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The S&P 500 forecast remains murky as markets grapple with rising geopolitical tensions and renewed inflation anxieties. Sentiment soured across European and Asian bourses in the first half of Thursday, with traders unnerved by the growing spectre of US military involvement in the Israel–Iran conflict.

GBP/USD outlook clouded by oil-driven dollar strength ahead of FOMC decision today. Meanwhile, as UK inflation cools this puts the BoE under pressure to adopt a more dovish stance.

The Israel-Iran situation remains tense, keeping Bent oil steady near $75 handle. For the reason, the near-term risks for the EUR/USD forecast remains tilted to the downside.

The oil market volatility has not been enough to convincingly spark a rally in the dollar yet, which is helping to keep the EUR/USD forecast in an overall bullish direction. But could that change, soon?

The Nasdaq index began the week with steady bullish momentum, posting a gain of just over 1.4% in the short term.

With both the BoE and FOMC rate decisions to come, the GBP/USD forecast is subject to increased volatility, making the cable the currency pair of the week for us.

Gold may have cooled from its recent highs but make no mistake—the precious metal is far from out of the spotlight.

Following Israel’s strikes on Iran, the dollar bounced back as it took a boost from oil prices spiking, while also benefitting from increased haven demand. The euro and other risk sensitive currencies fell. But it is far too early to declare an end to the bullish EUR/USD outlook.

There is little doubt about the gold outlook which remains positive amid raised geopolitical risks in the Middle East, ongoing trade tensions that don’t seem to go away and multiple other factors. The response of Iran is now going to be key.

Trade war uncertainty makes an unwelcome return, leaving investors to question holding expensive stocks. Other risks that include valuation concerns, bond market troubles, and a potential military conflict between Iran and Israel. Against this backdrop, the short-term risk to the Nasdaq 100 forecast is now tilted to the downside.

Wall Street’s rally is losing steam despite upbeat US–China trade talks. Bearish patterns and fading momentum suggest the major US indices may be nearing a turning point.