UBS reports that while palladium prices have risen 8.7% this week, the long-term outlook is bleak due to fragile demand and expected oversupply from the shift towards electric vehicles. The market remains volatile, influenced by speculative trading and geopolitical factors, particularly concerning Russian exports. Key technical levels indicate potential resistance at USD 1,044 and support around USD 919, suggesting cautious investor sentiment.
Dollar strength is impacting EUR/USD and GBP/USD, while pushing USD/JPY higher. EUR/USD is testing the $1.06 level, needing to close above it for a potential recovery, while GBP/USD eyes $1.2860 for support. USD/JPY continues its rally, but risks Japanese FX intervention if it persists.
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