Brent falls below key 2024 support – Societe Generale

Brent crude has extended its decline after breaching key support levels from earlier in 2024. While momentum indicators suggest the move is stretched, signs of a significant rebound remain elusive, Societe Generale's FX analysts report.

Rebound hurdles lie near $68 zone

"Brent has experienced an extended down move after break below crucial levels of $68.10/68.70 representing troughs of 2024 and March. Daily MACD is registering multi-month lows denoting a stretched decline, however signals of a meaningful bounce are not yet visible."

"Next projections are located at $57.80 and $54. If a short-term rebound develops, graphical levels of $68.10/68.70 could be an important hurdle."

Apr 9, 2025

Euro shows unexpected safe haven strength – Rabobank

Following President Trump's tariff announcement, the euro has shown surprising resilience, acting more like a safe haven currency alongside the Swiss franc and Japanese yen.

US Dollar dives as US tariffs trigger market reaction

The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, extends the previous day’s correction and hovers around 102.30 at the time of writing on Wednesday after testing the 102.00 level in the early Asian session.