Posted at 25 February 2025 / Categories Market Roundups
Market Roundup
• US Redbook (YoY) 6.2% ,6.3% previous
• US House Price Index (YoY) (Dec) 4.7% ,4.5% previous
• US House Price Index (MoM) (Dec) 0.4%, 0.2% forecast, 0.4% previous
•US House Price Index (Dec) 436.1 ,434.3 previous
• US S&P/CS HPI Composite - 20 s.a. (MoM) (Dec) 0.5%, 0.4% previous
• US S&P/CS HPI Composite - 20 n.s.a. (MoM) (Dec) -0.1%,-0.1% previous
• US S&P/CS HPI Composite - 20 n.s.a. (YoY) (Dec) 4.5%, 4.4% forecast, 4.3% previous
• US CB Consumer Confidence (Feb) 98.3, 102.7 forecast, 105.3 previous
• US Richmond Manufacturing Index (Feb) 6, -3 forecast, -4 previous
• US Richmond Manufacturing Shipments (Feb) 12 ,-9 previous
• US Richmond Services Index (Feb) 11, 4 previous
• US Dallas Fed Services Revenues (Feb) 8.2, 5.7 previous
• US Texas Services Sector Outlook (Feb) 4.6 ,7.4 previous
Looking Ahead Economic Data(GMT)
•00:30 Australia Construction Work Done (QoQ) (Q4) 1.0% forecast, 1.6% previous
•00:30 Australia Weighted mean CPI (YoY) (Jan) 2.60% forecast, 2.50% previous
•05:00 Japan BoJ Core CPI (YoY) 2.0% forecast, 1.9% previous
•05:00 Japan Coincident Indicator (MoM) (Dec) 1.4% forecast, -1.4% previous
•05:00 Japan Leading Index (MoM) (Dec) 1.1% forecast, -1.6% previous
•05:00 Japan Leading Index (Dec) 108.9 forecast, 107.5 previous
Looking Ahead Events And Other Releases(GMT)
• No Events Ahead
Currency Summaries
EUR/USD: The euro edged higher on Tuesday as markets focused on ongoing coalition talks in Germany. Merz's conservative bloc, which won Sunday's national election, is aiming to quickly form a government, but faces difficulties due to potential resistance from far-right and far-left parties. Merz is seeking an alliance with Olaf Scholz's Social Democrats (SPD), who came in third, after the far-right Alternative for Germany (AfD) secured a historic second place. However, the push for an SPD coalition follows a contentious campaign marked by deep policy divisions, especially on migration. Immediate resistance can be seen at 1.0506(38.2%fib), an upside break can trigger rise towards 1.0556(Higher BB).On the downside, immediate support is seen at 1.0445(50%fib), a break below could take the pair towards 1.0374(61.8%fib).
GBP/USD: Sterling strengthened on Tuesday after a soft reading on U.S. consumer confidence and a drop in U.S. yields weighed greenback. U.S. consumer confidence dropped sharply in February, marking its steepest decline in 3.5 years, while 12-month inflation expectations spiked, signaling growing concern among Americans over the potential negative economic effects of President Donald Trump's policies. The Conference Board's consumer confidence index dropped 7 points, the biggest decline since August 2021, to 98.3 this month. The third straight monthly decrease pushed the index to the lowest level since June 2024. It is now at the bottom of the range that has prevailed since 2022. Immediate resistance can be seen at 1.2677(23.6%fib), an upside break can trigger rise towards 1.2728(Higher BB).On the downside, immediate support is seen at 1.2571(38.2%fib), a break below could take the pair towards 1.2484(50%fib)
USD/CAD: The Canadian dollar weakened to a near two-week low against its U.S. counterpart on Tuesday as oil prices fell and investors grew more worried that U.S. trade tariffs will be implemented. On Monday, U.S. President Donald Trump said that tariffs on Canadian and Mexican imports are "on time and on schedule" despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline.The loonie was trading 0.3% lower at 1.43 to the U.S. dollar, after touching its weakest intraday level since February 12 at 1.4316. Immediate resistance can be seen at 1.4300( (38.2% fib), an upside break can trigger rise towards 1.4501(23.6% fib).On the downside, immediate support is seen at 1.4195(50% fib), a break below could take the pair towards 1.4104 (LowerBB).
USD/JPY: The U.S. dollar dipped against the yen on Tuesday as greenback weakened after data showed US consumer confidence index data dropped in February. The U.S. Conference Board's consumer confidence index for February dropped sharply by 7.0 points to 98.3, marking an 8-month low and falling well below expectations of 102.5. This decline was the largest in 2.5 years and the third consecutive monthly drop. Investors now await Friday's release of the U.S. Personal Consumption Expenditures report, the Fed's preferred inflation gauge, for insights into the central bank's rate-easing path and monetary policy. Immediate resistance can be seen at 150.67(50%fib) an upside break can trigger rise towards 151:00 (Psychological level). On the downside, immediate support is seen at 148.66(23.6%fib) a break below could take the pair towards 148.17 (Lower BB).
Equities Recap
European shares closed slightly higher on Tuesday, after gains in banks and healthcare companies offset declines in technology stocks.
UK's benchmark FTSE 100 closed up by 0.11 percent, Germany's Dax ended down by 0.0.7 percent, France’s CAC finished the day down by 0.49 percent.
U.S. stocks struggled on Tuesday, with the S&P 500 and the Nasdaq touching one-month lows as a dour consumer confidence report put mounting economic uncertainties into sharp relief..
Dow Jones closed up by 0.37% percent, S&P 500 closed down by 0.47% percent, Nasdaq settled down by 1.35% percent.
Commodities Recap
Gold prices dropped to their lowest level in over a week on Tuesday, as investors booked profits after a record high in the previous session on ongoing fears of instability around U.S. President Donald Trump's tariff plans.
Spot gold fell 1.4% to $2,909.59 an ounce as of 01:46 a.m. (1846 GMT), having hit its lowest level since February 17 earlier in the session. Gold hit its highest level at $2,956.15 on Monday.
Oil prices dropped nearly 2% to a two-month low on Tuesday, driven by weak economic data from the U.S. and Germany, which raised concerns about reduced energy demand. Additionally, signals from various countries indicated that oil production was set to rise.
Brent futures fell $1.76, or 2.4%, to settle at $73.02 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.77, or 2.5%, to settle at $68.93.