EUR futures: door open for extra downside

Pablo Piovano FXStreet

In light of flash data for EUR futures markets from CME Group, investors added more than 6.6K contracts to their open interest positions on Wednesday vs. Tuesday’s final 499,124 contracts. In the same direction, volume remains on the rise, this time it went up by more than 31.1K contracts, recording the second consecutive increase.

EUR/USD faces initial resistance at 1.1765

EUR/USD is navigating a ‘sea of red’ so far this week, while diminishing open interest coupled with dwindling volume hints at the likeliness of further downside on the cards.

Spot faces initial support at the 55-day sma in the 1.1760 area, which if cleared could allow a visit to the vicinity of 1.1710, seen in early November.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD hovers around 0.7000, over one-week low ahead of RBA decision

AUD/USD consolidates the previous day's losses to an over one-week low, holding steady around 0.7000 during the Asian session on Tuesday ahead of the RBA rate decision. Meanwhile, the US Dollar remains depressed as hopes for a diplomatic resolution to end the US-Iran war counter Fed hike bets amid market anxiety ahead of the US midterm elections, further supporting the currency pair.

USD/JPY fails near 159.00 amid weak USD, intervention risks

USD/JPY edges lower during Tuesday’s Asian session, reversing part of the previous day's gains to 158.00 as the US Dollar remains depressed amid hopes for Iran diplomacy and ahead of US midterm elections. Meanwhile, intervention risks support the Japanese Yen, though the uncertainty over the timing of the next BoJ rate hike caps gains. This keeps the pair confined within a familiar range and warrants caution before placing directional bets.

Gold rises to near $3,950 as traders brace for US midterm election

Gold price rises to around $3,950 during the early Asian session on Tuesday. The precious metal rebounds as falling oil prices have tempered inflation worries. Traders will closely monitor US midterm elections later this week.

RBA expected to raise interest rate to 4.85%

The Reserve Bank of Australia will announce its monetary policy decision on Tuesday and is widely anticipated to raise the Official Cash Rate by 25 basis points to 4.85% from 4.6%. If the RBA delivers as expected, it will be the fifth interest rate hike of 2026, and the OCR will hit an 18-year high.

Strong iPhone sales fortify Apple's Q4 result

A robust fourth-quarter for Apple's iPhone sales helped the tech titan beat Wall Street's consensus on Monday. Apple reported $57.58 billion in iPhone sales in Q4, beating the average analyst estimate by more than a billion. However, AAPL stock shed close to 4% afterhours despite the top and bottom line beat.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.