Overview of the Forex Market

Today's Forex market shows significant movements across major currency pairs and precious metals, influenced by recent geopolitical events and economic data. The rejection of tariffs and subsequent legal rulings have notably impacted the USD's performance against a basket of currencies, while precious metals like gold and silver have seen varied responses to these macroeconomic changes.

USD and Major Currency Pairs

The USD/CHF pair experienced a pullback from the 0.8345 mark, directing attention towards the 0.8265 support level as the USD retreats against its main counterparts. Similarly, the USD/CAD pair reflects moderate losses, trading near 1.3800, influenced by rising oil prices which bolster the Canadian Dollar. The EUR/USD pair continues its downward trajectory, now testing supports near 1.1256, largely due to a stronger USD across sessions. Moreover, the USD/JPY pair shows a retraction to around 145.00 after peaking above 146.00, indicating a volatility in response to the US legal stance on trade tariffs.

Impact on Precious Metals: Gold and Silver

Gold has rallied from a one-week low, with prices bouncing back to near $3,300 per ounce as the dollar weakens following the tariff-related court decisions. This bullish sentiment in gold is supported by the uncertain legal landscape and the Federal Reserve's rate outlook. Silver also mirrors this positive trend, rebounding off the 50-day moving average and trading at around $33.32 per ounce, spurred by the blocked US tariffs which enhance prospects for industrial demand.

Australian and New Zealand Dollars

The AUD/USD pair finds itself above the 0.6400 support level, with potential resistance looming near 0.6540. Despite a Capex miss and potential RBA cuts, the AUD maintains its ground. The NZD/USD, while expected to trade sideways within the 0.5900 to 0.6000 range, currently finds support at 0.5950, reflecting a neutral market bias.