Overview of Forex Market Dynamics

The Forex market on July 8, 2025, showcased significant movements across major currency pairs and precious metals. Notable fluctuations were observed due to various geopolitical and economic triggers, including interest rate decisions, tariff announcements, and market speculation. This article delves into the detailed movements of USD/JPY, EUR/USD, GBP/USD, and the metals market with a special focus on gold prices across different regions.

Significant Movements in Major Currency Pairs

The USD/JPY pair reached the target range of 145.70-90 before pushing higher, indicating a strong dollar against the yen. The pair is now testing resistance at 147.50-70, while maintaining support at 145.70. Meanwhile, the GBP/USD experienced a decline, hitting 1.3560 with potential further drop towards 1.3400. Resistance and support levels have been identified at 1.3785 and 1.3370 respectively, suggesting a possible trading range. The EUR/USD pair continued its uptrend, reaching a second target of 1.1690 and is now aiming for 1.2000, bolstered by favorable market conditions.

Gold and Silver Market Insights

Gold prices have shown resilience, with the XAU/USD pair maintaining levels around 3,336 and eyeing a move towards 3,345. Despite rising US yields and a stronger dollar, gold remains a focus for investors. Silver also demonstrated bullish momentum, targeting a breakout at 37.06. Regionally, gold prices dropped in Saudi Arabia, Philippines, UAE, Pakistan, India, and Malaysia as per FXStreet data, influenced by global market trends and local economic factors.

Impact of Economic Decisions on AUD and CAD

The RBA's decision to hold interest rates steady at 3.85% led to a surge in AUD/USD and AUD/NZD, with the latter climbing to near 1.0860. Conversely, the USD/CAD pair fell to around 1.3650 after a previous session gain, affected by renewed tariff threats from the US. These movements reflect the direct impact of policy decisions and geopolitical developments on currency valuations.