Research
Market analysis from the desk, not from the echo chamber.
Weekly outlooks, event previews and market notes from the Ultimo research desk. For evergreen guides and trading education, see Resources.
S&P and DAX retreat as Fed meeting looms; oil shock weighs on risk
Equity indices slid from recent highs while oil held above $109, with markets awaiting the Fed and ECB decisions next week.
Ultimo Research · 19 October 2026
EnergyOil Surges Past $98 as Markets Brace for Fed and ECB Decisions
Crude oil spiked above $98 while dollar strength and rate-hike odds dominate ahead of the FOMC and ECB meetings scheduled for next week.
Ultimo Research · 19 October 2026
MetalsGold Holds $4,160 as Fed and ECB Decisions Loom
Gold trades near $4,163 after a volatile week; Fed decision Oct 28 and ECB Oct 29 will set the tone for dollar, euro and precious metals.
Ultimo Research · 19 October 2026
ForexEUR/USD Tests Support as Fed and ECB Decisions Loom
Euro slides to 52-week low before bouncing; Fed decision October 28, ECB October 29 to set next direction for majors, gold and crypto.
Ultimo Research · 19 October 2026
EnergyCrude Consolidates Below $92 as Pipeline News Offsets Hormuz Risk
WTI holds an hourly consolidation near $91-92 after six straight losses, with Saudi pipeline restart hopes countering Iran transit warnings.
Ultimo Research · 24 September 2026
MetalsGold Under Pressure as Dollar Rallies on Hawkish Fed Bets
XAU/USD traded near $4,285 as the Fed's September hike and hawkish signals drove dollar strength, with US payrolls data looming next week.
Ultimo Research · 24 September 2026
ForexEuro Tests Two-Month Lows as Fed Hawkishness Keeps Dollar in Charge
EUR/USD trades near 1.1385 after Federal Reserve rate hike; payrolls report due next week remains key focus for dollar direction.
Ultimo Research · 24 September 2026
IndicesEquities rally on tech strength as October jobs print looms
US and German indices climb on AI optimism and falling oil; attention shifts to next week's payrolls release.
Ultimo Research · 23 September 2026
EnergyCrude Oil Pulls Back as Hormuz Diplomacy Gains Traction
WTI retreats to the $89 range as traders weigh hopes of Iran talks against a tight diesel market ahead of next week's US jobs data.
Ultimo Research · 23 September 2026
MetalsGold Bleeds Seven Percent Amid Fed Hikes, NFP Looms Next Week
Gold has fallen from September highs near $4,500 as the Fed raised rates by 25bp and signalled more to come; payrolls data October 2 will shape the path.
Ultimo Research · 23 September 2026
ForexEUR/USD Tests July Lows as Fed Path Trumps ECB Tightening
The euro slides to **1.1447** after both central banks hiked, but dollar demand prevails ahead of next week's US payrolls data.
Ultimo Research · 23 September 2026
IndicesTech Rally Lifts Indices as Focus Shifts to October Payrolls
S&P 500 and DAX recover on tech strength while traders await next week's US jobs data amid fresh rate pressure.
Ultimo Research · 22 September 2026
EnergyCrude slides toward $93 as diplomatic efforts offset Hormuz risks
WTI fell to $92.47 on the hourly chart as traders weighed de-escalation signals against supply disruption from the seven-month US-Iran conflict.
Ultimo Research · 22 September 2026
MetalsGold Slips Below $4,325 as Fed Hike Pressures Precious Metals
Gold trades near $4,323 on the hourly chart following the Federal Reserve's September rate hike, with next week's US jobs report set to shape direction.
Ultimo Research · 22 September 2026
ForexEUR/USD Pressured at 1.1460 as Fed Hike and NFP Loom
Euro trades near its lowest since late July; US jobs report on October 2 will test the Fed's hawkish tilt and the 1.1450 floor.
Ultimo Research · 22 September 2026
IndicesUS and European Indices Consolidate After Fed Delivers First Hike
S&P 500 and DAX digest September rate moves as oil nears $100 and October policy meetings loom on the horizon.
Ultimo Research · 21 September 2026
EnergyCrude Oil Retreats From $102 Peak as Saudi Pipeline Repairs Progress
WTI has fallen back below $100 after Tuesday's high, with API inventory data and flash PMI figures due this week.
Ultimo Research · 21 September 2026
MetalsGold Holds $4,350 After Fed Hike as PMI, ADP Data Loom
XAU/USD steadies near $4,350 following last week's Fed hike, with preliminary PMI and ADP data ahead this week.
Ultimo Research · 21 September 2026
ForexEuro Hangs Near One-Month Lows as Fed Hawks Circle
EUR/USD consolidates at 1.1475 after a 1% weekly drop, with the calendar quiet but Fed rhetoric looming ahead of October meetings.
Ultimo Research · 21 September 2026
IndicesUS and Europe Rally Post-Fed as BoJ Hikes Into View
S&P 500 and DAX climb on easing yields after Fed rate hike; Bank of Japan decision today expected to lift policy rate to 1.25%.
Ultimo Research · 18 September 2026
EnergyOil Slips Below $96 as BoJ Hikes Rates to 31-Year High
Crude pulled back after Saudi pipeline news while Bank of Japan lifted rates to 1.25%, the highest since 1995.
Ultimo Research · 18 September 2026
MetalsGold Consolidates Below $4,400 as BoJ and USD Policy Mix Stirs Markets
XAU/USD trades near $4,390 on hourly consolidation; Bank of Japan hiked to 1.25% today, while Fed's September rise awaits follow-through signals.
Ultimo Research · 18 September 2026
ForexEuro Under Pressure as BoJ Delivers Surprise Hike to 31-Year High
EUR/USD slips toward 1.1480 after Bank of Japan raises rates to 1.25%; calendar quiet ahead with no scheduled data releases this week.
Ultimo Research · 18 September 2026
IndicesUS Equities Tread Water as September Central-Bank Decisions Loom
S&P 500 holds near 7,626 while DAX slips to 25,730 ahead of Thursday's BoE rate call and Friday's Bank of Japan decision.
Ultimo Research · 17 September 2026
EnergyCrude Holds Near $96 as Central Banks Take Centre Stage
Oil consolidates after sharp gains while BoE and BoJ decisions this week may shift the macro backdrop across major FX pairs.
Ultimo Research · 17 September 2026
MetalsGold Consolidates at $4,320 After Fed's 25-bp Hike Before BoE and BoJ Decisions
XAU/USD trades near $4,320 after Fed's 25-bp hike, with Bank of England and Bank of Japan meetings set to shake G10 rates.
Ultimo Research · 17 September 2026
ForexDollar Surges After Fed Hike—BoE and BoJ Decisions Loom
Fed's first rate rise since 2023 drove EUR/USD to one-month lows; Bank of England decides today, Bank of Japan tomorrow.
Ultimo Research · 17 September 2026
IndicesS&P and DAX Drift Lower Into Three Central-Bank Decisions
Both indices retreat ahead of Wednesday's FOMC, Thursday's BoE, and Friday's BoJ, with equities under pressure from rate-hike expectations.
Ultimo Research · 16 September 2026
EnergyOil Roars Past $99 as Three Central Banks Set to Deliver in 48 Hours
Crude tests four-month highs on Saudi pipeline disruption while Fed, BoE and BoJ queue up decisions this week.
Ultimo Research · 16 September 2026
MetalsGold Holds **$4,300** Ahead of Central Bank Triple-Header
XAU/USD trades near **$4,300** as the Fed, BoE and BoJ all decide rates this week, with markets split on the outcome of each.
Ultimo Research · 16 September 2026
ForexThree Central Banks, Three Days: EUR/USD Eyes 1.15 Test
EUR/USD trades at 1.1553 ahead of the FOMC decision today at 18:00 UTC, with the BoE and BoJ following in quick succession.
Ultimo Research · 16 September 2026
IndicesIndices Brace For Triple Central Bank Week Led By Fed Decision
DAX and S&P 500 hold recent lows ahead of Wednesday's FOMC meeting, with BoE and BoJ decisions to follow through Friday.
Ultimo Research · 15 September 2026
EnergyCrude Oil Holds Near $99 as Three Central Banks Take Centre Stage
WTI consolidates after topping $100; FOMC, BoE and BoJ decisions land within 48 hours starting tomorrow 18:00 UTC.
Ultimo Research · 15 September 2026
MetalsGold Slides to 2026 Low as Rate-Hike Trilogy Looms
XAU/USD trades near 4,293 after erasing 5% in two weeks; FOMC, BoE and BoJ decisions stack within 48 hours.
Ultimo Research · 15 September 2026
ForexCentral-bank week: EUR/USD at 1.1530 as Fed, BoE and BoJ loom
EUR/USD has fallen to 1.1570 after testing support at 1.1530 as markets price in an 87.3% probability of a Fed hike Wednesday.
Ultimo Research · 15 September 2026
IndicesCentral Banks Take Centre Stage as Equity Indices Test Support
S&P 500 and DAX 40 test key technical levels ahead of Fed, BoE and BoJ decisions, with inflation fears and oil prices driving volatility.
Ultimo Research · 14 September 2026
EnergyOil Holds Near $100 Ahead of Fed Decision as Hormuz Talks Begin
WTI crude trades at $99.50 after rallying 21% in a month; Gulf diplomats meet Monday on strait access as Fed decision looms.
Ultimo Research · 14 September 2026
MetalsGold Tests Multi-Week Lows as Central Banks Loom
Gold trades near 4280 ahead of three pivotal central bank decisions in a 48-hour window that begins Tuesday.
Ultimo Research · 14 September 2026
ForexEUR/USD Caught Below 1.16 as Three Central Banks Meet This Week
Euro testing support near 1.15 with Fed, BoE and BoJ decisions looming; rate-hike odds rising across all three central banks.
Ultimo Research · 14 September 2026
IndicesOil Shock and Rate Fears Drive Equity Slide Ahead of CPI
S&P 500 and DAX fall for fourth day as oil passes $100 and ECB hikes; US CPI today followed by Fed decision next week.
Ultimo Research · 11 September 2026
EnergyCrude Breaks $100 as Middle East Tensions Grip Energy Markets
WTI crude surged past $100 ahead of today's US inflation data, with geopolitical risk overwhelming dollar-driven headwinds.
Ultimo Research · 11 September 2026
MetalsGold Holds Mid-Range as CPI and FOMC Week Begins
Gold trades near $4,350 ahead of today's US inflation print and next week's central-bank decisions across three continents.
Ultimo Research · 11 September 2026
ForexEUR/USD Holds 1.16 as CPI and FOMC Decisions Loom Large
EUR/USD trades near 1.16 ahead of today's US CPI and next week's rate decisions from the Fed, BoE and BoJ.
Ultimo Research · 11 September 2026
IndicesCentral Banks Grip Markets as DAX, S&P Test Support Zones
European and U.S. indices face pressure from Middle East tensions and rising oil ahead of pivotal ECB and Fed decisions this week.
Ultimo Research · 9 September 2026
EnergyOil Nears $100 as Middle East Strikes Lift Supply Fears
Brent and WTI rally on fresh attacks against Saudi energy facilities while markets await ECB and Fed rate decisions this week.
Ultimo Research · 9 September 2026
MetalsGold Steadies Near $4,408 as Markets Await ECB, CPI, and FOMC
Gold trades in a holding pattern around key support ahead of three central bank decisions and US inflation data over the next week.
Ultimo Research · 9 September 2026
ForexEUR/USD Holds 1.16 Into ECB, CPI Gauntlet
EUR/USD consolidates near 1.1610 ahead of a packed week: ECB rate decision tomorrow, US CPI Friday, FOMC next week.
Ultimo Research · 9 September 2026
IndicesEquity Indices Hold Near Support as Rate Hike Bets Rise
DAX and S&P 500 consolidate after recent selloff as oil prices climb and markets price over 50% chance of Fed rate hike this month.
Ultimo Research · 8 September 2026
EnergyCrude rallies on Hormuz escalation; central banks line up this week
WTI crude tests 92 after Iran strikes fuel three-month highs; ECB, Fed, BoE and BoJ all decide within eight days.
Ultimo Research · 8 September 2026
MetalsGold Treads Water Ahead of Three Central Bank Decisions This Week
Gold holds near $4,400 as strong US jobs data weighs on sentiment before Thursday's ECB and next week's triple policy decisions.
Ultimo Research · 8 September 2026