Copper prices remained stable in recent trading, settled near $6.3500 level affected by its confinement between $6.4000 barrier, while $6.1000 level form extra support against the attempt of activating the bearish corrective trend.
Note that providing negative momentum signals by stochastic may push the price toward forming some bearish waves and attempting to attack the current support level. A break below this support would confirm readiness for further corrective waves, to target $5.9500 and $5.8000, while breaching the barrier and holding above it will turn it to the bullish path, to expect recording extra gains by its rally towards $6.6000.
The expected trading range for today is between $6.1000 and $6.4000
Trend forecast: Fluctuated within the bullish trend
Exchange Rates UK Research’s latest May 2026 survey of major investment banks shows the EUR/USD exchange rate is expected to remain relatively well-supported above 1.16 in the near term, with the broader balance of forecasts continuing to point towards a gradual move into the 1.20–1.24 region through 2027.
The latest poll also highlights a growing divide between banks expecting a structurally weaker US dollar over the coming years and a smaller group forecasting EUR/USD drifting back towards the low-1.10s.
Image: EUR USD bank forecasts may 2026 poll results
The majority of forecasts in the latest Exchange Rates UK Research poll continue to favour gradual EUR/USD appreciation over the medium term.
Banks including Scotiabank, RBC Capital Markets, ING, SEB and Natixis all expect the pair to trade above 1.20 during 2027, while Nordea remains the most bullish institution in the survey with projections extending towards 1.28 longer term.
By contrast, Citi and Danske Bank remain more cautious on the euro outlook, forecasting EUR/USD drifting back towards the 1.12–1.14 region over time.
Overall, however, the balance of forecasts continues to point towards a broadly softer US dollar environment compared with the past several years.
That outlook reflects the pair’s broader recovery trend since mid-2025.
EUR/USD rallied strongly from lows near 1.13 during 2025 and spent much of early 2026 trading in the 1.16–1.18 region. Although momentum has slowed during May, the pair remains significantly above the lows below parity seen during the 2022 energy crisis and the broader dollar surge that dominated 2022–2024.
Recent price action also suggests markets are becoming more comfortable with EUR/USD stabilising above the 1.15 level after repeated pullbacks found support.
Dollar Weakness Narrative Continues to Dominate Forecasts
A key theme running through the latest bank forecasts is the growing importance of the long-term US dollar outlook.
Many institutions now expect the Federal Reserve to gradually move towards lower interest rates during 2026 and 2027 as US growth slows and inflation pressures moderate further.
At the same time, concerns surrounding US fiscal deficits and rising government debt continue to feature prominently in longer-term dollar outlook discussions.
By comparison, the euro has benefited from improving Eurozone growth expectations, easing energy market pressures and reduced concerns about fragmentation risks within the currency bloc.
The European Central Bank has also maintained a relatively cautious approach towards rate cuts, helping support yield differentials versus the US dollar.
However, banks remain cautious about forecasting a rapid EUR/USD rally.
Global growth concerns, geopolitical tensions and periodic safe-haven demand for the US dollar continue to generate volatility and limit the pace of euro gains.
The latest Exchange Rates UK Research survey suggests a growing number of banks now view EUR/USD strength as a medium-term structural trend rather than simply a short-term correction.
Importantly, most forecasts now cluster above the average trading ranges seen between 2022 and 2024, reinforcing the idea that the market may be entering a new phase of broader US dollar weakness.
For now, the survey points to gradual appreciation rather than an aggressive breakout higher.
But with markets increasingly focused on Federal Reserve easing expectations and longer-term fiscal risks in the United States, institutional sentiment towards EUR/USD remains notably more constructive than it was even a year ago.
Silver price (XAG/USD) extends its losses for the second successive day, trading around $75.10 per troy ounce during the early European hours on Wednesday. The non-yielding asset faces persistent downward pressure as renewed uncertainty over the status of the Strait of Hormuz sparked fresh fears of an energy-driven inflation shock. Consequently, these supply-side anxieties have bolstered expectations that central banks will maintain a hawkish stance and keep interest rates higher for longer.
Optimism for a US-Iran peace deal rapidly eroded following US military “self-defense” airstrikes in southern Iran. In response, Iran’s Revolutionary Guard claimed to have targeted an American F-35 fighter jet and several drones for allegedly violating Iranian airspace. Iran’s foreign ministry strongly condemned the strikes in the southern Hormozgan province, branding them a “gross violation” of a fragile, seven-week-old ceasefire. The diplomatic fallout follows state media reports of heavy explosions echoing through the region early Tuesday morning.
Silver traders are closely analyzing the Federal Reserve’s (Fed) monetary outlook, a key driver for the non-interest-bearing Silver. Market sentiment was recently hit by the US Consumer Confidence Index, which edged down 0.7 points to 93.1 in May from an upwardly revised 93.8 in April. This dip was largely driven by escalating inflation anxieties tied to the ongoing conflict in Iran. While households expressed near-term pessimism regarding the current labor market, they remain optimistic that conditions will improve by year-end.
Moving forward, the market is highly focused on upcoming commentary from Fed Vice Chair Philip Jefferson and Governor Lisa Cook for clues on how sticky inflation might shape interest rates. Additionally, traders are awaiting Thursday’s release of the April US Personal Consumption Expenditures (PCE) data for definitive policy cues.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Copper prices remained stable in recent trading, settled near $6.3500 level affected by its confinement between $6.4000 barrier, while $6.1000 level form extra support against the attempt of activating the bearish corrective trend.
Note that providing negative momentum signals by stochastic may push the price toward forming some bearish waves and attempting to attack the current support level. A break below this support would confirm readiness for further corrective waves, to target $5.9500 and $5.8000, while breaching the barrier and holding above it will turn it to the bullish path, to expect recording extra gains by its rally towards $6.6000.
The expected trading range for today is between $6.1000 and $6.4000
Trend forecast: Fluctuated within the bullish trend
The EURJPY pair activated with stochastic positivity, to notice providing some bullish waves, to settle at 185.55, note that the repeated stability below the barrier at 185.80 confirms the bearish corrective scenario, to keep waiting for gathering negative momentum, to begin targeting corrective stations by reaching 184.80 to press on 184.30 barrier.
While facing positive pressure might force it to surpass the barrier, to announce its readiness to resume the main bullish trend by targeting 186.30 and 186.65 level initially.
The expected trading range for today is between 184.30 and 185.80
Gold now sits at $4,499.73 on 2h chart after recent red candle engulfment pushed price below the blue trend channel floor near $4,512. The red 50-period MA is now located just below this key support zone as well as the $4,523 pivot. Price has now fully broken down the channel floor.
Price action is still trending bearish from the $4,600 range high, where distribution is accelerating in a series of lower lows that have not been invalidated yet. The next targets are in the Fib extension zone at $4,484 to $4,453. Relative strength index (RSI) has recently broken down through the 45 level. No oversold rebound has occurred to confirm trend reversal.
Volume profile marks $4,538 to $4,546 as failed fair value with sellers dominating. The white trend line is a descending channel which may cap any recovery near $4,573. Structure has remained bearish below the $4,523 pivot zone and price has moved down the trend inside the channel from the highs in May.
Trade Idea: Sell $4,499 with a target for $4,453, and a stop for $4,523.
Silver Spot Dips to $76.59 After Trendline Support Test
The Pound to US Dollar (GBP/USD) exchange rate edged lower on Tuesday as renewed instability in the Middle East encouraged investors to seek shelter in safer assets.
The GBP/USD exchange rate traded around $1.3480 at the time of writing, down roughly 0.2% from the start of the session as market caution intensified.
The US Dollar (USD) firmed on Tuesday after reports emerged of fresh US military action targeting sites in southern Iran, adding renewed strain to already fragile ceasefire negotiations between Washington and Tehran.
The ‘Greenback’ attracted safe-haven demand after American forces reportedly struck missile facilities and suspected mine-laying operations near the Strait of Hormuz. US officials described the attacks as defensive measures intended to safeguard shipping routes and allied naval operations in the region.
Markets were also concerned that the strikes could derail hopes for a broader diplomatic breakthrough. Although US President Donald Trump claimed earlier in the week that a peace agreement was ‘largely negotiated’, investors remain sceptical about the prospects for lasting stability.
The Pound (GBP) struggled to attract strong demand amid the deterioration in market sentiment, although falling UK borrowing costs helped to cushion Sterling’s downside.
Sterling remained under pressure as investors assessed the potential economic consequences of renewed Middle East uncertainty, particularly the risks posed by elevated energy prices to the UK economy.
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At the same time, Sterling found some support as UK gilt yields continued to retreat from the multi-decade highs struck earlier in the month, with borrowing costs easing to their lowest levels since mid-April.
Near-Term GBP/USD Forecast: Middle East Headlines to Dominate Trade
The Pound to US Dollar exchange rate is likely to remain highly reactive to geopolitical developments through the remainder of the week.
GBP/USD may remain under pressure if fears surrounding the US-Iran conflict continue to intensify, with investors likely to favour the safe-haven ‘Greenback’ in periods of heightened uncertainty.
However, the US Dollar’s upside potential may be tempered later in the week ahead of the release of the Federal Reserve’s preferred inflation gauge, the core PCE price index.
Meanwhile, in the absence of major UK economic releases, Sterling is likely to remain driven primarily by broader market sentiment and developments in global bond markets.
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The USD/JPY pair recovers some ground on Tuesday, rising over 0.25% as buyers ignore the intervention zone, clearing 159.00 and aiming to challenge the 159.50 area. At the time of writing, the pair trades at 159.38.
USD/JPY Price Forecast: Technical outlook
Price action shows USD/JPY is poised to consolidate further within the 159.00-160.00 area, with further upside expected after the pair bounced off the 50-day Simple Moving Average (SMA) at 158.79, extending its gains past 159.00.
Momentum, although bullish with the Relative Strength Index (RSI) above its 50-neutral level, remains capped by fears for a possible intervention by Japanese authorities in the FX markets.
On the downside, if USD/JPY moves below 159.00, traders could eye the 50-day SMA at 158.78. Below this level lies the 100-day SMA at 157.62, ahead of the May 6 low of 155.04.
USD/JPY Price Chart – Daily
USD/JPY daily chart
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.13%
0.43%
0.25%
0.07%
0.06%
0.61%
0.36%
EUR
-0.13%
0.34%
0.15%
-0.02%
-0.03%
0.51%
0.24%
GBP
-0.43%
-0.34%
-0.17%
-0.36%
-0.36%
0.17%
-0.08%
JPY
-0.25%
-0.15%
0.17%
-0.17%
-0.17%
0.34%
0.13%
CAD
-0.07%
0.02%
0.36%
0.17%
0.01%
0.54%
0.29%
AUD
-0.06%
0.03%
0.36%
0.17%
-0.01%
0.53%
0.29%
NZD
-0.61%
-0.51%
-0.17%
-0.34%
-0.54%
-0.53%
-0.25%
CHF
-0.36%
-0.24%
0.08%
-0.13%
-0.29%
-0.29%
0.25%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Copper price delayed activating the bearish corrective trend as it faced new positive pressure by stochastic reaching overbought levels, besides forming extra support at $6.1000 level in the last period, which pushed it to attack the barrier near $6.3800.
Facing positive pressure might push the price to surpass the current barrier, to begin targeting some positive stations by its rally towards $6.4600 and $6.6000, while the decline below $6.1000 and providing negative close will confirm its readiness to activate the bearish corrective trend, to expect reaching $5.9500 and $5.8000.
The expected trading range for today is between $6.2000 and $6.4000
Trend forecast: Fluctuating within the bullish trend
