(By ATFX Analyst Team)
Key Takeaways
Today’s focus: U.S. CPI (exp. 3.4% YoY) is the final inflation data before the FOMC. A stronger reading will likely put further pressure on risk assets and gold. UK GDP: Expected to be flat MoM, guiding expectations ahead of next week’s Bank of England decision. |
Global Market Review 11/09/2026
- August PPI rose and jobless claims fell, reinforcing expectations of a Fed rate hike.
- Treasury yields rose, weighing on equities.
- The Dow fell 0.6%, the S&P 500 dropped 0.58%, and the Nasdaq declined 0.65%.
- Treasury yields and the dollar strengthened.
- Gold fell 1.9% as robust U.S. inflation data and higher oil prices increased bets on a rate hike next week.
- Crude oil futures rallied as Middle East tensions and attacks on shipping routes persisted.
- U.S. crude broke above $100/bbl for the first time since May.
Key Events Today:
| Time (GMT+8) | Event | Importance |
|---|---|---|
| 14:00 | GB GDP JUL | *** |
| 14:00 | GB Industrial & Manufacturing Production JUL | ** |
| 20:30 | US CPI AUG | *** |
| 22:00 | US Michigan Consumer Sentiment Prel SEP | *** |
| 22:00 | ECB President Lagarde Speech | *** |
Key Data and Events Coming Week (GMT+8)
Monday: CA CPI
Tuesday: CN Retail Sales & Industrial Production, GB Unemployment Rate, EU ZEW Economic Sentiment Index
Wednesday: API/EIA Crude Oil Stock Change, GB CPI & PPI, EU Industrial Production, US Retail Sales
Thursday: Fed Interest Rate Decision, NZ GDP, EU CPI, BoE Interest Rate Decision, US Housing Starts & Building Permits & Initial Jobless Claims
Friday: BoJ Interest Rate Decision, RBA Governor Michele Bullock Speaks, JP CPI, GB Retail Sales, GERMANY PPI, US Manufacturing & Industrial Production, US CB Leading Index
Markets Analysis 11/09/2026
- Resistance: 1.1639 / 1.1656
- Support: 1.1588 / 1.1567
The ECB raised rates and kept a hawkish stance, prompting markets to price in further tightening. However, the euro weakened amid concerns that policy may weigh on growth, while rising Fed expectations supported the dollar.
Analyst view: EUR/USD remains above the 10-day moving average. Ahead of the U.S. CPI, expect cautious price action. A stronger CPI may prompt further dollar strength, pushing EUR/USD below its moving average and testing trendline support.
Bias: Wait‑and‑see
- Resistance: 1.3552 / 1.3575
- Support: 1.3475 / 1.3451
U.S. PPI reinforced expectations of a Fed rate hike, pushing GBP/USD lower. Today’s focus is on U.K. GDP and U.S. CPI. All these data may guide this pair’s momentum.
Analyst view: GBP/USD broke below its 10-day moving average and remains under pressure. In the absence of supportive data, the pair may retest last week’s lows near 1.3475.
Bias: Under pressure
- Resistance: 154.83 / 155.29
- Support: 153.81 / 153.35
Boosted by U.S. PPI, the yen’s recent strength faded. USD/JPY ended a three‑day losing streak and posted its biggest daily gain since August.
Analyst view: USD/JPY reclaimed 154 but remains rangebound. A sustained break above 155 is required to confirm a stronger rebound.
Bias: Mild rebound
- Resistance: 105.43 / 107.71
- Support: 100.95 / 98.06
Attacks in the Gulf region pushed Brent and WTI sharply higher for a fourth straight session. WTI broke above $100 for the first time since May.
Analyst view: Prices are approaching the May 18 high. Watch resistance above $105 and be alert for profit‑taking after the strong rally. Position adjustments ahead of the weekend may limit further upside.
Bias: Cautiously bullish
- Resistance: 4370 / 4397
- Support: 4283 / 4256
- Resistance: 64.61 / 65.20
- Support: 62.68 / 62.08
Rising oil prices and a strong U.S. PPI boosted rate‑hike expectations, lifting the dollar and Treasury yields and driving gold sharply lower.
Analyst view: Gold continues to face resistance above $4430. Ahead of the CPI, market caution may keep prices near $4300. If rate‑hike expectations rise further, gold may break below the early‑September lows.
Bias: Weak/cautious
- Resistance: 52395 / 52773
- Support: 51548 / 51176
PPI‑driven rate‑hike expectations, surging oil, and intensified bond‑market selling extended losses across U.S. equities. The Dow barely held above 52000, its lowest level since late July.
Analyst view: If CPI does not exceed expectations, the Dow may find breathing space and attempt a rebound above 52000. However, a strong CPI print could push it towards late‑July lows.
Bias: Under pressure
- Resistance: 29206 / 29307
- Support: 29005 / 28878
Higher PPI and soaring oil lifted Treasury yields, weighing on tech stocks. The Nasdaq opened lower and fell to a one‑week low.
Analyst view: The index broke below key moving averages and is approaching last week’s lows. Tonight’s CPI will determine whether it falls towards late‑August levels.
Bias: Under pressure
- Resistance: 77839 / 78550
- Support: 75551 / 74828
Bitcoin fell for a fourth consecutive session, slipping further below $80,000 as rising Treasury yields boosted expectations of a Fed rate hike.
Analyst view: BTC/USD accelerated lower yesterday, hitting its weakest level since early September. Tonight’s CPI will determine whether it breaks below prior lows and moves towards support at 75551/74828.
Bias: Under pressure
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