Posted at 08 July 2026 / Categories Market Roundups
Market Roundup
• US Wholesale Trade Sales (MoM) (May) 3.4%, 2.2% previous
• US Wholesale Inventories (MoM) (May) 0.1%, 0.3% forecast, 0.7% previous
• US Crude Oil Inventories 2.998M, -1.900M forecast, -3.775M previous
• US Cushing Crude Oil Inventories -0.052M, 0.709M previous
• US Gasoline Inventories -1.904M, -1.600M forecast, -2.333M previous
• US Atlanta Fed GDPNow (Q2) 1.3%, 1.4% forecast, 1.4% previous
• US Consumer Credit (May) -0.18B, 16.90B forecast, 20.82B previous
• New Zealand Business NZ PMI (Jun) 59.7, 51.3 previous
Looking Ahead Economic Data (GMT)
• 23:50 Japan M3 Money Supply (Jun) 2,328.6B previous
• 23:50 Japan Foreign Bonds Buying -280.1B previous
• 23:50 Japan Foreign Investments in Japanese Stocks -1,816.5B previous
• 23:50 Japan M2 Money Stock (YoY) (Jun) 2.4%, 2.5% previous
•02:30 China CPI (MoM) (Jun) -0.2% forecast, -0.1% previous
•02:30 China CPI (YoY) (Jun) 1.1% forecast, 1.2% previous
•02:30 China PPI (YoY) (Jun) 4.1% forecast, 3.9% previous
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Summaries
EUR/USD : The euro initially dipped but recovered ground against dollar on Wednesday after U.S. President Donald Trump said an interim peace deal with Iran was "over", dampening rattling investors. The U.S. Central Command said on ?Tuesday it completed a new round of strikes on Iran and that it had struck over 80 targets during its latest attacks.Along with unleashing a new wave of strikes against Iran, Washington had also revoked ?a license allowing the country to sell oil after ?three tankers were hit by projectiles in the Strait of ?Hormuz.The ceasefire in the Iran war has remained fragile. The war began when ?the U.S. and Israel attacked Iran on February 28 ?and ?Iran responded with its own strikes on Israel and Gulf states that host U.S. bases. Immediate resistance can be seen at 1.1475(SMA 20), an upside break can trigger rise towards 1.1495(50%fib).On the downside, immediate support is seen at 1.1368(38.2%fib), a break below could take the pair towards 1.1291(Lower BB).
GBP/USD: The pound held steady on Wednesday as U.S. President Donald Trump said that an interim agreement to end the war with ?Iran was "over" after Tehran carried out new attacks on U.S. bases in the Gulf. Market participants closely monitored developments in the Middle East, with heightened uncertainty prompting a more measured approach to risk-taking across global financial markets.The U.S. Central Command announced on Tuesday that it had completed a new round of military strikes on Iran, targeting more than 80 sites in response to recent attacks on commercial shipping. The latest escalation came after three tankers were struck by projectiles while transiting the Strait of Hormuz, a key global energy shipping route.In addition to the military action, Washington revoked the general license that had previously allowed Iran to sell crude oil, tightening economic pressure on Tehran. The move raised concerns about potential disruptions to global oil supplies and added to uncertainty surrounding inflation and the broader economic outlook. Immediate resistance can be seen at 1.3392(Daily high), an upside break can trigger rise towards 1.3485(50%fib).On the downside, immediate support is seen at 1.3343(38.2%fib), a break below could take the pair towards1.3296(SMA 20).
USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Wednesday as oil prices jumped and investors raised bets on a Bank of Canada interest rate hike this year.The price ?of oil , one of Canada's major exports, rose 5.2% to $74.10 a barrel after U.S. President Donald Trump said an interim agreement to end the war with Iran was "over" and that ?the United States was likely to launch new strikes on Wednesday night.Last week, the U.S. declined to extend the United States-Mexico-Canada Agreement, ?seeking ?changes to the trade deal. The loonie was trading 0.2% higher at 1.4170 ?per U.S. dollar, after moving in a ?range of 1.4156 to 1.4210. Immediate resistance can be seen at 1.4252(23.6%fib), an upside break can trigger rise towards 1.4300(Higher BB).On the downside, immediate support is seen at 1.4162(SMA 20), a break below could take the pair towards 1.4110(38.2%fib).
USD/JPY: The dollar firmed on Wednesday as the yen weakened following fresh U.S. airstrikes on Iran in response to recent attacks on vessels transiting the Strait of Hormuz.U.S. President Donald Trump said on Wednesday that the memorandum of ?understanding signed with Iran to end the conflict was "over", adding he didn't want to engage with Tehran.The interim ceasefire agreement signed between Washington and Tehran under the mediation of ?Pakistan was intended to provide a 60-day window ?for negotiations on a permanent agreement, but indirect ?talks in Qatar ended with no sign of ?headway and the U.S. military unleashed a new wave of strikes ?against Iran on Tuesday Market reaction was muted to minutes released by the Federal Reserve detailing Chairman Kevin Warsh's first rate-setting meeting, which showed concern about mounting inflation.Immediate resistance can be seen at 162.73(23.6%fib) an upside break can trigger rise towards 163.00(Psychological level) .On the downside, immediate support is seen at 160.81(38.2%fib) a break below could take the pair towards 159.58(50%fib).
Equities Recap
European shares recorded their biggest one-day decline since mid-March on Wednesday after U.S. President Donald Trump raised fresh doubts about peace efforts in the Middle East, reigniting concerns over higher oil prices and persistent inflation.
UK's benchmark FTSE 100 closed down by 1.66 percent, Germany's Dax ended down by 2.32 percent, France’s CAC finished the day down by 2.18 percent.
The S&P 500 ended lower on Wednesday after U.S. President Donald Trump said an interim deal ?aimed at ending the war with Iran was "over," while Broadcom led gains among recently battered chip stocks.
Dow Jones closed down by 1.09% percent, S&P 500 closed down by 0.28% percent, Nasdaq settled upby 0.20% percent.
Commodities Recap
Oil prices settled nearly 5% higher on Wednesday as renewed tensions in the Middle East stoked fears of supply disruptions, with investors increasingly concerned that any halt to shipping through the Strait of Hormuz could severely impact global energy flows.
Brent futures rose $3.86, or 5.2%, to settle at $78.02 a barrel, the highest since June 19. U.S. West Texas Intermediate (WTI) crude rose $3.08, or 4.4%, to $73.52, the highest since June 22.
Gold prices fell on Wednesday as surging oil prices and renewed inflation concerns reduced demand for the precious metal after U.S. President Donald Trump declared that the interim agreement aimed at ending the conflict with Iran was "over.".
Spot gold dropped 0.9% to $4,067.39 per ounce by 2:10 p.m. EDT (1810 GMT) after hitting its lowest level since July 1 earlier in the session. U.S. gold ?futures for August delivery settled 1.8% lower at $4,082.40 per ounce.