Date: 29.05.2026
Market Sentiment
Markets are trading with a softer dollar bias as reports of a potential U.S.-Iran ceasefire extension and possible reopening of Hormuz reduce immediate energy-risk premiums. Brent is lower near $92.69, while gold is recovering around $4,518 after recent pressure. U.S. PCE inflation remains elevated, but broadly in line data limited fresh Fed repricing. Yen intervention risk is also back in focus with USD/JPY near 159.30, while NZD is outperforming after a hawkish central-bank signal.
Previous Session Recap
| Market | Move |
|---|---|
| USD | Softer into week-end |
| Oil | Brent fell over 1% |
| Gold | Rebounded from lows |
Top Overnight Global Forex Headlines
| Driver | Market impact |
| U.S.-Iran talks | Lower oil risk premium |
| U.S. PCE | Fed caution remains |
| China PMI poll | Metals demand watched |
Forex Focus of the Day
USD direction remains the main focus. EUR/USD is holding near 1.1643, GBP/USD is softer around 1.3418, and USD/JPY remains sensitive near 159.30. AUD/USD is steady near 0.7160, while NZD/USD is stronger near 0.5963 after the RBNZ tone.
Key Economic Events
| Time | Event |
| All day | German CPI updates |
| 13:30 | Canada GDP |
| 14:45 | U.S. Chicago PMI |
Major Forex Currency Outlooks & Commodities Outlook
| Instrument | Today’s focus |
| EUR/USD | Euro inflation data |
| GBP/USD | Dollar and gilt tone |
| USD/JPY | Intervention risk |
| AUD/USD | China PMI expectations |
| NZD/USD | RBNZ repricing |
| XAU/USD | Dollar, yields, haven demand |
| Brent | Hormuz ceasefire headlines |
Commodities Watch
Gold is firming as weaker dollar conditions offset reduced haven demand. Brent remains headline-driven, with supply-risk premiums easing while markets wait for confirmation on Hormuz shipping access.
Key Forex Technical Zones
| Instrument | Support | Resistance |
| EUR/USD | 1.1600 | 1.1660 |
| GBP/USD | 1.3380 | 1.3460 |
| USD/JPY | 158.60 | 160.00 |
| AUD/USD | 0.7120 | 0.7200 |
| NZD/USD | 0.5920 | 0.6000 |
| XAU/USD | 4,495 | 4,528 |
| Brent | 91.50 | 94.00 |
Trader’s Takeaway
Today’s setup favours disciplined reaction over prediction. Watch whether lower oil prices continue to support risk sentiment, whether U.S. data keeps the dollar capped, and whether USD/JPY attracts official commentary near 160. Price confirmation matters more than chasing first headlines.
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