Posted at 28 July 2026 / Categories Market Roundups
Market Roundup
•Trump says US is having "good talks" with Iran
•BOJ set to keep rates steady at 1% on July 30-31 meeting
•Board to upgrade growth forecast, cut inflation estimate
• Looking Ahead Economic Data (GMT)
•07:45 French Consumer Confidence (Jul) 85 forecast, 84 previous
•08:00 Spanish Unemployment Rate (Q2) 10.10% forecast, 10.83% previous
•08:00 Spanish Retail Sales (YoY) (Jun) 1.3% previous
•11:00 France Jobseekers Total (Jun) 3,115.6K previous
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Forecast
EUR/USD : The euro edged higher on Tuesday as traders weighed a slim but lingering chance of a rate hike at the Federal Reserve's upcoming meeting, even as falling oil prices eased some concerns over inflation.The Fed will hold a two-day policy meeting ending on Wednesday. A growing number of major brokerages believe there is a real risk of the Fed delivering a rate hike this week, given the surge in oil prices during the month and the escalation in tensions in the Middle East.Expectations for a rate hike of at least 25 basis points from the Fed at its policy announcement are pegged at 36.3%, according to CME FedWatch, up from 16% a week ago. Markets are pricing in an 81% chance for a hike at the central bank's September meeting. Euro zone data schedule includes flash second-quarter GDP, July economic sentiment and consumer confidence, flash inflation, and June unemployment figures. Immediate resistance can be seen at 1.1414(SMA 20), an upside break can trigger rise towards 1.1447(38.2%fib).On the downside, immediate support is seen at 1.1363(23.6%fib), a break below could take the pair towards 1.1342(Lower BB).
GBP/USD : The pound edged higher on Tuesday as investors turned their attention to Thursday's Bank of England policy meeting. The BoE is widely expected to keep interest rates unchanged at 3.75%, despite oil prices climbing above $100 a barrel following the U.S.-Iran conflict, a development that could reignite inflationary pressures.British inflation has so far remained below the BoE's projections, easing to a 15-month low of 2.6% in June. A delayed pass-through of higher wholesale energy costs to regulated household bills has helped keep UK inflation below levels seen in the United States and the euro zone, where the European Central Bank is expected to deliver a second rate hike later this year.At Thursday's meeting, Governor Andrew Bailey is expected to reiterate that policymakers will closely monitor underlying inflation, particularly wage growth and domestic price pressures that are unrelated to higher energy costs, when assessing the need for future policy tightening. Immediate resistance can be seen at 1.3376(50%fib), an upside break can trigger rise towards 1.3376 (61.8%fib).On the downside, immediate support is seen at 1.3272(38.2%fib), a break below could take the pair towards1.3222(Lower BB).
AUD/USD: The Australian dollar eased on Tuesday as investors digested remarks from Reserve Bank of Australia Governor Michele Bullock and looked ahead to Wednesday's inflation report.Bullock warned that persistent underlying inflation could require a further slowdown in domestic demand, adding that additional interest rate hikes remain on the table if necessary. Speaking in Sydney, she said policymakers remain uncertain whether the three rate increases delivered this year will be sufficient to return inflation to the RBA's 2%–3% target range.She also highlighted supply-side risks, arguing that the recent surge in oil prices underscores how premature it is to assess the full economic impact of the Middle East conflict.Market attention now turns to Australia's second-quarter CPI report due on Wednesday, with headline inflation expected to rise 0.7% quarter-on-quarter and 4.1% year-on-year. The data could shape expectations for the RBA's next policy move. Immediate resistance can be seen at 0.7026 (Higher BB), an upside break can trigger rise towards 0.7000(Psychological level).On the downside, immediate support is seen at 0.6969(38.2%fib), a break below could take the pair towards 0.6913(July 17th low).
USD/JPY: The U.S. dollar edged higher on Tuesday as investors awaited a series of major central bank decisions this week, led by the Federal Reserve's policy announcement. Currency markets are expected to remain range-bound until policymakers provide fresh guidance on the outlook for interest rates.The Bank of Japan is widely expected to leave interest rates unchanged on Friday while maintaining a hawkish bias, keeping the door open to further policy tightening as inflationary pressures intensify due to the Middle East conflict, a weaker yen and robust global demand for artificial intelligence. However, policymakers are likely to refrain from offering firm guidance on the timing of future rate hikes, opting instead to assess whether higher producer prices driven by rising energy costs feed through to broader inflation. Investors will closely monitor the BOJ's quarterly outlook report and Governor Kazuo Ueda's post-meeting press conference for clues on when the central bank could deliver its next rate increase. Immediate resistance can be seen at 163.99 (23.6%fib) an upside break can trigger rise towards 164.44(Hiigher BB) .On the downside, immediate support is seen at 163.42(July 27th low) a break below could take the pair towards 162.50(SMA20).
Equities Recap
Asian markets fell on Tuesday, led by declines in chipmakers as investors grew concerned about the massive funding requirements behind the artificial intelligence boom.
Japan’s Nikkei 225 was down by 3.84% , KOSPI was down at 9.97%, China A50 was up at 2.19%
Commodities Recap
Gold prices slipped on Tuesday as a stronger U.S. dollar weighed on demand for the precious metal, while investors awaited the Federal Reserve's policy decision for clues on the future path of interest rates.
Spot gold fell 0.7% to $4,045.89 per ounce by 0448 GMT after rising as much as 1% ?on Monday. U.S. gold futures for August delivery lost 0.8% to $4,046.20.
Oil prices extended their decline on Tuesday, falling more than $1 a barrel as hopes grew for a potential resolution to the U.S.-Iran conflict, which had disrupted global energy supplies.
Brent crude futures were down $1.47, or 1.66%, at $86.89 by 0326 GMT, their lowest since July 20. U.S. West Texas Intermediate crude was at $81.16 a barrel, down $1.45, or 1.76%, also the lowest level since July 20.