• The Federal Reserve delivered a hawkish hold and signalled a major policy regime shift. While rates remained unchanged at 3.50%-3.75%, Chair Kevin Warsh abolished traditional forward guidance, reinforcing a data-dependent approach and increasing the likelihood of higher market volatility.
• Higher-for-longer interest rate expectations pressured risk assets. The S&P 500 fell 1.2%, the Nasdaq 100 dropped 1%, Treasury yields rose, and the US dollar strengthened as investors repriced the probability of another Fed rate hike before the end of 2026.
• Markets remain caught between easing geopolitical risks and restrictive monetary policy. While the official US-Iran interim peace agreement supported equity futures and pushed oil prices lower, the Fed’s hawkish stance continues to weigh on equity valuations, gold, and other rate-sensitive assets.
• Chart of the day: GBP/USD’s intraday plunge overextended, watch 1.3280/3262 key short-term pivotal support for a potential relief corrective rebound.

Wednesday’s 1% plunge in GBP/USD was the worst single-day performance in nine months, reinforced by the Fed’s hawkish hold on monetary policy.

Interestingly, yesterday’s drop has now stalled right after a retest of the medium-term ascending trendline for GBP/USD, in place since the 4 November 2025 low, ahead of the BoE’s monetary policy decision out later today at 7.00 p.m SGT (see Fig. 1).

The hourly RSI momentum indicator has just exited its oversold region after hitting an extreme level of 15.8 ex-post the FOMC, suggesting a potential minor relief-bounce for GBP/USD at this juncture.

Watch the 1.3280/3262 key short-term pivotal support, and a clearance above the 1.3325 near-term resistance reinforces the minor corrective rebound scenario towards the next intermediate resistances at 1.3360 and 1.3385.

However, a break with an hourly close below 1.3262 invalidates the relief bounce to continue the bearish impulsive down move sequence to expose the next intermediate supports at 1.3237 and 1.3210 on an intraday basis.

• Fed holds rates steady, but policy shocks markets with hawkish shift: The Federal Open Market Committee (FOMC) voted unanimously to keep the federal funds rate at its target range of 3.50% to 3.75%. However, the central bank’s updated economic projections delivered a hawkish surprise: 9 out of 19 officials now anticipate at least one interest rate increase before the end of 2026, forcing markets to aggressively price out near-term easing cycles.
• Chair Kevin Warsh triggers Fed "regime change” by killing forward guidance: In his highly anticipated debut press conference, newly appointed Fed Chair Kevin Warsh structurally overhauled the central bank’s communications playbook. Warsh delivered a drastically shortened committee statement and explicitly abolished traditional forward guidance, stating that financial markets operate best when reacting directly to real economic data rather than central bank hints. He also launched five new internal task forces to review the Fed’s balance sheet, communication framework, and inflation models.
• Wall Street slumps 1% as higher-for-longer projections rattle tech: U.S. stock benchmarks plunged in the closing minutes of the regular session as investors digested the shifting interest-rate dot plot. The S&P 500 slid 1.2%, alongside a 1% fall in the Nasdaq 100, completely wiping out early-session cyclical gains as rate-sensitive megacaps faced intense liquidation pressure.
• IEA warns of historic oil inventory depletion despite reopening framework: In its monthly global energy report, the International Energy Agency (IEA) warned that global oil inventories could hit historic lows over the coming months. Although Bloomberg published a 14-point memorandum detailing a U.S.-Iran agreement to restore toll-free commercial shipping through the Strait of Hormuz within 30 days, the IEA emphasised that physical export normalisation will remain highly gradual due to steep operational bottlenecks.
• Trump expresses full confidence in Warsh’s rate stance: President Donald Trump reacted mildly to the Fed’s hawkish hold, telling reporters, "It’s all right, whatever”. When questioned on the growing likelihood of an additional rate hike later this year, Trump acknowledged it “could happen” but reiterated his complete confidence in the new Chair, stating he is guided by what Warsh wants to do.

• The eradication of forward guidance and return to data dependency: Chair Kevin Warsh has officially initiated a monumental regime change in the Federal Reserve’s relationship with public capital markets. By removing forward-looking linguistic roadmaps from the policy statement, the central bank has effectively blindfolded traders who rely on pre-commitment signals. Warsh’s philosophy shifts the burden of price discovery entirely back to incoming economic data. While this may minimise the Fed’s vulnerability to blind feedback loops, it introduces a structurally higher baseline of volatility across global bond and equity horizons.
• The friction between paper accords and physical energy reality: The crude complex is navigating a stark disconnect between geopolitical diplomatic announcements and structural supply limits. Front-month futures contracts have been aggressively extracting the war premium on the back of the newly published 14-point U.S.-Iran memorandum. However, as the IEA explicitly highlighted, a political agreement cannot instantly clear physical distribution channels. Demining delays, insurance recalibrations, and logistical constraints mean that global structural inventory depletion will worsen before an anticipated supply surplus materialises next year.
• Valuation compression hits richly priced public equities: The upward shift in the Fed’s median dot plot—with half of the committee now signalling that a rate hike may be required before the year concludes, has forced an abrupt recalculation of equity risk premiums. Growth and technology names, which had brushed off sticky inflation metrics under the assumption of an impending autumn easing cycle, are highly vulnerable to this "higher-for-longer" baseline adjustment. With the cost of capital remaining structurally locked at multi-decade highs, equity multiples are under organic pressure.

Equities: The S&P 500 slumped 1.2% to settle at 7,420, while the tech-heavy Nasdaq 100 dropped 1%. The Dow Jones Industrial Average suffered a 507-point drop (1.0%) to finish at 51,498, reversing an intraday gain of 0.5% recorded earlier in the morning session. Small caps shared the pain, with the Russell 2000 closing down 0.7%.

In today’s Asia opening session, the E-mini futures of the S&P 500 and Nasdaq 100 recovered by 0.8% and 1.4% reinforced by the official signing of the US-Iran interim peace deal by US President Trump.

Fixed Income: Sovereign bonds faced steep selling pressure as rate-cut bets were unwound. US Treasury yields climbed across the curve, pushing long-duration yields higher. Driven by the hawkish shifts, the benchmark U.S. 30-year fixed mortgage rate jumped to an estimated 6.62%, up from 6.54% the prior day.

FX: The U.S. Dollar Index caught an aggressive safe-haven bid in late New York trading following Warsh’s remarks. The euro and British pound gave up intraday gains and traded under pressure, dropping by 0.9% and 1% by the close of Wednesday’s session. The Japanese yen edged lower, remaining highly sensitive to widening yield spreads and trading near the recent intervention threshold of 160.65.

Commodities: Front-month international energy contracts inched lower in line with the broader risk-off equity slide, with Brent crude futures sliding 0.9% to near $78.66/bbl despite the IEA’s warning about inventory depletion. Spot gold fell 1.7% to settle near $4,258/oz after a bearish reaction below the 20-day moving average as surging nominal yields diminished the appeal of non-yielding safe havens.

• Mixed performances: The current bounce seen in the E-mini futures of the S&P 500 and Nasdaq 100 have managed to negate the overnight weakness inflicted on US stock indices. Japan’s Nikkei 225 surged by 2% to another intraday record high of 71, 330. Also, another fresh high was seen on South Korea’s KOSPI (+1.7%). In contrast, Hong Kong’s Hang Seng Index and Australia’s ASX 200 underperformed, posting intraday losses of 1.7% and 0.6%.
• Yen remains locked near key intervention floor: The Japanese yen continues to hug the critical 160.65 level per US dollar. With the Federal Reserve signalling a sustained restrictive policy stance, wide interest-rate differentials continue to favour the greenback, keeping the Bank of Japan on high alert for spot-market smoothing operations.
• Regional importers absorb elevated near-term energy costs: Despite long-term optimism about the upcoming reopening of the Strait of Hormuz, Asian refiners are continuing to draw down costly near-term stockpiles. The IEA’s confirmation of multi-month transit bottlenecks ensures input energy constraints will linger for non-OPEC APAC economies through the summer.

1. BoE Interest Rate Decision - 7.00 PM SGT (consensus: on hold at 3.75%) Impact: GBP/USD, GBP crosses, FTSE 100, UK Gilts
2. US Weekly Initial Jobless Claims - 8.30 PM SGT Impact: USD, US stock indices, short-end US Treasuries
3. US Conference Board Leading Index (May) - 10:00 PM SGT (consensus: 0.1% m/m, Apr: 0.1% m/m) Impact: US stock indices, USD

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• The June FOMC meeting is a communication event rather than a rate decision event. Markets fully expect rates to remain unchanged at 3.50%-3.75%, with the real focus on the dot plot, inflation forecasts, policy language, and Fed Chair Kevin Warsh’s first press conference.
• Markets have rapidly repriced toward a higher-for-longer Fed. Fed funds futures now imply a 77% probability of a rate hike by December 2026, up sharply from 24% a month ago, despite the recent collapse in oil prices following the US-Iran interim peace agreement.
• A hawkish hold remains the base-case scenario. A higher dot plot, upward inflation revisions, and a less dovish policy bias would likely support the US dollar while weighing on Gold, the Nasdaq 100, EUR/USD, and AUD/USD.

The 17 June 2026 FOMC is not a normal “rate decision only” event. The market already expects the Fed to hold rates at 3.50%–3.75%, so the real trading signal will come from the dot plot, economic projections, policy-statement language, and new Chair Kevin Warsh’s first press conference.

Based on the latest data from CME FedWatch tool, US Fed funds futures are now pricing around 77% chance of a rate hike by December (see Fig. 1), up sharply from 24% a month earlier, despite lower oil prices since the start of the week due to US-Iran interim peace deal agreement, which means the market has already shifted from “rate-cut hope” to “higher-for-longer or even hike risk.”

The release of the FOMCE statement, interest rate decision, and “dot” plot (economic projections) will be on 18 June, 2.00 am SGT, followed by Warsh’s press conference at 2.30 am SGT.

The biggest mistake would be to trade only the first 2:00 am SGT candle. The initial move can easily reverse once Warsh starts speaking at 2:30 am SGT, especially because this is his first press conference and markets are trying to understand whether he will be more hawkish, less predictable, or less willing to give forward guidance.

The Fed is expected to leave rates unchanged, but that does not mean the meeting is neutral. The risk is in the message.

The market participants want to know four things:

1. Will the Fed remove its previous easing bias?
2. Will the dot plot show fewer cuts or even some hikes?
3. Will inflation forecasts be revised higher?
4. Will Warsh sound as if he is preparing markets for a possible hike later this year?

Media outlets reported that most policymakers are expected to keep rates on hold for 2026, but some may pencil in a hike. That would be a hawkish shift from March, when the Fed was still leaning more toward eventual cuts.

Hence, this makes the meeting a communication shock event, not a rate-shock event.

The most likely outcome is a hawkish hold.

The Fed keeps rates unchanged at 3.50%–3.75% but removes language suggesting the next move is likely to be a cut. The dot plot shifts higher. Inflation projections are revised up. Warsh says policy must remain flexible and data-dependent, but does not validate market hopes for easing.

This is the scenario markets are partly prepared for, but not fully. The trade reaction depends on how far the dot plot and Warsh go.

Let’s now focus on the short-term technical charts and key levels to monitor.

The EUR/USD is likely one of the “cleaner” Fed trades because it is highly sensitive to US interest-rate repricing and dollar direction (the euro has the largest weight in the US Dollar Index).

Watch the 1.1645/1660 short-term pivotal resistance to maintain the bearish bias; a break below 1.1575 (Tuesday, 16 June low) reinforces a potential drop towards the intermediate supports of 1.1554 and 1.1510 (minor range bottom of 8 June/12 June 2026) (see Fig. 2).

On the flip side, a clearance and an hourly close above 1.1660 would invalidate the bearish tone and extend the corrective rebound towards the next intermediate resistances at 1.1685 and 1.1720.

AUD/USD is probably the best high-beta FX expression of a hawkish Fed. The Australian dollar tends to weaken when US Treasury yields rise and global risk appetite wanes.

On Tuesday, 16 June 2026, the RBA kept its policy cash rate on hold at 4.35% after three consecutive rate hikes, but warned that the current interest rate hike cycle may be over, which provides some form of support for the Australian dollar, but a hawkish Fed is likely to tilt the macro narrative and dominate in the near-term

The recent minor corrective rebound seen on the AUD/USD from the 11 June 2025 low area of 0.6980 is now fast approaching an inflexion level of 0.7120 (the medium-term descending trendline in place since the 13 May 2026 high and 20-day moving average.

Watch the 0.7120 key short-term pivotal resistance for a potential bearish reversal. Breaking below 0.70300 (close to the ex-post RBA low of 0.7042) reinforces the bearish tone and exposes the next intermediate supports at 0.6980 and 0.6960/6945 in the first step (see Fig. 3).

However, a clearance and an hourly close above 0.7120 invalidate the bearish scenario for an extension of the corrective rebound towards the next intermediate resistance at 0.7140 (also the 50-day moving average), and possibly 0.7190 thereafter.

The tech-heavy Nasdaq 100 is the most rate-sensitive of the major US benchmark stock indices. If the Fed removes its easing bias and the dot plot shifts higher (implying one rate hike in 2027), the Nasdaq 00 should underperform the Dow Jones Industrial Average and S&P 500.

Monday’s monstrous gap-up rally in the US Nasdaq 100 CFD (a proxy for the Nasdaq 100 E-mini futures), triggered by the US-Iran interim peace deal, has started to show signs of near-term bullish exhaustion below the current all-time high area of 30,728/795.

Watch the 30,530 key short-term pivotal resistance, with intermediate supports at 30,015 and 29,700 (also the 20-day moving average) (see Fig. 4).

A break below the critical 29,700 suggests that Monday’s gap-up is likely a bull trap, and the bears may gain the upper hand to push prices lower towards 29,170 and even the key medium-term support of 28,280 (also the 50-day moving average).

On the flipside, a break above 30,530 is likely to probe the current all-time high area of 30,728/795 (Tuesday, 16 June’s bearish reaction), and a clearance above 30,795 triggers a potential extension of the bullish impulsive up move sequence towards the next intermediate resistances at 31,125 and 31,450 (Fibonacci extension).

Gold is the clearest expression of this FOMC. A hawkish Fed means higher real yields, a stronger dollar, and lower demand for non-yielding assets. That is usually negative for gold.

The recent 8.6% minor corrective rebound of gold within its medium-term downtrend (still below the 20-day, 50-day, and 200-day moving averages) from the 11 June 2026 low has started to show bullish exhaustion, as evidenced by the bearish divergence condition flashed by the hourly RSI momentum indicator on Tuesday, 16 June 2026 (see Fig. 5).

Watch the 4,432/466 key short-term pivotal resistance for a potential bearish reversal; a break below 4,309 reinforces the bearish bias and exposes the next intermediate supports at 4,242/220 and 4,171 in the first step.

On the other hand, a clearance and an hourly close above 4,466 (also the 200-day moving average) may see a further squeeze up towards the next intermediate resistances at 4,535 and 4,580.

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• Global markets paused ahead of the Federal Reserve meeting, with investors reducing risk exposure before Fed Chair Kevin Warsh’s first policy decision and updated economic projections. The S&P 500 slipped 0.6%, while the Nasdaq 100 fell 1.9%.
• The collapse in crude oil prices continues to reshape the macro narrative, as WTI plunged to a three-month low below US$77 per barrel on expectations of a formal US-Iran agreement and the reopening of the Strait of Hormuz, significantly reducing near-term inflation pressures.
• A sharp rotation is underway beneath the surface, with technology and semiconductor stocks underperforming while financials, industrials, and defensive cyclicals drive the Dow Jones Industrial Average to fresh record highs.
• Chart of the day: Nikkei 225’s minor bullish acceleration trend remains intact above 68,735/089 key short-term pivotal support

The minor uptrend phase of the Japan 225 CFD (a proxy for the Nikkei 225 futures) remains intact since the 11 June 2026 intraday low of 62,329, supported by a renewed bullish momentum condition in the hourly RSI (see Fig. 1)

Watch the 68,735/089 key short-term pivotal support to maintain the bullish bias to seek out the next intermediate resistances at 70,180 and 71,790/72,735 (Fibonacci extension cluster).

However, failure to hold and an hourly close below 68,089 negates the bullish tone, opening scope for a retracement to retest the next intermediate supports at 67,224 and 65,875 (also the 20-day moving average).

• S&P 500 rally falters on eve of new Fed Chair Kevin Warsh’s debut: A sweeping rally that brought equities to the edge of all-time highs paused on Tuesday, 17 June. Trading desks trimmed exposures ahead of the highly anticipated Federal Reserve interest rate decision, marking newly appointed Chair Kevin Warsh’s inaugural policy showcase. The S&P 500 slipped 0.6%, and the Nasdaq 100 underperformed, down 1.9%, as technology giants led a pre-meeting corrective decline. In contrast, the Dow Jones Industrial Average outperformed, rallied by 0.6% to a record high, led by Goldman Sachs (+1.35%) and Caterpillar (+1.24%).
• Crude oil plunges to 3-month low as Strait of Hormuz reopening nears: Energy markets faced a massive liquidation amid heightened expectations of a finalised peace accord between Washington and Tehran. Brent crude broke down below $80 to close at $79.33/bbl, and West Texas Intermediate (WTI) plummeted by 5.6% to settle at $76.61/bbl, marking a fresh 3-month low as the world prepares for the formal reopening of the Strait of Hormuz on Friday.
• SpaceX post-IPO Surge extends to $2.66 trillion to threaten tech giants: Highlighting robust speculative appetite, shares of Elon Musk’s rocket company extended their post-IPO rally. SpaceX surged more than 8% in intraday heavy trading, before settling at a gain of 4.8% on Tuesday, 16 June. The newly public firm surpassed Amazon.com Inc. as the world’s fifth-largest company, with a market capitalisation of $2.66 trillion, about $10 billion more than Amazon's. Underwriters additionally exercised their greenshoe option, inflating total IPO proceeds to $85.7 billion.
• US housing construction activity slides to lowest volume since pandemic: Reflecting ongoing macro headwinds in the domestic real estate space, US housing starts plummeted a sharp 15.4% m/m. The housing indicator fell below the consensus projection of -2% to its lowest level since May 2020.

• The Fed’s critical crossroads in forward guidance: The global macro landscape is pinned entirely on the conclusion of the June FOMC meeting. Markets are pricing a near-certain probability that rates will remain paused at 3.50% to 3.75%, but the true focus remains on Kevin Warsh’s upcoming press conference and the updated summary of economic projections. Most economists expect the median dot plot to reflect an upward revision in inflation metrics alongside a drop in the committee’s traditional easing bias. Any hawkish baseline shift by Chair Warsh’s press conference could drastically redefine the global cost of capital heading into the second half of 2026.
• Extraction of the war premium and global supply chain recovery: With hundreds of stranded tankers preparing to move through the Persian Gulf following the preliminary US-Iran peace breakthrough, the deflation of the global energy crunch is rapidly filtering into cross-asset assets. While it will take months for infrastructure and shipping schedules to fully optimise, front-month futures are fast-tracking the extraction of the conflict premium. This supply shock reversal provides central banks with significant breathing room regarding headline price metrics but triggers immediate asset allocation out of defensive resource equities and back into cyclical growth.
• China’s domestic bifurcation and industrial divergence: Macro numbers from the Asia-Pacific region reveal a severe disconnect within the Chinese economy. On one hand, domestic consumption remains deeply damaged, with retail sales contracting 0.6% y/y in May, underperforming consensus estimates. Conversely, industrial production maintained its robust growth trajectory at 4.5% y/y in May (above consensus of 4.3%), supercharged by massive state-level investments in 3D printing, lithium-ion networks, and advanced industrial robots. This bifurcation suggests persistent weak domestic demand, while state resources are being channelled to the external sector.

Equities: The S&P 500 fell 0.6%, and the Nasdaq 100 slid 1.9% on profit-taking across mega-cap tech and semiconductors (SOX - 5.7%). The Dow Jones Industrial Average rose 0.6% to lead US indices toward a record high, boosted by a powerful defensive rotation into cyclical and financials. The Stoxx Europe 600 inched higher by 0.3% to a record high.

Fixed Income: Sovereign bond yields dropped as tumbling crude oil prices eased long-term inflation fears. The benchmark 10-year US Treasury yield fell 3 basis points to 4.44%. Germany’s 10-year Bund yield slipped to 2.94%, almost a one-month low, while Britain’s 10-year Gilt yield held near 4.81%.

FX: The US Dollar Index remained little changed. The euro ticked up 0.2% to trade at $1.1608, while the British pound hovered at $1.3427, inching up slightly above its 20-day moving average. The Japanese yen weakened slightly to 160.47 per US dollar near the prior critical intervention level of 160.65, following BoJ’s decision to end its JGBs tapering programme from April 2027.

Commodities: WTI crude oil fell 5.6% to settle at $76.61/bbl, and Brent fell below $80 on Persian Gulf de-escalation. Precious metals gained a modest lift from declining sovereign bond yields, with spot gold climbing 0.5% to settle at $4,331/oz but still below the 20-day moving average ($4,395/oz).

• Mixed performances in Asian equities on shifting factors: Asia-Pacific equity bourses mixed in early trading. Japan’s Nikkei 225 rallied by 0.4%, looking to set another fresh all-time high milestone at 70,000 on the backdrop of a restrained 10-year JGB yield at 2.62% (below its 30-year high of 2.81% printed in May 2026). Profit-taking was seen in semiconductor- and technology-heavy South Korea’s KOSPI and Taiwan’s TAIEX, with intraday losses of 0.2% and 0.8%, respectively. Meanwhile, the defence-oriented Singapore’s STI soared to 0.8% towards a new intraday record high of 5,160.
• Aussie dollar supported by RBA hawkish hold: The Australian Dollar whipsawed and ended Tuesday’s session almost unchanged at 0.7067 against the greenback as market participants digested RBA Governor Bullock’s “hawkish cautious” messaging, with the possibility of further monetary policy tightening in Australia if inflation pressures resurface.

1. UK Core Inflation Rate (May) - 2:00 pm SGT (consensus: 2.7% y/y, Apr: 2.5% y/y) Impact: GBP/USD, GBP crosses, UK Gilts, FTSE 100
2. US Retail Sales (May) - 8.30 pm SGT (consensus: 0.5% m/m, Apr: 0.5% m/m) Impact: USD, US stock indices, short-term US Treasuries
3. EIA Weekly Stockpile Change - 10:30 pm SGT Impact: WTI and Brent crude
4. Fed Interest Rate Decision & Economic Projections - 2:00 am SGT, Thursday Impact: All asset classes
5. Fed Press Conference - 2.30 am SGT, Thursday Impact: All asset classes

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• Markets embraced a strong risk-on rally after the US and Iran agreed on a framework to extend the ceasefire for 60 days and fully reopen the Strait of Hormuz, sharply reducing geopolitical and energy-related inflation risks.
• Technology stocks reclaimed market leadership, with the Nasdaq 100 surging 3% as investors rotated back into mega-cap growth names, supported by lower oil prices, Nvidia’s planned US$20 billion bond offering, and continued enthusiasm around AI infrastructure spending.
• Attention now shifts to central bank policy, particularly the inaugural FOMC meeting under Fed Chair Kevin Warsh, as markets assess whether lower energy prices are sufficient to temper expectations for a potential Fed rate hike later this year.
• Chart of the day: USD/JPY minor uptrend remains intact above 159.75 key support as it probes the 160.65 intervention risk level.

The price action of USD/JPY is holding at its 20-day moving average after its prior two retests on it on 12 June and 15 June, indicating a “cautious” minor bullish impulsive up move sequence as USD/JPY continues to probe its recent intervention level of 160.65 (see Fig. 1).

Watch the 159.75 key short-term pivotal support to maintain the near-term bullish tone on USD/JPY towards the key intermediate resistance at 160.65, and above it, the 161.14/120 resistance is next to watch.

However, a break and an hourly close below 159.75 invalidates the bullish tone, opening the door to a minor drop towards the next intermediate supports at 159.45 and 159.10/158.80 (also the 50-day moving average).

• The US and Iran agreed to a framework to extend the ceasefire for 60 days and fully reopen the Strait of Hormuz: Global supply chains and financial markets captured an extraordinary sigh of relief on Monday. Both sides had confirmed the establishment of a 60-day structural framework to completely halt conflict operations, fully reopen the Strait of Hormuz, and negotiate over Iran’s nuclear enrichment programme during the 60-day window. Formal signing of the agreement is expected on Friday, 19 June in Switzerland.
• Wall Street rallies and the Nasdaq 100 jumps 3% as the geopolitical premium dissipates: Risk appetite returned to the global equity landscape with extreme force. Driven by the breakthrough in the Persian Gulf, the S&P 500 surged nearly 2% to approach its best single-session performance since April, while the tech-heavy Nasdaq 100 jumped a massive 3.0% and the Dow Jones Industrial Average rocketed to a brand-new historic all-time high.
• Crude oil collapses below $85 as energy inflation fears evaporate: Global energy benchmarks capitulated as the threat of an extended military blockade dissolved. West Texas Intermediate (WTI) and Brent crude plunged steeply, with US crude settling at $81.17/bbl. The swift deflation of input energy costs has immediately recalculated near-term upstream inflation targets for global manufacturing sectors.
• NVIDIA set to raise $20 Billion in landmark corporate bond debut: Highlighting the massive, ongoing capital demands of global artificial intelligence infrastructure projects, Reuters reported that chip giant Nvidia is coming to the U.S. debt market to raise $20 billion. The offering, consisting of seven tranches maturing in 2056, represents the firm’s first major corporate bond sale in five years, arranged by Goldman Sachs, J.P. Morgan, and Morgan Stanley.

• Structural deflation of the Persian Gulf shock: The core structural mechanism steering multi-asset allocations on Monday was the aggressive extraction of the geopolitical stagflation premium. The formal signature of the US-Iran memorandum immediately altered intermediate inflation expectations by removing the immediate threat of a prolonged blockage of global trade choke points. As energy prices retreated beneath critical psychological supports, macro traders dramatically unwound bets on defensive commodities and scaled back expectations for emergency tightening metrics from developed-market central banks.
• The transition to the Warsh Fed era and Wednesday’s Dot Plot: Despite the massive relief rally catalysed by plunging oil prices, market participants are keeping focus pinned on Wednesday’s monumental FOMC meeting, marking newly appointed Federal Reserve Chair Kevin Warsh’s inaugural interest rate decision. Fed funds futures traders are still expecting around a 70% chance of a 25 bps rate hike to come in December, despite the cooling energy complex, while market participants widely expect the committee to keep the benchmark rate unchanged at 3.50% to 3.75% on Wednesday, 17 June. The market will look to see whether Chair Warsh removes the historical easing bias from the median dot plot, particularly given that headline metrics like May CPI reached a three-year high of 4.2%.
• Intraday breadth and the Tech leadership resurgence: Monday’s price action represented a tactical interruption to the “Great Rotation” of 2026. While recent weeks had seen institutional funds steadily exit overextended large-cap growth names to deploy into small-cap value and industrial cyclicals, the sheer velocity of the geopolitical relief bounce immediately drew capital right back into high-beta technology blocks. Powered by stabilised energy inputs and massive primary issuances such as NVIDIA’s $20 billion bond placement and SpaceX’s robust post-IPO secondary performance, mega-cap growth recaptured near-term liquidity dominance.

Equities: The S&P 500 climbed nearly 2.0% in its best single-session performance since April. The tech-heavy Nasdaq 100 led global benchmarks with a vertical 3.0% surge, while the blue-chip Dow Jones Industrial Average scaled new historic highs. In contrast, energy producers lagged significantly (-3.6% for the S&P Energy sector).

Fixed Income: Sovereign bonds caught a wave of structural re-buying as hawkish rate-hike fears subsided alongside energy metrics. The policy-sensitive US two-year Treasury yield dropped by 2 bps to settle at 4.07% on Monday, 15 June. In Europe, Germany’s 10-year Bund yield and the UK 10-year Gilt yield edged lower by 3 bps and 1 bps, reflecting broader macro decompression.

FX: The U.S. Dollar Index (DXY) traded on a softer tone but held its 20-day moving average, acting as a key intermediate support at 99.50. The British pound underperformed, trading almost unchanged at 1.3412 against the US dollar; earlier intraday gains were wiped out amid political risk in the UK (uncertainty surrounding PM Starmer’s fate).

The Japanese yen remained weak at 160.20 per US dollar as the BoJ hiked its policy rate by 25 bps, as expected, to 1%, a 31-year high, and offered a dovish element, saying it will pause its JGB taper from April 2027.

Commodities: WTI and Brent crude oil tumbled and broke below key medium-term supports of $85.50/bbl and $86.25/bbl. Lower energy prices reduced the stagflation risk narrative, allowing precious metals to extend their corrective rebound into a third consecutive session. Gold rallied 2.1% to close at $4,308/oz on Monday, 15 June, below its 20-day moving average ($4,405/oz).

• APAC tech and export hubs join global resurgence: Regional stock benchmarks across Japan, South Korea, and Taiwan experienced pronounced institutional capital inflows on Tuesday morning. Local export-oriented entities captured intense upside momentum, responding directly to the 3.0% vertical surge across the New York mega-cap technology space. Nikkei 225 (+0.6%), KOSPI (+2.1%), and TAIEX (+0.7%).
• China and Hong Kong underperform due to weak domestic consumption: China’s retail sales for May plummeted into negative territory (-0.6% y/y), the first time since December 2022, indicating very weak consumer sentiment and spending, as the Labour Day holiday in early May failed to offset the weakness. China A50 (-0.5%), and the Hang Seng Index (-1.3%).
• Regional Currencies Bounce from Low Floors: The South Korean Won and the Indonesian Rupiah showed clear signs of stabilisation. The rapid retreat in the global dollar index and the sharp deflation of crude oil import prices have materially alleviated structural balance-of-payments pressures across non-OPEC emerging economies.
• BOJ JGB Program under scrutiny: Japanese fixed-income markets traded calmly after the BoJ’s latest monetary policy decision to pause its JGB tapering programme from April 2027. The 10-year JGB yield continues to stabilise at 2.64% after spiking to a 30–year high of 2.75% in May 2026.

1. RBA Interest Rate Decision & Press Conference - 12.30 pm & 1.30 pm SGT Impact: AUD/USD, AUD crosses, ASX 200
2. Germany Zew Economic Sentiment (Jun) - 5:00 pm SGT (consensus: -6, May; -10.2) Impact: EUR/USD, EUR crosses, DAX
3. US Housing Starts (May) - 8:30 pm SGT (consensus: 1.43M, Apr: 1.465M) Impact: USD, US stock indices

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• A surprise US-Iran interim agreement has triggered a powerful risk-on rally, with Nasdaq 100 futures surging 3% and S&P 500 futures gaining 2% as traders aggressively unwind geopolitical risk premiums tied to the Strait of Hormuz disruption.
• Nasdaq 100, Dow Jones, AUD/USD, and Gold have all posted bullish gap-ups, but their advances remain vulnerable to reversal if key support levels fail, particularly given the absence of a signed agreement and published deal details.
• Several hidden risks remain unresolved, including sanctions relief terms, Iran’s proposed transit fees for Hormuz shipping, and the possibility of unilateral Israeli military actions that could rapidly derail the current optimism and trigger renewed market volatility.

A remarkable turn of events, the announcement of an interim agreement between the US and Iran in today’s early Asia session (Monday, 15 June) to end hostilities and reopen the vital energy chokepoint, the Strait of Hormuz, triggered a massive spark of risk-on behaviour in global markets.

US President Trump has already posted “teasers” on his social media since last Friday, 12 June, despite Iran not confirming that an imminent deal will be signed on Sunday. Interestingly, this interim deal materialised after Trump backed down on his “harsh threat” to attack Iran on the last Thursday, giving rise to the “Trump always chickens out-TACO” trade narrative.

The E-mini futures of the S&P 500 and Nasdaq 100 staged a tremendous gap up today, rallying by 2% and 3%, respectively, and almost erased 90% of the losses inflicted by the prior 2-week minor corrective decline from their respective all-time highs printed at the start of June 2026 to the 11 June 2026 low.

Let’s look at the intraday technical charts of several key instruments that benefit from this raging near-term bullish sentiment before we tackle the “hidden risks”.

The price action of the US Nasdaq 100 CFD (a proxy of the Nasdaq 100 E-mini futures) has staged a bullish gap up in today’s opening session and reintegrated back above the 20-day moving average, which suggests the emergence of a minor bullish trend from the 10 June 2026 low (see Fig. 1).

Watch the 29,700 key short-term pivotal support (also the 20-day moving average) for a further potential push up towards 30,530 and the current all-time high area of 30,728/795. A clearance above 30,795 points to the next intermediate resistance at 31,125 (Fibonacci extension).

On the other hand, a break with an hourly close below 29,700 invalidates the bullish tone, and a bull trap is likely to materialise, leading to a drop back towards 29,000 and even 28,280 (also the 50-day moving average).

The price action of the US Wall Street 30 CFD (a proxy for the Dow Jones Industrial Average E-mini futures) has traded back above the 20-day moving average since last Friday, 12 June.

Today’s Asia opening session, bullish gap-up, has reinforced an ongoing minor bullish trend launched from the recent 11 June 2026 low.

Watch the 51,390/235 key short-term pivotal support, and a clearance above the current all-time high of 51,778 targets the next intermediate resistances at 52,044, followed by 52,357/410 (Fibonacci extension cluster) (see Fig. 2).

However, a breakdown with an hourly close below 51,235 negates the bullish tone for a drop to retest the next intermediate support at 50,820 (also close to the 20-day moving average).

The risk-on proxy, the Aussie dollar, has benefited from the intraday recovery in global stock markets today.

The AUD/USD has been oscillating within a potential medium-term downtrend since the 13 May 2026 high, as price action continues to trade below the 20-day and 50-day moving averages.

However, today’s intraday bullish price action and the bullish momentum conditions seen on the hourly RSI (a series of higher lows after a bullish divergence condition on last Wednesday, 10 June) have kick-started a potential minor corrective rebound sequence for the AUD/USD (see Fig. 3).

Watch the 0.7055 key short-term pivotal support for a further potential push-up towards the next intermediate resistances at 0.7100 and 0.7120/7140 (also the 61.8%/76.4% Fibonacci retracement of the prior decline from the 29 May 2026 high to 11 June 2026 low).

On the flip side, a break and an hourly close below 0.7055 invalidates the corrective rebound sequence and puts the onus back on the bears to retest 0.7030 and 0.6980.

The medium-term downtrend in Gold (XAU/USD) has been in place since the all-time high on 29 January 2026 and remains intact.

Price actions continue to trade below the 20-day, 50-day and 200-day moving averages. The current bullish move is likely to be an extension of the minor correction rebound from the recent 11 June 2026 low at 4,024 (see Fig. 4).

Watch the 4,243/220 short-term pivotal support (today’s Asia opening session gap up) to maintain the corrective rebound sequence to seek out the next intermediate resistance at 4,373/394 before 4,432/466 (also the key 200-day moving average).

On the other hand, a breakdown and an hourly close below 4,220 invalidate the minor corrective rebound sequence, turning the focus back to the bears for a drop to retest 4,171 and 4,107 in the first step.

Now, here are the hidden risks that can derail the current bout of risk-on behaviour.

No released text: The single biggest warning flag is that no official text has been released. Iran maintains that nothing will be published until the ink dries on Friday, 19 June, which is supposed to be the official signing of the interim peace-deal agreement in Switzerland.

The Toll dispute: There is a blatant public mismatch in rhetoric. Trump forcefully stated on social media and to The New York Times that the Strait of Hormuz will be a “toll-free" opening. Simultaneously, Iranian Foreign Minister Abbas Araghchi and state media have indicated that, while they support the opening, Iran still intends to charge service and transit fees to vessels.

Sanctions specifics: We don’t know the exact scope of the sanctions’ relief. Is the US allowing unrestricted crude flows, or is it a tightly capped waiver system subject to good behaviour during the 60-day nuclear talks?

The Israel wildcard: Hours before the peace-deal announcement, Israel launched highly disruptive airstrikes on Beirut. Far-right members of Isreal PM Netanyahu’s cabinet have already openly slammed the US-Iran deal. Because Israel is not a signatory to this MOU, it retains total operational freedom. A unilateral Israeli strike on Iranian domestic assets or a refusal to halt the Lebanon campaign would instantly trigger a collapse of the permanent ceasefire.

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• SpaceX’s historic US$75 billion IPO marks a major milestone for global equity markets, with the company debuting at a valuation approaching US$1.8 trillion and positioning itself as a future top-weight constituent of the Nasdaq 100.
• Despite overwhelming investor demand and heavy oversubscription, the SpaceX grey market remains technically fragile, with the SPCX/USDT perpetual contract still trading within a medium-term descending channel since its launch in May.
• The technical outlook hinges on two critical levels: a break below US$161.00 may trigger a deeper correction towards US$147.07 and US$138.36, while a sustained move above US$187.60 would invalidate the bearish structure and open the door towards US$205.10 and US$212.70.

Today, 12 June 2026, marks a historic watershed moment for global stock markets as Elon Musk’s SpaceX (SPCX) makes its highly anticipated debut on the Nasdaq. Priced at $135 per share to raise a record-breaking $75 billion, the offering values the interlocking aerospace, Starlink connectivity, and xAI business at an eye-watering $1.78 trillion to $1.8 trillion.

In addition, Nasdaq has also overhauled its inclusion rules for listed companies to be included in the Nasdaq 100 benchmark index. Since 1 May 2026, it has allowed the top 40 companies by market cap (roughly $100 billion or more) to fast-track into the Nasdaq 100 in just 15 days.

Hence, SpaceX is likely to be one of the top 10 component stocks of the Nasdaq 100 by mid-July 2026, and thereafter potentially impacting the price movements of the Nasdaq 100 in line with passive flows via exchange-traded funds tracking the Nasdaq 100.

While the offering is heavily oversubscribed (3x to 4x, drawing over $250 billion in orders), market participants and traders will be observing in the next four weeks the performance of SPCX, given that it is the largest IPO offering in the world so far, plus its high-growth revenue drivers from space exploration and Starlink satellites connectivity can have a significant impact on risk appetite for the broader market.

Interestingly, we can look at the grey market for SpaceX, which is trading right now via perpetual contracts listed on crypto exchanges, to decipher the potential short-term trend of SPCX via technical analysis.

Binance listed its crypto derivative, SPCX/USDT (settled in Tether), pre-IPO Perpetual Contract on 21 May 2026. It spiked up to hit a high of $224.47 on the first day of trading and thereafter plummeted by 31% to print a current all-time low of $154.83 on Wednesday, 10 June 2026, before it rebounded to trade at a current intraday level of $173.56 on this time of writing (it represents a gain of 28% from its IPO price of $135) (see Fig. 1).

However, the trend of SPCX/USDT has been bearish since its launch on 21 May, as price action continues to oscillate within a descending channel, suggesting SPCX may enter a downward spiral over the next four weeks.

Watch the 187.60 pivotal resistance to maintain the potential medium-term/multi-week bearish trend of SPCX/USDT. A break below the recent range support of 161.00 may expose the next medium-term supports at 147.07 and 138.36 (defined by Fibonacci extensions).

On the flip side, a clearance above 187.60 invalidates the bearish tone and could kickstart a bullish impulsive up-move sequence towards the next medium-term resistances at 205.10 and 212.70.

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.

• Global stock markets staged a powerful relief rally after President Trump signalled that a comprehensive peace agreement between the US and Iran could be reached soon, triggering a sharp 6% decline in crude oil prices and easing stagflation concerns.
• Technology and AI-related stocks rebounded strongly, with semiconductor shares surging nearly 8% as investors regained confidence in the AI infrastructure investment cycle and concerns over liquidity drains from major IPOs eased.
• Bond yields and the US dollar weakened as traders scaled back expectations for energy-driven Federal Reserve rate hikes, providing support for equities, precious metals, and risk-sensitive assets across global markets.
• Chart of the day: Nasdaq 100’s rebound stalled right below its 20-day moving average, with key short-term resistance at 29,700.

Thursday, 11 June, US mid-session intraday rally (induced by US President Trump’s optimistic remarks on an imminent US-Iran peace deal) in the US Nasdaq 100 CFD (a proxy for the Nasdaq 100 E-mini futures) has paused right below the 20-day moving average, and the 61.8% Fibonacci retracement of the prior decline from the 3 June 2026 all-time high to 10 June 2026 low.

The prior 20-day moving average retest on Tuesday, 9 June, led to a 5.4% intraday drop in the US Nasdaq 100 CFD.

Hence, watch the 29,700 key short-term pivotal resistance; a break below 29,000 near-term support is likely to indicate yesterday’s recovery may be a “bull trap,” opening scope for further potential weakness towards the intermediate-range support of 28,280.

However, a clearance with an hourly close above 29,700 invalidates the bearish tone and opens the door to a further squeeze up towards the next intermediate resistances at 30,075 and 30,530.

• Trump signals imminent US-Iran peace breakthrough, crude oil plunges 6%: Global risk assets experienced a massive relief rally after U.S. President Donald Trump pulled back threatened military strikes and signalled that a negotiated settlement to end the war is near. Trump cited “discussions brought to the highest level of Iranian leadership,” stating a signing ceremony could take place in Europe as soon as this weekend. WTI crude oil tumbled 6% to a 2-month low, settling at $86.43/bbl, sharply deflating recent geopolitical inflation premiums.
• Wall Street recovers as S&P 500 surges 1.8%: Major U.S. equity indexes halted a bruising two-day slide to stage a violent upward reversal. The S&P 500 bounded 1.8% higher as recession and energy-driven inflation anxieties eased on the heels of the Middle East diplomatic breakthrough, and the tech-heavy Nasdaq 100 rocketed up 3.3%.
• AI infrastructure and chip stocks stage 8% monster bounce: The beaten-down semiconductor sector led the broader market resurgence. A closely watched gauge of global chipmakers (SOX) jumped nearly 8% as momentum and dip-buying institutional capital flooded back into AI-concentric winners.
• SpaceX generates $250 billion in demand for historic $75 Billion Listing: Highlighting robust private-market liquidity, Elon Musk’s SpaceX successfully closed its historic $75 billion capital raise at a fixed price of $135 per share. The listing, which tracked as the largest-ever corporate market entry, drew over $250 billion in institutional demand and more than $100 billion in orders from retail investors, suggesting the IPO is nearly four times oversubscribed and relieving fears of an immediate liquidity squeeze in secondary public equities.
• The US is crowned the world’s Top oil exporter as shifting energy order sinks OPEC power: Data released on Thursday confirmed that the United States has officially overtaken Saudi Arabia and Russia to become the world’s largest oil exporter. Spurred by structural production growth and geopolitical realignments since the war’s onset in February 2026, U.S. crude exports surged to 10.5 million barrels per day, significantly weakening OPEC’s historical pricing grip.

• De-escalation and the dismantling of the stagflation Premium: The overarching narrative shifting multi-asset portfolios was the swift unwinding of the geopolitical stagflation trade. The sudden pivot toward a comprehensive, high-level diplomatic settlement between Washington and Tehran completely re-baselined global energy risk expectations. With crude oil giving up its premium and the strategically crucial Strait of Hormuz poised to remain open, market participants immediately scaled back expectations for a hawkish, energy-driven Federal Reserve interest rate hike in October, prompting a massive repricing across sovereign curves.
• Re-mooring of the mega-Cap AI growth thesis: The technical and fundamental damage sustained by semiconductor and AI infrastructure giants earlier in the week was aggressively repaired. Fears that massive, impending private listings (such as SpaceX, Anthropic, and OpenAI) would permanently cannibalise secondary-market liquidity were alleviated as the SpaceX offering drew record-breaking oversubscriptions without causing an enduring drag on public-market tech stocks. The nearly 8% surge in chipmakers reflects institutional confirmation that corporate AI capital deployment remains fully supported by underlying liquidity in the capital markets.
• Realignment of global energy hegemony: The formal confirmation of the United States as the world’s dominant oil exporter marks a permanent structural shift in global trade dynamics. Driven by private-sector profit optimisation rather than state-mandated targets, the American shale and crude export complex has successfully absorbed disruptions to Middle Eastern and Russian supply. This structural dominance provides Washington with unparalleled economic leverage and diminishes the long-term effectiveness of traditional energy-weapon embargos.

Equities: The S&P 500 rose 1.8% to lead global equity boards out of a two-day correction. The tech-heavy Nasdaq 100 outperformed, with benchmark chip components rising nearly 8%. European bourses similarly caught a strong cross-Atlantic bid, with pan-region benchmarks erasing early industrial drags to close firmly in positive territory.

Fixed Income: Sovereign bonds staged a massive rally as inflation anxieties plunged alongside the sell-off in crude oil. The yield on the benchmark 10-year U.S. Treasury bond dropped 10 basis points to 4.46%, but remains above the 50-day moving average at 4.40%.

FX: The US Dollar Index fell 0.4% as safe-haven bids for the greenback dissipated. The euro erased earlier ex-post ECB losses, bouncing by 0.4% to settle at 1.1579, while the British Pound also added 0.4% to finish at $1.3416. The Japanese Yen gained 0.4% to 159.97 per dollar amid broader macro realignment.

Commodities: WTI crude oil tumbled 6% to settle at $86.43/bbl. Conversely, spot gold staged a minor rebound, surging 3.4% to $4,211/oz as a slide in sovereign bond yields enhanced the appeal of non-yielding safe havens, but still remained below its 20-day moving average at $4,425/oz.

1. Markets poised for aggressive opening rebound: While local Asian stock indexes closed lower on Thursday (MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9%, and South Korea’s KOSPI dropped 3%) due to lagging responses to Wednesday’s late-day inflation data and initial war spikes, the subsequent overnight peace breakthrough in New York has left regional stock futures poised for a massive opening gap higher on Friday morning. So far, the intraday bullish tone is prevailing on Friday, Nikkei 225 (+3.4%), KOSPI (+8%), Hang Seng Index (+2%), China A50 (+1.2%), CSI 300 (+1.5%), ASX 200 (+1.9%), and STI (+0.4%). But fortunes may be reversed on Monday as we head into the non-trading weekend period for public markets with the “fluid” US-Iran situation at the forefront.

• Asian currency pressure alleviates: Local currency defence units received significant breathing room as the U.S. dollar index softened. The Indonesian Rupiah extended its gains by 0.4% to trade at 17,900 per US dollar, recovered by 1.5% from its all-time low of 18,1800 against the greenback on Monday. However, the South Korean Won weakened slightly by 0.3% to trade at 1,520.60 per US dollar.

1. SpaceX public listing Impact: US stock indices
2. University of Michigan Consumer Sentiment Prelim (Jun) - 10:00 pm SGT (consensus: 46, May: 44.8) Impact: USD, US Treasuries, US stock indices
3. US-Iran peace deal news flow Impact: All asset classes

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2026 OANDA Business Information & Services Inc.