(By ATFX Analyst Team)
Key TakeawaysOn Tuesday, the U.S. announced the reinstatement of a full maritime blockade on all Iranian ports. At the same time, President Trump withdrew his earlier plan to impose a 20% transit fee on shipments through the Strait of Hormuz. U.S. June consumer inflation cooled more than expected, falling to 3.5% YoY. CPI dropped 0.4% MoM, the largest monthly decline since April 2020, driven mainly by lower energy prices. Following the release, traders reduced expectations for a Fed rate hike in July. Today’s focus: U.S. June PPI, expected to slow to 6.2% YoY (prior 6.5%), signalling inflation may have peaked. The Bank of Canada is expected to hold rates at 2.25%, but markets will watch its updated inflation and economic outlook for guidance. Early Thursday, the Fed Beige Book will provide fresh insights on growth, inflation, and job markets. |
Global Market Review 15/07/2026
U.S. equities rose Tuesday on easing rate concerns and strong earnings. Major banks reported solid results. Dow +0.02%, S&P 500 +0.38%, Nasdaq +0.9%.
Softer inflation reduced expectations for further Fed tightening. Treasury yields fell, and the dollar retreated.
Gold rose 1.3% as weaker inflation boosted expectations for a less hawkish Fed.
Oil extended gains as the U.S. reinstated its blockade on Iran.
Key Events Today:
- 10:00 CN GDP Q2 ***
- 17:00 EU Industrial Production MAY **
- 20:30 US PPI JUN ***
- 21:45 BoC Interest Rate Decision ***
- 22:30 BoC Press Conference ***
- 22:30 EIA Crude Oil Stocks Change **
July 16 (GMT+8)
- 02:00 Fed Beige Book ***
- 14:00 GB GDP MAY **
- 14:00 GB Industrial Production MAY **
- 20:30 US Retail Sales JUN ***
- 20:30 US Initial Jobless Claims ***
- 22:00 US Pending Home Sales MoM JUN **
Markets Analysis 15/07/2026
- Resistance: 1.1459 / 1.1473
- Support: 1.1414 / 1.1400
Softer U.S. inflation eased pressure on the Fed, lifting EUR/USD above 1.1400 to early‑month highs before a partial pullback.
Analyst View: Resistance near 1.1460 capped upside. Watch for retests; failure to break may limit momentum.
Bias: Mildly bullish
- Resistance: 1.3461 / 1.3499
- Support: 1.3339 / 1.3301
Sterling rose on weaker U.S. inflation, nearing last week’s one‑month highs before stalling at 1.3443.
Analyst View: Reclaimed above the 10‑day MA, now key support. Short‑term rebound potential remains, though trendline resistance near recent highs may cap gains.
Bias: Mildly bullish
- Resistance: 162.45 / 162.71
- Support: 161.60 / 161.33
USD/JPY briefly fell below 162 on Tuesday before recovering as traders scaled back bets on Fed rate hikes.
Analyst View: Closed back above key MAs near 162, showing bulls still in play. Momentum to retest highs remains, but the rebound is limited.
Bias: Slightly weak
- Resistance: 82.45 / 83.72
- Support: 78.15 / 76.50
Supply concerns persisted, but Trump scrapped the plan to impose a transit fee on ships transiting the Strait of Hormuz. Oil extended gains but slowly, holding near one‑month highs.
Analyst View: Consolidating around $80. Sustained rebound could reach above $82.
Bias: Bullish with cautious
- Resistance: 4104 / 4142
- Support: 4012 / 3982
- Resistance: 60.34 / 61.46
- Support: 57.61 / 56.72
Gold rebounded from July 1 lows, closing higher as weaker inflation reduced Fed hike odds. Early Asia trade saw prices near $4,050.
Analyst View: Resistance from Iran tensions and clustered MAs may keep bulls cautious below $4,100. Watch U.S. PPI for guidance.
Bias: Mildly bullish
- Resistance: 52,836 / 53,074
- Support: 52,313 / 52,079
Dow rose modestly Tuesday, supported by softer inflation and strong bank earnings.
Analyst View: Reclaimed above the 20‑day MA. Needs to overcome 10‑day MA and trendline resistance from recent highs.
Bias: Trading within moving averages
- Resistance: 30,083 / 30,326
- Support: 29,504 / 29,310
Nasdaq rebounded on stronger risk appetite, supported by tech stocks and easing inflation.
Analyst View: Held most gains after testing key MAs but failed to break higher. Watch for a slowdown in momentum if resistance holds.
Bias: Rebound capped
- Resistance: 65,576 / 66,485
- Support: 63,508 / 62,584
Bitcoin surged over 4% Tuesday, breaking out of a two‑week range to its highest since June 22, supported by softer inflation and Trump’s cancellation of the Strait of Hormuz fee plan.
Analyst View: BTC/USD hit highs near $65,700 and is targeting levels above $66,000. Watch for cautious momentum at elevated levels.
Bias: Short‑term bullish
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