Welcome to the first session of the day. The macro calendar is very light, with only US unemployment claims scheduled. That leaves markets primarily driven by sentiment and geopolitical developments.
The situation around Iran remains unresolved. There is no clear information about a potential deal or ceasefire. Statements from the Donald Trump administration and Iranian officials continue to diverge, creating uncertainty and limiting conviction among traders.
This lack of clarity is directly reflected in market behavior. Equity indices had a mildly negative session yesterday, and today they are again showing a slight bearish bias as we approach the European open. However, the moves are not particularly strong.
In the currency market, activity is very limited. Most pairs are trading sideways, with no clear directional moves. This aligns with the broader picture, where traders are holding back and waiting for more concrete information before committing to larger positions.
This sideways behavior is visible across many charts. Over the past three to four days, a large number of instruments have been consolidating, reflecting a temporary drop in volatility and a wait-and-see approach.
Commodities are slightly more active, although still without major moves. Oil had a positive session yesterday and is attempting to extend gains today. At the same time, precious metals remain under pressure. Both Gold and Silver declined yesterday and continue to move lower at the start of Thursday’s European session.
In cryptocurrencies, the tone is also negative. Bitcoin and Ethereum are both under pressure and trading lower.
Overall, markets are in a holding pattern. Volatility has decreased, and most assets are moving sideways as traders wait for clearer signals from geopolitical developments.