Posted at 28 January 2025 / Categories Market Roundups
Market Roundup
•French Consumer Confidence (Jan) 92, 90 forecast, 89 previous
•Spanish Unemployment Rate (Q4) 10.61%, 11.10% forecast, 11.21% previous
•German 2-Year Schatz Auction 2.260%, 2.180% previous
Looking Ahead Economic Data(GMT)
•13:30 US Durable Goods Orders (MoM) (Dec) 0.3%forecast, -1.1% previous
•13:30 US Durables Excluding Defense (MoM) (Dec) -0.4% previous
•13:30 US Durables Excluding Transport (MoM) (Dec) -0.2% previous
•13:30 US Goods Orders Non Defense Ex Air (MoM) (Dec) 0.3%, 0.7% previous
•13:45 US Redbook (YoY) 4.5% previous
•14:00 US House Price Index (YoY) (Nov) 4.5% previous
•14:00 US House Price Index (MoM) (Nov) 0.4%, 0.4% previous
•14:00 US House Price Index (Nov) 432.3 previous
•14:00 US S&P/CS HPI Composite - 20 s.a. (MoM) (Nov) 0.3% previous
•14:00 US S&P/CS HPI Composite - 20 n.s.a. (YoY) (Nov) 4.2%, 4.2% previous
•14:00 US S&P/CS HPI Composite - 20 n.s.a. (MoM) (Nov) -0.2% previous
•15:00 US CB Consumer Confidence (Jan) 105.7, 104.7 previous
•15:00 US Richmond Manufacturing Index (Jan) -13, -10 previous
•15:00 US Richmond Manufacturing Shipments (Jan) -11 previous
•15:00 US Richmond Services Index (Jan) 23 previous
•15:30 US Atlanta Fed GDPNow (Q4) 3.0%, 3.0% previous
•15:30 US Dallas Fed Services Revenues (Jan) 13.8 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro dropped against the dollar on Tuesday as President Donald Trump intensified tariff threats, including plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to boost U.S. production. The Federal Reserve's two-day meeting begins on Tuesday, with expectations to keep rates steady. Investors will be looking for clues on potential rate cuts if inflation moves closer to the Fed's 2% target. Attention is also on Trump's policy moves, which may influence the economy. Meanwhile, the European Central Bank is expected to cut interest rates later this week. Immediate resistance can be seen at 1.0529(50%fib), an upside break can trigger rise towards 1.0644(61.8%fib).On the downside, immediate support is seen at 1.0398(38.2%fib), a break below could take the pair towards 1.0369(Jan 23rd low).
GBP/USD: The pound fell against the dollar on Tuesday as U.S. tariff threats retook the focus of currency investors after Monday's selloff in technology shares and a rush to safe-haven assets. The Financial Times also reported on Monday that Trump's pick for Treasury secretary, Scott Bessent, has been pushing for universal tariffs on U.S. imports, which would start at 2.5% and rise each month.This gave renewed support to the greenback against a broad range of currencies, while markets looked set to remain jittery. Sterling fell 0.6% against the greenback to $1.2426, after gaining over the past three sessions.The pound has climbed around 2% higher since Trump took office last week, but sterling is still tracking a fourth month of losses against the dollar after it hit a 14-month low on Jan. 13.Immediate resistance can be seen at 1.2516(50%fib), an upside break can trigger rise towards 1.2648(61.8%fib).On the downside, immediate support is seen at 1.2358(38.2%fib), a break below could take the pair towards 1.2163(23.6%fib)
AUD/USD: The Australian dollar weakened on Tuesday as the U.S. dollar strengthened following President Donald Trump's threat to impose tariffs on goods such as copper and steel. In a speech to Republican lawmakers, Trump outlined plans to target aluminum, copper, and steel, essential metals for U.S. military hardware, to boost domestic production. Attention now shifts to Australia's December and Q4 CPI data on Wednesday, which will be key in shaping expectations for the Reserve Bank of Australia's future rate decisions. At GMT 13:20, the pair was trading down 0.78% at 0.6241. Immediate resistance can be seen at 0.6302(50%fib), an upside break can trigger rise towards 0.6375 (61.8%fib).On the downside, immediate support is seen at 0.6236(38.2%fib), a break below could take the pair towards 0.6148 (23.6%fib).
USD/JPY: he U.S. dollar strengthened against the Japanese yen on Tuesday as the greenback gained momentum following new U.S. tariff threats. President Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to encourage domestic production. This came a day after the U.S. and Colombia de-escalated trade tensions, with Colombia agreeing to accept military aircraft carrying deported migrants. Meanwhile, markets in tech-heavy South Korea and Taiwan are closed for the Lunar New Year, and mainland China remains closed until February 4th. Immediate resistance can be seen t 156.42 (38.2%fib) an upside break can trigger rise towards 157.00(Psychological level). On the downside, immediate support is seen at 153.78(50%fib) a break below could take the pair towards 151.51 (61.8%fib).
Equities Recap
European shares climbed to a record high on Tuesday with retail and utilities stocks leading the broader gains, as selling pressures ebbed a day after the Chinese AI startup DeepSeek triggered a global market rout.
At (GMT 13:13 ),UK's benchmark FTSE 100 was last trading up at 0.65 percent, Germany's Dax was up by 0.81 percent, France’s CAC was up by 0.53 percent.
Commodities Recap
Gold prices held steady on Tuesday, anchored by stability in European equities and U.S. stock futures, a day after bullion's sharp decline amid a tech-led selloff.
Spot gold was steady at $2,742.37 per ounce by 12:05 GMT. U.S. gold futures rose 0.3% to $2,746.70.
Oil prices inched higher on Tuesday but stayed near a two-week low, as disappointing economic data from China and warmer weather forecasts elsewhere weighed on demand expectations.
Brent crude oil futures were up 55 cents, or 0.70%, to $77.63 per barrel at 1236 GMT. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.67%, to $73.66.
Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.