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Daily market news

forex Forex
17:00 - 17.07.2026
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EUR/GBP Price Forecast: RSI flirts with oversold territory as bears defend key resistance

EUR/GBP edges higher on Friday, extending gains for a second consecutive day as traders cover short positions following the midweek sell-off. At the time of writing, the cross trades around 0.8501 but is still on track for a fourth straight weekly loss.

forex Forex
14:00 - 17.07.2026
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EUR/USD Price Forecast: Sideways trading extends with 1.1480 holding bulls

The Euro (EUR) records mild losses against the US Dollar (USD) for the second consecutive day on Friday. The EUR/USD pair trades at 1,1430 after being capped at 1.1480 earlier this week, extending the sideways trend, as geopolitical tensions and higher oil prices keep Euro rallies subdued.

commodities Commodities
13:00 - 17.07.2026
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Gold Price Forecast: XAU/USD hovers below $4,000 with the YTD low at hand

Gold (XAU/USD) shows moderate gains on Friday, but remains close to the year-to-date lows, at the $3,940 area, with upside attempts capped below the $4,000 psychological level for now.

indices Indices
12:24 - 17.07.2026
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kelvin_wong
Kelvin Wong

Chart alert: Nasdaq 100 at risk of triggering a multi-week corrective decline leg

The Nasdaq 100 is showing signs of increasing technical and fundamental weakness as AI infrastructure stocks lose momentum and semiconductor volatility accelerates. Leveraged unwinding in memory-chip leaders, concerns over rising capital expenditure, and delayed AI monetisation are weighing on valuations. Discover why the 28,200 support level is a critical technical trigger and how semiconductor weakness could drive a broader multi-week correction in US technology stocks.

forex Forex
11:00 - 17.07.2026
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USD/CAD Price Forecast: More downside likely towards 1.3970

The USD/CAD pair trades marginally lower at around 1.4033 during the European trading session on Friday. The Loonie pair edges down as the Canadian Dollar (CAD) outperforms its major currency peers amid fears that oil prices could accelerate further.

forex Forex
09:00 - 17.07.2026
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AUD/USD Price Forecast: More upside likely amid stabilization above 20-day EMA

The Australian Dollar (AUD) trades marginally lower against the US Dollar (USD) at around 0.6990 during the European trading session on Friday. The Aussie pair edges down as the US Dollar ticks higher amid fears that the United States (US) inflation could re-accelerate after slowing down in June.

forex Forex
08:00 - 17.07.2026
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EUR/USD Price Forecast: Stays pressured below mid-1.1400s after failing near 200-SMA on H4

The EUR/USD pair ticks lower for the second straight day on Friday as energy-driven inflation fears revive US Federal Reserve (Fed) rate hike bets and support the US Dollar (USD) amid escalating US-Iran tensions.

forex Forex
07:00 - 17.07.2026
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Forex Today: US Dollar rebounds as US-Iran tensions flare up

Here is what you need to know on Friday, July 17:

forex Forex
06:00 - 17.07.2026
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EUR/JPY Price Forecast: Remains below ascending triangle top near 186.00

EUR/JPY extends its losses for the second consecutive day, trading around 185.70 during the Asian hours on Friday. The currency cross is holding above both the nine-period and 50-period Exponential Moving Averages (EMAs), which reinforces a constructive near-term bias.

04:00 - 17.07.2026
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WTI extends range play around $79.00; bullish potential intact amid Mideast tensions

West Texas Intermediate (WTI) – the benchmark US crude oil price – edges higher during the Asian session on Friday, though it remains confined within a multi-day-old range.

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Breaking: ECB leaves key rates unchanged in December as forecast

The European Central Bank (ECB) announced on Thursday that it left key rates unchanged following the December policy meeting. With this decision, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will stay at 4.50%, 4.75% and 4.00%, respectively.

In its policy statement, the ECB reiterated that future decisions will ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary.

ECB policy statement key takeaways
"According to latest Eurosystem staff projections for Euro area, inflation is expected to decline gradually over course of next year, before approaching ECB’s 2% target in 2025."

"Overall, staff expect headline inflation to average 5.4% in 2023, 2.7% in 2024, 2.1% in 2025 and 1.9% in 2026."

"Compared with September staff projections, this amounts to a downward revision for 2023 and especially for 2024."

"Eurosystem staff expect inflation excluding energy and food to average 5.0% in 2023, 2.7% in 2024, 2.3% in 2025 and 2.1% in 2026."

"Past interest rate increases continue to be transmitted forcefully to economy."

"Eurosystem staff expect economic growth to remain subdued in near term."

"Eurosystem staff therefore see growth picking up from an average of 0.6% for 2023 to 0.8% for 2024, and to 1.5% for both 2025 and 2026."

"Based on its current assessment, ECB considers that interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal."

"In particular, interest rate decisions will be based on the assessment of inflation outlook in light of incoming economic and financial data, dynamics of underlying inflation and strength of monetary policy transmission."

"Interest rates are primary tool for setting monetary policy stance."

"Decided today to advance normalisation of Eurosystem’s balance sheet."

"ECB intends to continue to reinvest, in full, principal payments from maturing securities purchased under Pandemic Emergency Purchase Programme (PEPP) during first half of 2024."

"Over second half of year, ECB intends to reduce PEPP portfolio by €7.5 billion per month on average."

"ECB intends to discontinue reinvestments under PEPP at end of 2024."

"ECB will continue applying flexibility in reinvesting redemptions coming due in PEPP portfolio, with a view to countering risks to monetary policy transmission mechanism related to pandemic."

Market reaction to ECB policy decisions
EUR/USD continued to push higher with the immediate reaction to ECB policy announcements. At the time of press, the pair was up 0.5% on the day at 1.0930.

Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.

The European Central Bank is set to keep key interest rates steady on Thursday for the second time in a row.
Eurozone economic outlook has worsened since the last meeting; however, ECB’s Lagarde could try to push back against rate cut expectations.
Euro is likely to react to updated macro forecasts and Lagarde’s presser.
At the October meeting, the European Central Bank (ECB) kept interest rates unchanged after an unprecedented 450 basis points increase in rates within less than two years. On Thursday, December 14 at 13:15 GMT, the central bank will announce its decision, followed by President Christine Lagarde's press conference at 13:45 GMT. The ECB will also publish updated staff macroeconomic projections. The ECB is widely expected to keep interest rates unchanged. Markets consider that the tightening cycle is over, and rate cuts are expected for the first half of the upcoming year.

European Central Bank interest rate decision: What to know in markets on Thursday
Federal Reserve officials forecast three interest-rate cuts next year.
EUR/USD jumped to 1.0900 following the FOMC meeting, as the US Dollar and Treasury yields tumbled. 
The benchmark 10-year US Treasury bond yield tumbled to 4% on Fed’s policy pivot. 
US S&P 500 rose sharply, breaking above 4,700 to the highest in almost two year; Dow Jones posts record close.
Industrial Production in the Eurozone contracted 0.7% in October, worse than the 0.3% decline expected. Compared to a year ago, production was 6.6% lower.

On Friday, the December HCOB's flash Eurozone Composite Purchasing Managers' Index (PMI) will be released with a modest improvement from 47.6 to 48 expected. 

The ECB event could provide a fresh directional impetus to the EUR/USD pair, with attention set on expectations for what the central bank might do in the first quarter of 2024.

What is expected from the next ECB meeting and how will it impact EUR/USD?
Economists are widely expecting the European Central Bank to announce another hold on Thursday, keeping the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 4.50%, 4.75% and 4.00% respectively. After the policy pivot by the Federal Reserve at the December FOMC meeting, will the ECB definitively turn dovish?

Since the October meeting, inflation in the Eurozone has further softened. The Harmonized Index of Consumer Prices (HICP) experienced a 0.5% drop in November, and the annual rate stood at 2.4%, the lowest level since July 2021. The core inflation rate, which excludes volatile energy and food prices, slowed to 3.6%, the lowest since April 2022. Regarding economic activity, Gross Domestic Product practically stagnated during the third quarter, and reports from the current quarter indicate no significant improvement. The latest report before the meeting showed a decline in Industrial Production by 0.7% in October.

The combination of softer inflation and a weak economic outlook suggests that the ECB is unlikely to tighten monetary policy further at the last meeting of the year. Market expectations for rate cuts in the next year have increased, with a rate cut by the April 2024 meeting already priced in. “President Lagarde will most likely use her press conference to try to push back against the dovish narrative.  However, we note that her October conference was quite downbeat, and the growth outlook has gotten worse since then,” explained analysts at BBH.

Discussions at the Governing Council are expected to focus on adjusting the Pandemic Emergency Purchase Programme (PEPP) and the Minimum Reserve Requirement, but analysts do not anticipate any decisions at this meeting. Another topic of debate is the reinvestment of proceeds of maturing securities.

The ECB is expected to maintain a cautious tone, refraining from declaring victory on inflation. Lagarde may reiterate the narrative of keeping interest rates “high for long” and emphasize that the market's pricing scenario is not the ECB's base case. Comments in a different direction could have significant market implications, with a dovish tone potentially triggering a sharp decline in the Euro.

The ECB will release staff macroeconomic projections for the Eurozone. Inflation and growth forecasts are expected to be revised downward. However, the revisions are likely to be moderate, as more significant revisions would require a change in Lagarde's narrative and could heighten market easing expectations.
“We look for a straightforward hold, with no other policy tweaks. Messaging should reflect recent ECB speeches, acknowledging constructive inflation dynamics and noting weak growth. Projections will be marked to market and are likely to show lower GDP and inflation forecasts,” summarized analysts at TD Securities, consistent with the views of most experts. If the ECB follows through as anticipated, the impact on the market could be relatively limited.

The EUR/USD pair peaked above 1.1000 in late November but experienced a subsequent bearish correction. It bottomed last week at 1.0724. After that, it moved sideways, until the FOMC meeting. The sharp decline of the US Dollar led to an upward movement in the pair, pushing it to 1.0900 and shifting the short-term bias to a bullish outlook. The next strong resistance stands at 1.0970, before the 1.1000 mark. The weak US Dollar serves as crucial support for the upside in EUR/USD ahead of the ECB decision.

On the flip side, the area around 1.0825 is a relevant technical support. The key level to watch is at 1.0730, represented by an upward trendline. If this level is breached and the price moves below it, it could potentially signal further losses and open the way for a downward trend to develop.

If the ECB keeps rates unchanged and Lagarde delivers no surprises, the impact on the market could be limited, and the focus will shift to the next meeting on January 15, 2024. In the unexpected scenario where the ECB strikes with a firm hawkish tone, potentially accompanied by an announcement of a reduction in the PEPP reinvestments, the Euro could rally, approaching 1.1000. However, it may not necessarily be sustainable, as it could swiftly fade as market attention turns back to the economic outlook. 

 

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