24/04/2026 - 06:58 UTCThe USDX solidified its three-day rally on Thursday, rising 0.22% to stabilize near the 99.00 level. The Greenback continues to benefit from a de-anchoring of inflation expectations driven by high energy costs and the stalled peace negotiations between Washington and Tehran. With the U.S. naval blockade of Iranian ports persisting, the Dollar’s status as a premier safe haven remains intact. Investors are now paring back bets for near-term Federal Reserve rate cuts, shifting focus toward upcoming consumer inflation data and next week’s pivotal monetary policy announcement, where the central bank is widely expected to maintain current interest rates.
Gold extended its retreat on Thursday, falling -0.68% to reach a two-week low near the $4,757 region. The precious metal is on track for its first weekly loss in over a month, pressured by the dual headwinds of a stronger Dollar and intensifying Middle East tensions. The lack of progress in diplomatic talks and aggressive rhetoric regarding the Strait of Hormuz have bolstered the Greenback, while a less dovish outlook for the Fed has reduced the appeal of the non-yielding bullion. Market participants remain cautious as the technical setup suggests potential for further depreciation if support levels continue to be tested.
WTI Oil experienced significant upward momentum on Thursday, surging 4.39% to trade near $95.50 per barrel. Supply concerns have intensified following reports that the U.S. military intercepted two Iranian supertankers attempting to bypass the blockade, alongside renewed threats from Tehran against maritime traffic in the Strait of Hormuz. Analysts warn that if the disruption of this critical energy route persists into June, global crude and refined product inventories could fall below five-year seasonal lows. This supply-risk premium remains a dominant force, keeping prices buoyed despite fluctuating inventory data.
Asian markets traded with a heavy tone on Friday as the momentum in the technology sector cooled amid high energy prices and persistent geopolitical friction. While regional indices initially saw support from a ceasefire extension in a separate Middle East front, the primary focus remained on the stalled negotiations between the U.S. and Iran, which has kept inflationary concerns at the forefront.
In Japan, the Japan 225 managed to edge higher after recording a fresh all-time high earlier in the week. Investors weighed latest government data showing that core consumer prices rose to 1.8% in March; while this remains below the central bank's official target, it has fueled speculation regarding a potential shift in monetary policy during next week's meeting. Conversely, the China SSE, China SZSE, and Hong Kong 50 all moved lower, reflecting broader regional caution and a retreat in high-growth sectors.
In the U.S., first-quarter earnings season has maintained a broadly solid trajectory, with nearly 80% of S&P 500 companies exceeding analyst expectations. Tesla kicked off the "Magnificent Seven" cycle with a beat on both revenue and profit; however, its shares fell 3.7% as investors reacted to a massive capital expenditure hike to over $25 billion for AI and robotics. In the semiconductor space, Texas Instruments surged 19.4% on strong guidance while software company IBM slumped 8.3% following disappointing reports.
In other sectors, Honeywell and Lockheed Martin saw declines as the Middle East conflict pressured revenues and profits, while American Express shed 4.3% despite a comfortable earnings beat and record card spending growth. Regarding the broader market, major indices finished lower on Thursday as intensifying maritime friction in the Strait of Hormuz and President Trump’s "shoot and kill" order for mine-laying vessels dampened investor sentiment.
Looking ahead, market focus shifts to a heavy slate of central bank decisions from the BOJ, BOC, and BOE due next week. The primary highlight will be the Federal Reserve's interest rate announcement and FOMC press conference. Crucial U.S. data, including Advance GDP, Core PCE, and the Employment Cost Index, will also be vital in shaping the future outlook for inflation and monetary policy.
EUR/USD remained under pressure on Friday, hovering near 1.1680 during Asian trading after posting losses over the previous three sessions. The pair was largely unchanged as the US Dollar continued to draw support from safe-haven flows amid ongoing geopolitical uncertainty surrounding tensions between the United States and Iran.
Market sentiment remained cautious after reports that the US military intercepted two Iranian oil supertankers allegedly attempting to bypass Washington’s blockade. The move comes as the US intensifies restrictions on Iranian shipping, while Tehran has warned it could target vessels passing through the Strait of Hormuz.
US President Donald Trump stated that Iranian oil infrastructure could face attacks if Tehran fails to halt exports. Iranian authorities rejected claims of any truce extension and accused Washington of violating previous understandings by maintaining naval restrictions on Iranian trade.
The Dollar also gained support from stronger-than-expected US economic data. Weekly Initial Jobless Claims rose modestly to 215,000 from 212,000, signaling continued resilience in the labor market. Meanwhile, S&P Global PMI data surprised to the upside, with Manufacturing rising to 54.0 and Services at 51.3, both indicating ongoing business expansion.
In contrast, the Euro came under pressure after weaker Eurozone data. The preliminary HCOB Composite PMI fell to 48.6 in April from 50.7 in March, missing market expectations of 50.2. Germany’s flash Composite PMI also disappointed, dropping to 48.3 against forecasts of 51.1.
Gold prices extended losses on Friday, with XAU/USD slipping to a two-week low. The precious metal remains on course for its first weekly decline in five weeks as a stronger US Dollar and persistent geopolitical tensions weigh on sentiment.
Rising tensions between the United States and Iran continue to support demand for the Dollar as a safe-haven asset. Markets remain cautious amid ongoing friction over the Strait of Hormuz and limited progress toward a broader peace agreement.
The continued uncertainty has reinforced the US Dollar’s global safe-haven appeal, creating headwinds for Gold. A stronger Dollar typically reduces the attractiveness of bullion for holders of other currencies.
At the same time, disruptions to energy flows through the Strait of Hormuz have kept crude oil prices elevated, reviving concerns over higher global inflation. Persistent inflation risks could encourage central banks, including the Federal Reserve, to maintain tighter monetary policy for longer.
Current market expectations point to only one 25-basis-point Fed rate cut in 2026, a more hawkish outlook that has supported US Treasury yields and further boosted the Dollar. Higher yields tend to pressure non-interest-bearing assets such as Gold.
Later on Friday, investors will monitor the revised University of Michigan Consumer Sentiment Index for fresh clues on the US economy. However, geopolitical developments are likely to remain the main driver of market volatility and precious metals trading in the near term.
Oil prices moved higher on Thursday as concerns over a prolonged conflict between the United States and Iran intensified after President Donald Trump said he was in no rush to reach a resolution.
Prices surged after reports of air strikes in and around Iran, while additional headlines indicated that Tehran’s lead negotiator in Pakistan-mediated talks with Washington had stepped down, raising doubts over diplomatic progress.
Speaking to reporters on Thursday, Trump said he did not want to “rush” into an agreement with Iran, adding that US military actions had significantly weakened Tehran’s capabilities.
He also ordered US forces to “shoot and kill” any Iranian vessels attempting to lay mines in the Strait of Hormuz. The comments followed the release of Iranian footage showing commandos boarding a ship and highlighting the country’s fast-boat naval operations in the strategic waterway.
The latest developments point to an extended standoff in the Strait of Hormuz, a scenario that could continue to restrict oil flows through one of the world’s most critical energy chokepoints.
Trump also announced that Israel and Lebanon had agreed to extend their ceasefire by three weeks following talks in Washington, though the move offered limited reassurance to energy markets.
Oil prices have continued climbing despite Washington’s decision to indefinitely extend a ceasefire with Tehran, as broader peace negotiations remain stalled. Disagreements reportedly center on Iran reopening Hormuz and the US maintaining its naval blockade.
Major Middle Eastern exporters, including Saudi Arabia and Qatar, are exploring shipping routes that bypass Hormuz. However, supply flows from the region remain well below pre-conflict levels, keeping upward pressure on global crude prices.
US stocks ended lower on Thursday as renewed geopolitical tensions between the United States and Iran weighed on investor sentiment, overshadowing another round of generally solid corporate earnings results.
Despite President Donald Trump’s announcement earlier this week of a ceasefire extension between the US and Iran, tensions escalated around the Strait of Hormuz.
Mediators from Pakistan, Turkey and Egypt were reportedly working to revive talks between Washington and Tehran, with efforts underway to arrange a potential meeting as early as Friday. However, progress remained limited, raising doubts over a near-term diplomatic breakthrough.
Despite geopolitical headwinds, first-quarter earnings season has delivered a solid start, with nearly 80% of S&P 500 companies reporting so far beating analyst expectations.
Tesla reported better-than-expected quarterly earnings, but shares fell 3.6% after the company raised capital expenditure plans to more than $25 billion this year to support investments in robotics and autonomous driving.
Texas Instruments surged 19.5% after issuing stronger-than-expected guidance, lifting sentiment across the semiconductor sector.
US economic data showed business activity improved in April after slowing sharply in March. However, initial jobless claims rose to 214,000, slightly above expectations, while continuing claims increased to 1.821 million.
The mixed data reinforced expectations of a slowing but still resilient US economy, leaving markets focused on geopolitical developments and corporate earnings for direction.
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