Posted at 19 February 2025 / Categories Market Roundups
Market Roundup
• US Building Permits (MoM) (Jan) 0.1% ,-0.7% previous
• US Building Permits (Jan) 1.483M,1.460M forecast, 1.482M previous
• US Housing Starts (Jan) 1.366M,1.390M forecast, 1.499M previous
• US Housing Starts (MoM) (Jan) -9.8% ,16.1%previous
• US Redbook (YoY) 6.3%,5.3% previous
• US Atlanta Fed GDPNow (Q1) 2.3%,2.3% forecast, 2.3% previous
Looking Ahead Economic Data(GMT)
•23:50 Japan Foreign Bonds Buying 1,752.9B previous
•23:50 Japan Foreign Investments in Japanese Stocks -384.4B previous
• 00:30 Australia Employment Change (Jan) 19.4K forecast, 56.3K previous
• 00:30 Australia Full Employment Change (Jan) -23.7K previous
• 00:30 Australia Participation Rate (Jan) 67.1% previous
• 00:30 Australia Reserve Assets Total (Jan) 102.1B previous
• 00:30 Australia Unemployment Rate (Jan) 4.1% forecast, 4.0% previous
• 01:00 China PBoC Loan Prime Rate (Feb) 3.60% previous
• 01:15 China PBoC Loan Prime Rate 3.10% previous
Looking Ahead Events And Other Releases(GMT)
• No Events Ahead
Currency Forecast
EUR/USD: The euro edged lower against the U.S. dollar on Wednesday as traders digested the FOMC minutes and escalating trade tensions. The Trump administration said on Tuesday it had agreed to hold more talks with Russia on ending the war in Ukraine after an initial meeting that excluded Kyiv. Minutes from the Federal Reserve's January meeting showed concern over potential inflation risks from President Trump's proposed policies. The Fed cited the possibility of higher import tariffs, changes in trade and immigration policies, geopolitical disruptions, and stronger household spending driving inflation. Participants noted the upside risks to inflation rather than job market concerns. The euro slipped 0.2% versus the dollar to $1.0424. Immediate resistance can be seen at 1.0457(50%fib), an upside break can trigger rise towards 1.0509(61.8%fib).On the downside, immediate support is seen at 1.0407(38.2%fib), a break below could take the pair towards 1.0351(23.6%fib).
GBP/USD: The pound recovered from earlier decline on Wednesday as investors digested U.S. President Donald Trump's latest tariff threats. Trump’s administration said Tuesday it agreed to more talks with Russia on ending the Ukraine war, marking a shift from its previous stance of isolating Putin. On Tuesday, Trump announced plans to impose 25% auto tariffs and similar duties on semiconductors and pharmaceuticals, further escalating tensions in international trade. On the data front, UK inflation surged to a 10-month high of 3.0% in January, likely to rise further, challenging the Bank of England's confidence in easing price pressures. Sterling was down 0.27% at $1.25790, coming off a two-month high. Immediate resistance can be seen at 1.2650(38.2%fib), an upside break can trigger rise towards 1.2766(38.2%fib).On the downside, immediate support is seen at 1.2554(50%fib), a break below could take the pair towards 1.2624(61.8%fib)
USD/CAD: The Canadian dollar declined against the U.S. dollar on Wednesday as investors reacted to U.S. President Donald Trump's tariff threats on automobiles, semiconductors, and pharmaceutical products. Trump announced plans to impose auto tariffs at around 25% and similar duties on other goods. Since taking office, he has also implemented a 10% tariff on all Chinese imports and a 25% tariff on Mexican and non-energy Canadian imports, though the latter was temporarily suspended for a month. The loonie was trading 0.21% lower at 1.4226 to the U.S. dollar.Immediate resistance can be seen at 1.4247 (Daily high), an upside break can trigger rise towards 1.4310(38.2%fib).On the downside, immediate support is seen at 1.4170(50%fib), a break below could take the pair towards 1.4086 (Lower BB).
USD/JPY: The U.S. dollar dipped against the yen on Wednesday as market jitters escalated amid the latest round of tariff threats from U.S. President Donald Trump and contentious talks to end the Russia-Ukraine war.The U.S. currency slipped further against the yen after minutes of the latest Federal Reserve policy meeting showed that Trump's initial policy proposals raised concern about higher inflation. It also affirmed a continued pause from rate cuts. The dollar was down 0.4% against the yen at 151.495 .Immediate resistance can be seen at 152.66(38.2%fib) an upside break can trigger rise towards 153.00(Psychological level). On the downside, immediate support is seen at 150.70(23.6%fib) a break below could take the pair towards 149.39 (Lower BB).
Equities Recap
Europe's main STOXX index logged its biggest daily drop since the start of this year on Wednesday as expectations escalated of a damaging trade war following U.S. President Donald Trump's latest tariff threats.
UK's benchmark FTSE 100 closed down by 0.62 percent, Germany's Dax ended down by 1.80 percent, France’s CAC finished the day down by 1.17percent.
U.S. stocks finished modestly higher on Wednesday, with the S&P 500 reaching its second straight all-time closing high, as investors closely reviewed the Federal Reserve’s January meeting minutes and U.S. President Donald Trump’s tariff announcements.
Dow Jones closed up by 0.16% percent, S&P 500 closed up by 0.18% percent, Nasdaq settled up by 0.07% percent.
Commodities Recap
Gold prices dipped after reaching a record high earlier on Wednesday, as the dollar strengthened, with U.S. President Donald Trump's latest tariff threats adding to investor uncertainty.
Spot gold lost 0.2% to $2,928.49 per ounce as of 2:19 p.m. ET (19:19 GMT). Bullion surged to an all-time high of $2,946.85/oz earlier in the session.
U.S. gold futures settled 0.4% lower at $2,936.10.
Oil prices remained near a one-week high on Wednesday, driven by concerns over supply disruptions in Russia and the U.S., while investors awaited clarity on sanctions amid U.S. efforts to broker a Ukraine peace deal.
Brent futures rose 20 cents, or 0.3%, to settle at $76.04 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.6%, to settle at $72.25.