Market Analysis Summary: Hawkish Fed Minutes Lift the Dollar as Wall Street and Gold Slide

Key Takeaways

• The Federal Reserve's minutes indicated that most policymakers anticipate another rate hike by the end of the year.
• U.S. inflation expectations reached their highest level since May 2023, contributing to a 0.42% increase in the Dollar, which rose to 102.27.
• Wall Street indices retreated from record highs, with the Dow down 0.66%, the S&P 500 down 0.22%, and the Nasdaq also down 0.22%.
• Gold prices fell by 1.27% to $4,110.65, while Bitcoin approached $84,000 as oil prices and yields increased.

Global Market Review (October 8, 2026)

Wall Street closed lower with the Dow Jones Industrial Average falling by 0.66% to 51,179, the S&P 500 decreasing by 0.22% to 7,801, and the Nasdaq also down by 0.22% to 27,538. The 2-year Treasury yield decreased by 2.9 basis points to 4.768%, while the 10-year yield increased by 0.5 basis points to 5.284%. Brent crude oil prices rose by 0.36% to $100.94 amid geopolitical tensions, while WTI crude oil prices fell by 0.56% to $88.96.

Important Economic Calendar

Key Events on October 8 (GMT+8)

• 19:30 - EU ECB Meeting Minutes (High Importance)
• 20:15 - UK BoE Governor Bailey Speech (High Importance)
• 20:30 - US Initial Jobless Claims (Forecast: 200K vs. 197K prior) (High Importance)

Key Events on October 9 (GMT+8)

• 20:30 - CA Unemployment Rate SEP (Medium Importance)
• 22:00 - US Michigan Consumer Sentiment Prel OCT (High Importance)

Market Analysis (October 8, 2026)

EUR/USD

Resistance: 1.1217/1.1271 | Support: 1.1176/1.1134 | Bias: Bearish

The EUR/USD pair has shown a bearish trend as French bond yields have risen. A break above 1.1217/1.1271 would relieve some pressure, while a break below 1.1176 could expose further downside to 1.1134.

GBP/USD

Resistance: 1.3232/1.3265 | Support: 1.3180/1.3155 | Bias: Cautiously Bearish

The GBP/USD pair has retreated to the lower end of its range, with a need to reclaim 1.3232/1.3265 to ease pressure. A break below 1.3180 could lead to further declines towards 1.3155.

USD/JPY

Resistance: 158.31/158.65 | Support: 157.40/157.01 | Bias: Neutral to Mild Bullish

Despite stronger Japanese pay data, the USD/JPY pair remains around 158. A break above 158.31/158.65 could extend gains, while a loss of 157.40 would shift focus to 157.01.

Crude Oil Futures

Resistance: 90.66/91.83 | Support: 88.02/86.87 | Bias: Neutral to Cautiously Bearish

Geopolitical tensions and potential U.S. strikes on Iran support oil prices, but WTI remains in a descending channel. A break above 91.83 would ease downside pressure, while a break below 88.02 could expose 86.87.

Spot Gold (XAU/USD)

Resistance: 4142/4156 | Support: 4084/4066 | Bias: Neutral to Cautiously Bearish

Gold prices fell due to hawkish Fed minutes and a stronger Dollar. A break below 4084 could expose further downside to 4066.

Spot Silver (XAG/USD)

Resistance: 61.08/61.71 | Support: 58.47/57.86 | Bias: Cautiously Bearish

Silver prices have dropped below $60, with further declines possible if the price breaks below 58.47.

Dow Jones Futures

Resistance: 51400/51660 | Support: 51078/50813 | Bias: Neutral

The Dow fell 0.66% as hawkish Fed minutes pressured equities. A break above 51400/51660 would strengthen recovery, while a loss of 51078 puts 50813 in focus.

NASDAQ 100

Resistance: 31334/31418 | Support: 31082/30973 | Bias: Bullish

The NASDAQ remains in a rising channel, with a break above 31334/31418 likely to resume the uptrend.

Bitcoin (BTC/USD)

Resistance: 84357/84907 | Support: 81476/80777 | Bias: Cautiously Bearish

Bitcoin has slipped toward $84,000, with a break above 84357/84907 needed to ease pressure.