// COMPARE

EUR/USD bounced to 1.1654 (+0.31%) as the dollar slipped on Hormuz ceasefire optimism, even after US strikes complicated the picture. Range traded tight all session as traders weighed conflicting Iran headlines.

Euro is the cleanest dollar-funded carry when oil-driven dollar strength fades. With DXY at 98.99 and US10Y near 4.46%, the relief rally favors EUR over higher-beta crosses while geopolitical resolution remains uncertain.

EU CPI flash print tomorrow is the main catalyst — ECB pricing still hinges on services inflation stickiness. 1.1700 caps upside; a clean Hormuz deal headline could push there. Loss of 1.1600 reopens 1.1550.

Silver surged 1.90% to $76.02, outpacing gold's bounce as industrial-metals demand and the geopolitical bid stacked. Opened lower on Iran drone news, then ripped on the strike headlines.

Silver is leveraged gold plus an AI capex play — solar and data-center wiring demand sit underneath the macro trade. When gold runs and risk is on simultaneously, silver outperforms both.

$77 is the technical breakout level — clean break opens $80. PCE Friday matters less than gold for silver; watch copper and AI capex headlines instead.