Early report: EUR/USD looks set to approach 1.1600.

The Dollar Index eased alongside falling crude prices as the U.S. indicated it may allow Iranian oil shipments to ease pressure on prices. The index remains volatile in the 99–101 range. EUR/USD is trending toward 1.16 but could retreat to 1.14. EUR/INR has moved higher as anticipated and may test 108 before pausing. EUR/JPY is likely to stay within 182–185, while USD/JPY has declined below 160 and may trade between 157–160 in the near term. USDCNY remains bullish above 6.85, targeting 6.90–6.95. AUD/USD and GBP/USD can trade within 0.69–0.72 and 1.3250–1.35, respectively. USD/INR may open higher, though surpassing 93 today is uncertain; yesterday’s NDF spike to 93.35 has corrected to 92.89–92.90.

U.S. Treasury yields have pulled back sharply from recent highs, with further near-term dips possible before resuming an upward trend. German yields also fell, maintaining the expected corrective dip, after which a rebound may follow. The ECB kept rates unchanged, citing high inflation and a slowing economy amid ongoing conflict. India’s 10-year G-Sec closed bullishly, with more upside possible if immediate resistance is broken.

Global equities remain under pressure. The Dow is falling toward 46,000, as expected. DAX rebounded from support near 22,700 and could reach 23,500–23,700 while holding this level. Nifty turned sharply bearish with a gap down; a break below 23,000 may push it toward 22,750–22,500. Nikkei continues to decline and may fall to 50,000–48,000 below 56,000. Shanghai is testing 4,000 support, with a potential drop to 3,950–3,900 in the coming weeks.

Crude remains volatile but supported above key levels. Brent may rebound to $110–$120 if it stays above $100, while WTI could rise toward $100–$104 above $90. Precious metals remain weak: gold may fall to $4,400–$4,200 after breaking below $4,800, and silver could slide to $65–$60 below $70. Copper continues to weaken toward $5.25–$5.00. Natural gas is inching higher, potentially reaching $3.50 in the coming weeks.

Sources: Vikram Murarka