Posted at 14 February 2025 / Categories Market Roundups
Market Roundup
• US Core PPI (MoM) (Jan) 0.3%, 0.3% forecast, 0.4% previous
• US Core PPI (YoY) (Jan) 3.6%, 3.3% forecast, 3.7% previous
• US Initial Jobless Claims 213K, 217K forecast, 220K previous
• US Jobless Claims 4-Week Avg. 216.00K, 217.00K previous
• US PPI (MoM) (Jan) 0.4%, 0.3% forecast, 0.5% previous
• US PPI (YoY) (Jan) 3.5%, 3.2% forecast, 3.5% previous
• US PPI ex. Food/Energy/Transport (YoY) (Jan) 3.4%, 3.2% forecast, 3.5% previous
• US PPI ex. Food/Energy/Transport (MoM) (Jan) 0.3%, 0.4% previous
• US Natural Gas Storage -100B, -90B forecast, -174B previous
• US 4-Week Bill Auction 4.250%, 4.250% previous
• US 8-Week Bill Auction 4.240%, 4.240% previous
Looking Ahead Economic Data(GMT)
• 23:30 Japan Foreign Investments in Japanese Stocks -315.2B previous
• 23:30 Japan Foreign Investments in Japanese Stocks -315.2B previous
•01:00 Australia MI Inflation Expectations (Feb) 4.0% previous
•05:00 Australia Home Loans (MoM) 0.1% previous
•05:00 Australia Invest Housing Finance (MoM) -1.0% previous
Looking Ahead Events And Other Releases(GMT)
•No Data Ahead
Currency Summaries
EUR/USD: The euro strengthened against the dollar on Thursday as optimism over a Ukraine ceasefire deal boosted single currency across the board. U.S. President Donald Trump said late on Wednesday that both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him. The Kremlin said Thursday it was impressed with President Trump's position on ending the war in Ukraine.The increased hopes for peace in Europe rallied risk assets and the euro as well. Immediate resistance can be seen at 1.0482(23.6%fib), an upside break can trigger rise towards 1.0526(Higher BB).On the downside, immediate support is seen at 1.0421(38.2%fib), a break below could take the pair towards 1.0377(50%fib).
GBP/USD: Sterling strengthened on Thursday after data showed the British economy unexpectedly grew in the final quarter of last year, offering some respite from an otherwise downbeat economic outlook. Britain's economy grew by 0.1% in the final quarter of last year, figures from the Office for National Statistics showed on Thursday.GDP rose by 0.4% in December from November, much stronger than the 0.1% forecast and driven by stronger-than-expected 0.4%growth in the large services sector.Last week the Bank of England halved its forecast for growth in 2025 to 0.75%, although other forecasters such as the National Institute of Economic and Social Research remain more upbeat with a 1.5% growth forecast. Immediate resistance can be seen at 1.2575(23.6%fib), an upside break can trigger rise towards 1.2613(Higher BB).On the downside, immediate support is seen at 1.2475(50%fib), a break below could take the pair towards 1.2393(61.8%fib).
USD/CAD: The Canadian dollar rose to a two-month high against the U.S. dollar on Thursday, driven by hopes of a tariff delay and optimism about peace talks between Russia and Ukraine. The delay of 25% U.S. tariffs on Canadian and Mexican imports provided relief to automakers and suppliers worried about increased costs and factory shutdowns. The swaps market is now pricing in a 44% chance of tariffs, down from 85% after U.S. President Donald Trump's decision to postpone the tariffs for a month. Trump also mentioned plans to introduce reciprocal tariffs later in the day but offered no further details. The loonie was trading 0.5% higher at 1.4235 per U.S. dollar , after touching its strongest intraday level since December 13 at 1.4211. Immediate resistance can be seen at 1.4330 (38.2%fib), an upside break can trigger rise towards 1.4384(Fe 10th high).On the downside, immediate support is seen at 1.4186(50%fib), a break below could take the pair towards 1.4143(Lower BB).
USD/JPY: The U.S. dollar weakened against the Japanese yen after an inflation report boosted expectations that the Federal Reserve's preferred price measure might be lower than expected. The Labor Department reported that the producer price index (PPI) for final demand rose 0.4% last month, above the forecasted 0.3% increase and following a revised 0.5% gain in December. However, the components of the PPI that contribute to the personal consumption expenditures (PCE) index, which Fed Chair Jerome Powell has highlighted as the central bank's preferred inflation gauge, showed softness, raising hopes that the upcoming PCE data may be more moderate than expected. The dollar weakened 0.72% to 153.31 against the Japanese yen .Immediate resistance can be seen at 153.94(38.2%fib) an upside break can trigger rise towards 154.00(Psychological level). On the downside, immediate support is seen at 152.75(50%fib) a break below could take the pair towards 151.42 (50%fib).
Equities Recap
European shares hit a record high on Thursday, driven by strong earnings from Siemens and optimism over a potential end to the Russia-Ukraine conflict.
UK's benchmark FTSE 100 closed down by 0.49 percent, Germany's Dax ended up by 2.09 percent, France’s CAC finished the day up by 1.52 percent.
The S&P 500 ended higher on Thursday, lifted by gains in Nvidia, Apple and Tesla, after U.S. President Donald Trump unveiled a roadmap for charging reciprocal tariffs on U.S. trading partners.
Dow Jones closed up by 0.77% percent, S&P 500 closed up by 1.04% percent, Nasdaq settled up by 1.50% percent.
Commodities Recap
Gold prices rose on Thursday as Trump announced plans for reciprocal tariffs on countries taxing U.S. imports, increasing global trade concerns.
Spot gold added 0.4% to $2,915.76 per ounce as of 01:41 p.m. ET (1841 GMT), moving back towards its record peak of $2,942.70 hit on Tuesday. U.S. gold futures settled 0.6% higher at $2,945.40.
Oil prices settled flat on Thursday, recovering from early losses as U.S. tariff announcements were delayed until April, raising hopes of avoiding a trade war that could harm economies and energy demand.
Brent crude futures settled at $75.02 a barrel, down 16 cents, or 0.21%. U.S. West Texas Intermediate crude (WTI) finished down 8 cents, or 0.11%, at $71.29 a barrel.