Weekly Market Round Up

Foreign Exchange (FX)

• US Dollar Index (DXY): The Greenback spent most of the week grinding upward toward the critical 100.00 handle, driven by safe-haven demand and rate expectations. However, it surrendered gains late in the week, closing around 99.87. A combination of cooling US CPI (3.4% YoY), a softer Producer Price Index (PPI), and elevated weekly jobless claims pulled the index back below key resistance.
  
  
• EUR/USD & GBP/USD: Major pairs traded in relatively tight ranges due to ongoing carry trade strategies. GBP/USD held close to the 1.3500 level, facing capped upside from broad dollar demand during early-week geopolitical jitters.
  
  
• FX Outlook: Cross-currency volatility remains contained, but macro divergence and potential energy shock spillovers keep carry trades vulnerable heading into late August.
  
  

Crude Oil (Brent & WTI)

• Geopolitical Drivers: Oil markets saw heavy volatility tied directly to headlines surrounding the Strait of Hormuz standoff between Washington and Tehran.
  
  
• Price Movements:
  
  
  • After shedding over 7% the prior week on diplomatic optimism, prices surged nearly 5% on Monday after Iranian officials denied progress on talks and demanded an immediate end to US naval presence.
    
    
  • Brent Crude fluctuated between $84.00 and $88.00/bbl, while WTI pulled back slightly toward the end of the week, settling around $82.11/bbl.
    
    
• Key Levels: The 200-week EMA provided dynamic support, with markets remaining highly sensitive to headline risks in the Middle East.
  
  

Spot Gold (XAU/USD)

• Safe-Haven Rally: Gold maintained strong bullish momentum throughout the week, benefiting from Middle East geopolitical risk and easing Fed rate expectations following softer economic data.
  
  
• Key Price Levels:
  
  
  • Futures/Spot Peaks: COMEX Gold futures touched a multi-week high of $4,495/oz on August 11, while Spot Gold (XAU/USD) traded above $4,400/oz into the Thursday/Friday close.
    
    
  • Technical Outlook: Analysts highlight the $4,360–$4,370 zone as crucial support for bulls to maintain structure, with the next major upside target sitting near $4,490–$4,500.

Summary Table