Forex Market Review: Dollar Gains as Eurozone Growth Slows
United States of America. The US dollar is strengthening against the euro and the pound, while showing mixed performance against the yen.
Markets
15
October
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By Sagar Dua - 35
The USD/JPY pair is trading within a medium-term descending channel and approaching its upper boundary. A sustained move above 159.37 (Murray level [6/8], middle Bollinger Band, W1) could trigger a breakout from the channel and further growth toward 162.50 (Murray level [8/8]), 164.06 (Murray level [+1/8]) and 165.62 (Murray level [+2/8]). However, if the price breaks below the lower Bollinger Band at 156.25 (Murray level [4/8]), a decline toward 153.12 (Murray level [2/8]) and 151.56 (Murray level [1/8]) may follow. The importance of the 159.37 breakout level was also highlighted in our previous USD/JPY forecast.
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By Sagar Dua
- 71
The leading US technology stock index, the Nasdaq 100 (NQ 100), is correcting near 29661.0.
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By Sagar Dua
- 41
The EUR/USD pair continues to decline for the second consecutive month and yesterday reached a new 17-month low near 1.1112 following the release of September US inflation data. However, the euro subsequently recovered some of its losses amid comments from Federal Reserve officials that tempered expectations of an immediate interest rate increase.
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By Sagar Dua
- 37
Against the backdrop of a neutral trend in the US dollar, the GBP/USD pair is correcting near 1.3243, while the pound remains stable against other major world currencies.
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By Sagar Dua
- 108
Shares of ExxonMobil Holdings Corporation (XOM), a major US oil and gas company, are trading near 177.00.
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By Sagar Dua
- 45
Against the backdrop of fluctuating US dollar dynamics, the AUD/USD pair is correcting near 0.6956 under pressure from disappointing Australian macroeconomic data.
14
October
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By Sagar Dua
- 84
The medium-term bearish scenario for the EUR/GBP pair remains relevant. Previously, the European Central Bank had begun cutting interest rates faster than the Bank of England, helping the eurozone economy move toward recovery in late 2025. However, the situation changed after the escalation of the US-Iran conflict in February, which led to the disruption of shipping through the Strait of Hormuz. Oil delivered to European countries by sea became significantly more expensive, with crude prices remaining above 100.00 for an extended period, creating additional inflationary pressure across the economy. In early June, the possibility of a peaceful resolution appeared to increase, but tougher US rhetoric and attacks by Yemen's Houthi forces on Saudi Arabia's energy infrastructure have considerably reduced the prospects of ending hostilities this year.
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By Sagar Dua
- 58
The XAU/USD pair is trading slightly above this summer’s key support level of 4000.0, hovering near 4146.0.
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By Sagar Dua
- 88
The benchmark US stock market index, the S&P 500, is correcting near 7814.0 amid heightened geopolitical tensions in the Persian Gulf and Brent crude prices remaining above the 100.00 mark for an extended period.
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By Sagar Dua
- 97
The EUR/USD pair has been declining for the second consecutive month and reached its lowest level since May last year near 1.1150 earlier this week. However, yesterday the pair recovered some of its losses and rose toward 1.1200, although this rebound is unlikely to reverse the broader bearish trend.
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By Sagar Dua
- 89
Against the backdrop of relatively stable US dollar dynamics, the USD/JPY pair has been correcting within an upward trend near 158.15, approaching the psychologically important 160.00 level. Following the release of stronger-than-expected US inflation data, the pair accelerated its growth toward 158.74.
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By Sagar Dua
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Since the beginning of the month, benchmark Brent Crude Oil prices have resumed their upward movement, rising above the recent five-week high of 105.42 amid escalating geopolitical tensions in the Persian Gulf region and growing concerns about further disruptions to energy supplies.
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