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The USD is showing mixed performance in early North American trading, with gains against the EUR and GBP but losses against the JPY. EUR/USD and GBP/USD are under pressure, while USD/JPY faces profit-taking after reaching 2026 highs. Oil prices rise despite a U.S. strategic reserve release, driven by Middle East tensions and supply concerns. Analysts like Amena Bakr on CNBC remain bullish on oil, projecting prices above $100 and even $150. U.S. equity futures point to a lower open, with the Dow, S&P 500, and Nasdaq all down. Key economic data, including jobless claims and trade balance figures, will test market sentiment later in the session. The mixed USD performance reflects shifting risk appetite and technical levels being tested in major currency pairs. Oil’s resilience amid U.S. supply interventions highlights geopolitical risks as a key driver for commodities. Traders are closely watching technical breakdowns in EUR/USD and GBP/USD, which could signal broader trend reversals. The upcoming U.S. economic data, particularly initial jobless claims and trade balance, may influence the Fed’s policy trajectory and USD strength. For MENA investors, the dollar’s mixed tone and oil’s bullish outlook are critical. A weaker USD could support Gulf equities and commodities, while higher oil prices benefit energy-dependent economies. Regional traders should monitor the Strait of Hormuz tensions and U.S. data releases for potential ripple effects on Gulf markets. The key assets to watch include EUR/USD, GBPUSD, and Oil, with technical levels and geopolitical developments shaping short-term volatility.
