in Qatar, causing no casualties, the gesture was largely seen as symbolic. Tehran’s decision not to target the Strait of Hormuz further eased fears of major disruptions.
The key resistance is at $146.20 while the major support is at $144.85.

GBP/USD Analysis by zForex Research Team - 06.24.2025​

British Pound Slips to One-Month Low
GBP/USD briefly climbed to 1.3560 in early European trading, supported by dollar softness and anticipation of upcoming speeches from BoE Governor Bailey and Fed Chair Powell. However, the pair remains under pressure, as market doubts linger around the ceasefire’s durability, especially after new missile activity by Israel’s IDF.
Fed rate cut expectations continue to build: odds for July are now at 23%, and 78% for September, fueled by dovish remarks from Governor Bowman.
Resistance is seen at 1.3600, while support holds at 1.3500.

 

[zForex]

Daily Analysis by zForex Research Team - 06.25.2025​

Risk Sentiment Improves; Dollar Down
Markets remained cautiously optimistic on Wednesday as the ceasefire between Israel and Iran lifted risk sentiment, improving the euro, pound, and silver while weighing on the US dollar. EUR/USD edged up toward 1.1620, supported by hopes of a de-escalation in the conflict and slightly rising July rate cut odds.

The yen held firm near recent highs with BOJ caution and demand. Gold rebounded to $3,330 as ceasefire fragility and diverging Fed views stirred uncertainty, while GBP/USD neared 1.3650, its highest since February 2022. Silver continued to outperform gold, climbing toward $36, driven by solid industrial demand and a weaker dollar.

EUR/USD Analysis by zForex Research Team - 06.25.2025​

EUR/USD Nears 1.1620 Before Powell’s Testimony
EUR/USD edged up to 1.1615 in early European trading on Wednesday, supported by improved risk sentiment after Israel and Iran signaled an end to their air conflict. The truce, backed by pressure from President Trump, increased appetite for risk assets, favoring the euro over the dollar.
All eyes are now on Fed Chair Jerome Powell, who reiterated on Tuesday that monetary policy will remain data-driven. However, comments from Kansas City Fed President Schmid hinted at caution due to tariff-driven inflation. While markets expect a rate cut in September, July odds have edged slightly higher.
Resistance is at 1.1630, while support is at 1.1530.

Gold Analysis by zForex Research Team - 06.25.2025​

Gold Rebounds on Ceasefire Fragility
Gold edged back up to around $3,330, recovering from a two-week low. While the Israel-Iran ceasefire brought temporary calm, a US intelligence report showed that Iran’s nuclear progress was only briefly disrupted, raising concerns about renewed tensions.
Fed Chair Powell adopted a cautious stance, saying rates would likely stay unchanged for now, though a July cut remains possible. Diverging views among Fed members on inflation and job data may limit gold’s upside in the near term.
Resistance is seen at $3,355, while support holds at $3,285.

 

[zForex]

Daily Analysis by zForex Research Team - 06.30.2025​

Fed Rate Cut Speculation Weighs on Dollar​

The US dollar weakened across the board as markets grew more confident in a potential Fed rate cut, following disappointing personal spending and income data.

The euro climbed to 1.1720, while the yen approached 144, supported by fiscal concerns and dovish Fed sentiment. GBP/USD edged higher ahead of UK GDP, aided by persistent inflation and political tensions. Gold fell toward a one-month low as easing geopolitical risks and a US-China trade deal dampened safe-haven demand. Meanwhile, silver rebounded above $36 with a softer dollar and lingering trade uncertainty.

USD/JPY Analysis by zForex Research Team - 06.30.2025​

Fed Dovishness Supports Yen Upside
The Japanese yen climbed toward the 144 level as the dollar weakened with a dovish outlook from the Federal Reserve, increasing concerns over the US fiscal position, and lingering trade uncertainties. This week’s US employment data might reveal signs of a cooling labor market.
In Japan, industrial production in May rose less than expected, with high US tariffs continuing to weigh on economic prospects. The ongoing 25% tariff on Japanese automobile exports remains a major concern in trade negotiations between the US and Japan, with little reported progress. Tuesday’s Bank of Japan Tankan survey will offer fresh perspectives on business sentiment and the overall economic outlook.
The key resistance is at $145.70, the major support is located at $143.55.

EUR/USD Analysis by zForex Research Team - 06.30.2025​

EUR/USD Climbs on Weak Spending Data
The EUR/USD pair rose to 1.1720 during early Asian trading this Monday, supported by an underperforming US dollar. The Greenback came under pressure as markets grew more confident that the Federal Reserve is most likely to begin cutting rates in September.
Friday’s data showed US personal spending unexpectedly declined in May while personal income marked the sharpest decline since September 2021, falling by 0.4%.
Focus in Europe turns to Germany’s upcoming retail sales and CPI data. ECB Governing Council member Klaas Knot stated Friday that the current interest rate is appropriate, but hinted at one more 25 basis point cut by the end of 2025. Markets still believe there will only be one ECB rate cut over the next year, with rates expected to bottom at 1.75%.
Resistance for the pair is at 1.1745, while support is at 1.1630.

 

[zForex]

Daily Analysis by zForex Research Team - 07.01.2025​

Dollar Sinks as Fiscal Worries Increase
Markets remained sensitive on Tuesday as the US dollar weakened with growing fiscal concerns, stalled trade negotiations, and rising expectations of a September Fed rate cut.
EUR/USD hovered near 1.1790 as uncertainty loomed over the fate of suspended tariffs, while soft German inflation data capped euro gains. The Japanese yen firmed after Trump threatened new tariffs on Japan, though local business sentiment surprised to the upside. Gold climbed above $3,320, supported by geopolitical unease and Fed rate cut bets. Silver stayed resilient around $36, with eyes on Trump’s tariff deadline and fiscal debates in the Senate.

Silver Analysis by zForex Research Team - 07.01.2025​

Trade Uncertainty Keeps Silver Supported
Silver prices held steady around $36 per ounce after a strong performance in June. Meanwhile, market participants are watching the US Senate’s efforts to pass President Trump’s expansive tax-cut and spending package before the July 4 deadline.
Attention remains focused on whether the US can finalize agreements with key partners before the expiration of Trump’s 90-day tariff reprieve next week.
Resistance is seen at 36.85, while support holds at 35.40.

EUR/USD Analysis by zForex Research Team - 07.01.2025​

EUR/USD Stuck Near 1.1790 as Dollar Stalls
The EUR/USD pair remained under pressure near 1.1790 during early European trading on Tuesday, as the US Dollar struggled with rising fiscal concerns and uncertainty surrounding trade negotiations.
According to the Financial Times, US officials are now after smaller, phased trade deals to avoid the reactivation of suspended tariffs. With the July 9 deadline approaching, the Trump administration is reportedly focused on reaching agreements with the most engaged nations, keeping market sentiment fragile and weighing on the currency.
More pressure on the USD comes from growing investor unease over the Senate’s efforts to pass Trump’s tax cut and spending package, which faces internal opposition due to its projected $3.3 trillion increase to the national debt.
The preliminary data from Germany showed inflation easing. The Harmonized Index of Consumer Prices (HICP) rose just 2.0% year-on-year in June, down from 2.1% and below expectations of 2.2%. Inflation increased by only 0.1% monthly, missing the forecast of 0.3%. These figures could limit further gains for the euro, even as the dollar weakens. Later in the day, attention turns to the Eurozone’s HICP data and the US ISM Manufacturing PMI, which is expected to provide further direction for the pair.
Resistance for the pair is at 1.1850, while support is at 1.1730.

 

[zForex]

Daily Analysis by zForex Research Team - 07.02.2025​

Euro Climbs as Trump and Powell Drive Volatility
Markets stayed cautious midweek as the U.S. dollar continued to weaken due to fiscal worries, political pressure on the Fed, and anticipation ahead of the jobs report.

The euro traded near $1.1790, supported by expectations of Fed rate cuts. The pound rose to $1.3740 on firm signals from the BoE, while gold stayed above $3,330 amid debt concerns. The yen slipped slightly after new trade threats from Trump, and silver held steady around $36 as investors waited for key labor data.

GBP/USD Analysis by zForex Research Team - 07.02.2025​

BoE Hawkish Tone Supports GBP
The British pound rose to $1.374, as the U.S. dollar weakness continued to support sterling. Market sentiment remained cautious before Thursday’s U.S. payrolls report.
Growing concerns over the inflationary impact of Trump’s $3.3 trillion tax-and-spending bill and political pressure on the Fed eased investor confidence in the dollar, allowing GBP/USD to build on recent gains. The pound also benefited from Bank of England Governor Andrew Bailey’s comments suggesting inflation pressures persist and that policy remains restrictive for now, giving GBP/USD relative support against the dollar.
Resistance is seen at 1.3760, while support holds at 1.3620.

Gold Analysis by zForex Research Team - 07.02.2025​

Fed Caution Keeps Gold Elevated
Gold held above $3,330 per ounce with the gains of over 1% from the day before, as a weaker U.S. dollar supported prices. The Senate's approval of Trump’s massive tax-and-spending package, expected to increase national debt by $3.3 trillion, added to these concerns.
Powell stressed a patient stance on rate cuts but didn’t rule out action this month, while Treasury Secretary Scott Bessent predicted cuts by September. Markets are now focused on upcoming U.S. labor data, especially Thursday’s payroll report, for direction on the Fed’s next moves. However, fading geopolitical risks slightly softened the gold demand, as Trump announced a 60-day Gaza ceasefire agreement with Israel and issued a warning to Hamas.
Resistance is at $3,350, while support holds at $3,300.

 

[zForex]

Daily Analysis by zForex Research Team - 07.03.2025​

Currencies and Commodities Hold Range
Major currencies and commodities traded cautiously on Thursday as markets awaited crucial US labor data that could shape the Federal Reserve’s next move.

EUR/USD held near 1.1800 after weak ADP employment figures increased bets on rate cuts, while the Japanese yen stabilized around 143.7 amid trade optimism and dollar softness. Gold remained supported at $3,360 on hopes of further trade deals and rising geopolitical risks, and silver extended gains to $36.70, lifted by easing trade tensions.

​

EUR/USD Analysis by zForex Research Team - 07.03.2025​

EUR/USD Steady Near 1.1800 as Fed Cut Bets Rise
EUR/USD held steady for a second session near 1.1800 in early Thursday trading. The pair could gain momentum as the US dollar weakens on rising expectations of a Fed rate cut after ADP data disappointed.
June’s ADP Employment Change showed a surprise 33,000 drop, its first decline in over two years, well below forecasts of 95,000. May’s figure was also revised down to a 29,000 gain.
Attention now turns to the upcoming US Nonfarm Payrolls, Average Hourly Earnings, ISM Services PMI, and S&P Global US PMI.
Key levels: Resistance at 1.1830; support at 1.1730.

USD/JPY Analysis by zForex Research Team - 07.03.2025​

JPY Steadies, Trade Optimism Counters Dollar Weakness
The Japanese yen held near 143.7 against the dollar on Thursday, stabilizing after recent losses, supported by improved trade sentiment and a weaker greenback.
Japan reiterated its aim for a fair trade deal with the US, though Trump raised pressure by threatening tariffs up to 35% on Japanese imports over low US rice and car sales. Meanwhile, a finalized US-Vietnam deal added to market optimism.
The yen also found support as investors awaited key US jobs data, which could increase the odds of a Fed rate cut.
Key levels: Resistance at 145.70; support at 143.55.

 

[zForex]

Daily Analysis by zForex Research Team - 07.04.2025​

Markets Cautious Ahead of Fed Minutes
The EUR/USD hovered near $1.177 on Monday in cautious trade as markets awaited the upcoming Fed minutes for rate cut signals, with uncertainty around U.S. trade policy weighing on sentiment.

The dollar found mild support while gold and silver slipped as improved U.S. trade talks and extended tariff exemptions reduced safe-haven demand. Meanwhile, the yen eased on weaker wage data, and the pound dipped ahead of the U.S. tariff deadline, leaving markets on edge for potential volatility as August approaches.

EUR/USD Analysis by zForex Research Team - 07.04.2025​

EUR/USD Range-Bound Ahead of Fed Minutes
EUR/USD hovered around $1.177 on Monday, staying just under last week’s peak of $1.1830, as cautious sentiment and mixed dollar moves kept the pair within a tight range. Uncertainty over U.S. trade policy and its effects on growth and inflation weighed on the dollar, lending some support to the euro. However, gains were limited as the dollar index rose to 97.071. With a light economic calendar and few Fed speakers ahead, markets are looking to Fed minutes for signals on potential rate cuts, while the ECB maintains its current stance.
Resistance for the pair is at 1.1830, while support is at 1.1730.

Gold Analysis by zForex Research Team - 07.04.2025​

Gold Weakens on U.S. Trade Talks, Fed Cut Odds Fade
Gold slipped below $3,310 per ounce on Monday, a one-week low, as safe-haven demand eased amid progress in U.S. trade talks and extended tariff exemptions. The U.S. is close to finalizing several trade deals, with updated tariff rates expected by July 9 and implementation on August 1, leaving room for continued negotiations. Meanwhile, strong U.S. jobs data reduced the chances of a Fed rate cut in July, with markets now expecting only two cuts this year. Geopolitical tensions persisted as indirect ceasefire talks between Hamas and Israel in Qatar ended without progress.
Resistance is at $3,365, while support holds at $3,300.

 

[zForex]

Daily Analysis by zForex Research Team - 08.04.2025​

GBP Recovers as Trump Targets 14 Nations
EUR/USD rose toward 1.1750 on stronger Eurozone retail sales and hopes for a U.S.-EU trade deal to retain a 10% tariff beyond August 1.

The Japanese yen weakened past 146 after Trump confirmed a 25% tariff on Japanese imports, despite Japan’s solid current account surplus. Gold rebounded from $3,297 to near $3,350 on trade war fears, though gains were capped by dollar strength. GBP/USD climbed to 1.3630 as Trump imposed tariffs of 25%–40% on 14 nations, delaying enforcement to August 1.

EUR/USD Analysis by zForex Research Team - 08.04.2025​

EUR/USD at 1.1750 as EU Pushes Trade Deal
EUR/USD trades around 1.1745 in Tuesday’s Asian session, supported by strong Eurozone retail sales for May. The Euro benefits as the EU aims to finalize a preliminary trade deal with the US this week, seeking to maintain a 10% tariff beyond the August 1 deadline while negotiations continue. The proposed agreement would keep the 10% base tariff but exempt sensitive sectors like aviation and alcohol, which helps lift market sentiment toward the Euro.
Eurostat data showed retail sales rose 1.8% year-on-year in May, beating expectations of 1.2% but slowing from April’s 2.7%. Monthly sales fell 0.7%, matching forecasts.
Resistance for the pair is at 1.1830, while support is at 1.1730.

USD/JPY Analysis by zForex Research Team - 08.04.2025​

Yen Falls After Trump's 25% Tariff on Japan
The Japanese yen weakened beyond 146 per dollar on Tuesday, hitting a two-week low after President Trump confirmed a 25% tariff on Japanese imports starting August 1, lower than the earlier 35% threat but still above the standard 10%. Japan’s Prime Minister Ishiba pledged to keep negotiating for a favorable outcome. Although Japan’s May current account surplus came in stronger than expected, disappointing wage growth limited hopes for further Bank of Japan rate hikes, adding pressure on the yen.
Key resistance is at 146.20; major support at 144.85.

 

[zForex]

Daily Analysis by zForex Research Team - 07.17.2025​

Dollar Firms as Inflation Risks Build
With Fed officials warning of inflationary risks from trade policies, the broader market sentiment remains policy-driven.,

The euro slipped toward 1.1620 with Brussels pausing tariff retaliation amid Trump’s sweeping 10–20% tariff plans targeting over 150 countries. The yen dropped after Japan’s June trade surplus missed forecasts, sparking recession fears. Gold retreated to $3,340 as Fed leadership speculation faded and risk appetite returned, while the pound softened despite a UK inflation surprise. Silver held firm near $38, strengthened by safe-haven demand as new U.S. tariffs loom.

EUR/USD Analysis by zForex Research Team - 07.17.2025​

Euro Slips, Brussels Stalls Retaliation
EUR/USD is pulling back toward 1.1620 in Thursday’s Asian session as markets await Eurozone HICP data, with eyes on US June retail sales later in the day. The dollar stays firm on expectations that the Fed will hold rates at 4.25%-4.50% in July amid tariff-driven uncertainty.
President Trump announced plans to notify over 150 countries of a 10% tariff, possibly rising to 15-20%, targeting those with minimal U.S. trade ties. He criticized Fed Chair Powell but admitted removing him might destabilize markets, while floating possible trade deals with Europe and India.
Strong June CPI has reignited concerns about prolonged high rates. Dallas Fed’s Lorie Logan and New York Fed’s John Williams both warned that tariffs may keep inflation elevated, reinforcing the case for keeping rates steady.
Resistance for the pair is at 1.1670, while support is at 1.1580.

Gold Analysis by zForex Research Team - 07.17.2025​

Gold Retreats with Fed Leadership Speculation
Gold fell to around $3,340 per ounce on Thursday, erasing recent gains as the U.S. dollar bounced back amid easing concerns over Powell’s role at the Fed. Trump denied reports of plans to remove Powell but reiterated criticism of rate policy.
June’s flat PPI reading hinted at subdued wholesale inflation, possibly reflecting muted economic impact from tariffs, despite the earlier CPI spike.
Meanwhile, the EU’s trade chief is in Washington for talks, and tensions with China eased following the lifting of the AI chip ban and a new trade deal with Indonesia, all reducing gold’s safe-haven demand.
Resistance is at $3,370, while support holds at $3,320.

 

[zForex]

Daily Analysis by zForex Research Team - 07.22.2025​

Euro Holds Steady Ahead of ECB Decision, Silver Hits 13-Year High
The euro held above $1.16 on Tuesday as traders awaited the ECB’s policy decision, with rates expected to stay on hold amid tariff concerns and recent euro strength.

The yen remained firm at 147.5 after Japan’s election, while the pound climbed to $1.35 as the dollar weakened ahead of key UK data. Gold eased slightly but stayed near a five-week high, reflecting caution ahead of the August 1 US tariff deadline. Meanwhile, silver surged to $38.9, reaching a 13-year high on safe-haven demand and rate cut expectations.

GBP/USD Analysis by zForex Research Team - 07.22.2025​

Pound Climbs on Softer Dollar, Focus Shifts to UK Data
The pound climbed to $1.35 as the US dollar weakened broadly, though caution prevailed ahead of the August 1 US tariff deadline. In the UK, attention turns to upcoming flash PMI data, expected to show stronger manufacturing and strong services performance, along with a rebound in retail sales. The Bank of England may reduce long-bond sales due to soft demand. Markets still anticipate two rate cuts in 2025, despite a slight pullback in those expectations.
Resistance is at 1.3500, while support holds at 1.3380.

Gold Analysis by zForex Research Team - 07.22.2025​

Gold Slips Slightly Amid Tariff Uncertainty and Policy Watch
Gold eased to about $3,380 on Tuesday but remained close to a five-week high as traders focused on the approaching August 1 US tariff deadline. EU-US negotiations are ongoing, though the EU is readying countermeasures in case talks collapse. On the monetary side, the ECB is expected to hold rates at 2.0%, while markets await comments from Federal Reserve officials for guidance on future policy.
Resistance is at $3,400, while support holds at $3,375.

 

[zForex]

Daily Analysis by zForex Research Team - 07.23.2025​

US-Japan Pact Lifts Yen, Euro Waits on ECB
Gold dips as trade progress tempers demand; eyes turn to upcoming Fed meeting.

The euro held firm at $1.17 ahead of the ECB's Thursday meeting, while the yen strengthened on news of a US-Japan trade deal worth $550 billion. Gold pulled back as safe-haven demand eased, and the pound edged up to $1.35 amid a weaker dollar and cautious sentiment ahead of the August 1 tariff deadline.

EUR/USD Analysis by zForex Research Team - 07.23.2025​

Euro Steady at $1.17 as ECB Holds Fire
The euro hovered near $1.17 as traders awaited Thursday’s European Central Bank decision. With rates expected to remain steady following eight consecutive cuts, policymakers tread cautiously amid strength in the euro and lingering U.S. tariff uncertainty. Meanwhile, EU officials are preparing contingency plans in case trade negotiations with President Trump collapse before the August 1 deadline.
Resistance for the pair is at 1.1830, while support is at 1.1660.

USD/JPY Analysis by zForex Research Team - 07.23.2025​

US-Japan Deal Supports Yen
The yen held firm near 146.5 per dollar, its highest level in two weeks, after President Trump announced a trade agreement with Japan featuring 15% tariffs on exports. Japan, in turn, pledged $550 billion in U.S. investments and increased access for American goods. Prime Minister Ishiba’s lack of details and speculation about his possible resignation add further political uncertainty, especially after the coalition’s upper house defeat.
Resistance is at 147.75, with major support at 146.15.

 

[zForex]

Markets Brace for Powell’s Remarks and Key Data (08.21.2025)​

Financial markets traded cautiously ahead of Friday’s Jackson Hole symposium, where Fed Chair Jerome Powell’s remarks are expected to provide critical direction on monetary policy. The euro held steady near $1.1645, supported by mixed Eurozone inflation data and lingering geopolitical concerns.

The yen weakened toward 147.5 per dollar amid policy doubts at the Bank of Japan, while gold hovered around $3,340, with markets assigning an 82% chance of a September Fed rate cut. Sterling slipped toward $1.3450 ahead of PMI releases, and silver climbed to $37.85 on renewed easing expectations.

Technical Outlook on Charts​

EUR/USD Holds as Markets Await Powell and PMI

BoJ Policy Doubts Keep Yen Under Pressure

Gold Flat with 82% Odds of September Cut

GBP/USD Falls Ahead of PMI and Powell Speech

Fed Cut Hopes Lift Silver Ahead of Powell

 

[zForex]

EUR/USD holds steady after Eurozone PMI
The pair is still near 1.1645 as traders digest Eurozone PMI, which showed new orders rising for the first time in 15 months. Manufacturing hit a 41-month high, while services softened slightly. Inflation pressures also ticked higher, keeping ECB cautious.

Levels to watch:

• Resistance: 1.1770
• Support: 1.1600

Focus now shifts to Powell’s Friday speech and U.S. PMI for the next catalyst.

 

[zForex]

USD Weighs on Euro and Pound as Powell Looms (08.22.2025)​

Markets traded cautiously on Friday ahead of Powell’s Jackson Hole remarks. The dollar firmed, sending EUR/USD down to 1.1595 and keeping GBP/USD near 1.3410 after several losing sessions.

Mixed U.S. data, with stronger PMIs and higher jobless claims, underscored the Fed’s challenge of balancing inflation with slowing growth. In Asia, the yen rebounded to 147.65 but stayed range-bound before Japan’s inflation report. Gold held near $3,330 and silver eased to $38.10, as cautious Fed signals tempered aggressive rate cut bets.

Technical Outlook on Charts​

EUR/USD Lower as Rate Cut Odds Fade

USD/JPY Rebounds, BoJ Outlook in Focus

Gold Slips to $3,330 Ahead of Powell

Mixed U.S. Data Keeps Pound Under Pressure

Silver Nears $38.10 Ahead of Powell’s Speech

 

[zForex]

Powell’s Dovish Tone Steadies Euro, Lifts Metals (08.25.2025)​

The week opened with mixed moves across major assets as traders digested Powell’s dovish Jackson Hole remarks and incoming data risks.

EUR/USD steadied near 1.1700 with support from PMI strength and rising bets on a September Fed cut, while USD/JPY hovered around 147.40 as BoJ Governor Ueda signaled conditions for further tightening with July core CPI at 3.1%. Gold consolidated below $3,365, supported by easing expectations, and silver traded near $38.80 after a three-day rally, still underpinned by Fed policy bets and solar demand.

Technical Outlook on Charts​

• Euro Supported by PMI Strength
• Yen Strengthens as Ueda Signals Rate Hike Conditions
• Gold Consolidates Below $3,365
• Pound Near $1.35 as Dollar Recovers
• Powell’s Dovish Remarks Keep Silver Elevated

 

[zForex]

Dollar Under Pressure with the Trump-Fed Clash (08.26.2025)

The euro held near 1.1630 after President Trump claimed to dismiss Fed Governor Lisa Cook, a move she rejected.

The yen steadied around 147 as BoJ Governor Ueda signaled conditions for a rate hike, citing wage growth and a tight labor market. Gold traded near $3,385 before easing, supported by rate-cut bets but capped by upcoming US data. The pound hovered around $1.3450, strengthened by dollar weakness despite neutral technical signals. Silver remained elevated near $38.80, underpinned by Fed easing expectations and strong industrial demand, while Trump’s threats of steep tariffs on Chinese goods added a layer of conflict to market sentiment.

Technical Outlook on Charts
Euro Nears Four-Year High as ECB Pauses
Yen Holds Firm as BOJ Signals Hawkish Tilt
Gold Retreats as Dollar Finds Support
Pound Steadies Near $1.3450
Silver Holds Near 2011 Peaks on Solar Demand

 

[zForex]

US Futures Drop as Nvidia Falls 3% (08.28.2025)

US stock futures fell on Thursday as tech weakness weighed. Nvidia dropped nearly 3% after hours despite beating Q2 earnings and revenue, with soft data center sales and no H20 chip shipments to China dragging peers AMD, Broadcom, and TSMC. Analysts said the AI rally remains intact.

Trump’s Pentagon acquired ~10% of Intel and is reportedly eyeing stakes in Lockheed Martin, with Trade Minister Lutnick noting profits tied to US contracts.
WTI crude slipped to $63.8 after earlier gains. EIA reported a 2.39M-barrel draw in US crude, with Cushing and refined product declines signaling firm demand, though consumption typically eases post-Labor Day. New US tariffs on Indian goods and Russia-Ukraine energy strikes added supply risk.

Asian markets were mixed. Japan’s 10Y yield stayed near a 17-year high ahead of inflation and economic data. Chinese equities edged higher, led by AI and chip stocks, after Beijing launched its “AI Plus” initiative, though profit-taking persisted.

Focus shifts to Friday’s PCE inflation print and next week’s payrolls for policy signals before the September Fed meeting.

Technical Outlook on Charts
Euro Steady as Fed Highlights Data Dependence
Yen Supported with Fed Conflict
Gold Retreats Before GDP and PCE
Pound Holds on Fed Politics
Silver Steadies as Cut Talks Continue

 

[zForex]

S&P 500 Hits Record on Strong Earnings (08.29.2025)​

The 10-year US Treasury yield held around 4.21%, close to a four-month low and down 20 basis points in August, as traders positioned for policy easing.
In commodities, WTI crude climbed 0.7% to $64.6 per barrel, rebounding on fading hopes for a Russia-Ukraine peace deal, Ukrainian strikes on Russian energy facilities, and speculation over tighter US sanctions. Washington’s pressure on India to curb Russian imports, coupled with tariffs raised to 50%, added to supply risks, though analysts cautioned that rising OPEC+ output and thin holiday trading could temper gains.

The dollar index held near 97.9 on Friday after its sharp monthly drop, with markets focused on July’s PCE inflation report. Core PCE is expected to rise 2.9% year-on-year, the fastest in five months, while revised Q2 GDP came in at 3.3%, supported by stronger trade and business investment.

On Wall Street, the S&P 500 closed at a record high, driven by solid economic data, upbeat earnings from Autodesk and Ulta, and ongoing AI optimism despite mixed results from Nvidia. The yen hovered near 147, balancing soft domestic data with BOJ Governor Ueda’s hawkish comments on wage growth and inflation, keeping rate hike expectations alive.

Technical Outlook on Charts​

Euro Slips Ahead of German and U.S. Data
Yen Firms as Tokyo CPI Slows
Gold Pulls Back From Five-Week Peak
Pound Gains on Stronger Business Activity
Silver Softens Ahead of U.S. PCE Data