Posted at 28 February 2025 / Categories Market Roundups
Market Roundup
•US Continuing Jobless Claims 1,862K, 1,870K forecast, 1,867K previous
•US Core Durable Goods Orders (MoM) (Jan) 0.0%, 0.2% forecast, 0.1% previous
•US Core PCE Prices (Q4) 2.70%, 2.50% forecast, 2.20% previous
•US Durable Goods Orders (MoM) (Jan) 3.1%, 2.0% forecast, -1.8% previous
•US Durables Excluding Defense (MoM) (Jan) 3.5%, -1.8% previous
•US Durables Excluding Transport (MoM) (Jan) 0.0%, 0.3% forecast, 0.1% previous
•US GDP (QoQ) (Q4) 2.3%, 2.3% forecast, 3.1% previous
•US GDP Price Index (QoQ) (Q4) 2.4%, 2.2% forecast, 1.9% previous
•US GDP Sales (Q4) 3.2%, 3.2% forecast, 3.3% previous
•US Goods Orders Non Defense Ex Air (MoM) (Jan) 0.8%, 0.3% forecast, 0.2% previous
•US Initial Jobless Claims 242K, 222K forecast, 220K previous
•US Jobless Claims 4-Week Avg. 224.00K, 215.50K previous
•US PCE Prices (Q4) 2.4%, 2.3% forecast, 1.5% previous
•US Real Consumer Spending (Q4) 4.2%, 4.2% forecast, 3.7% previous
•Canada Average Weekly Earnings (YoY) (Dec) 5.81%, 5.00% previous
•Canada Current Account (Q4) -5.0B, -3.2B forecast, -3.6B previous
•US Fed Vice Chair for Supervision Barr Speaks
•US Pending Home Sales (MoM) (Jan) -4.6%, -0.9% forecast, -4.1% previous
•US Pending Home Sales Index (Jan) 70.6, 74.0 previous
•US Natural Gas Storage -261B, -276B forecast, -196B previous
•US KC Fed Composite Index (Feb) -5, -5 previous
•US KC Fed Manufacturing Index (Feb) -13, -9 previous
•US 4-Week Bill Auction 4.235%, 4.245% previous
•US 8-Week Bill Auction 4.235%, 4.235% previous
Looking Ahead Economic Data(GMT)
•00:30 Australia Housing Credit (Jan) 0.4%, 0.5% forecast
•00:30 Australia Private Sector Credit (MoM) (Jan) 0.5%, 0.5% forecast, 0.6% previous
•02:00 New Zealand M3 Money Supply (Jan) 430.1B previous
•05:00 Japan Construction Orders (YoY) (Jan) 8.1% previous
•05:00 Japan Housing Starts (YoY) (Jan) -2.6% forecast,-2.5% previous
Looking Ahead Events And Other Releses(GMT)
•No Events Ahead
EUR/USD: The euro slipped against the U.S. dollar as investors evaluated the impact of U.S. President Donald Trump's potential tariffs on the European Union. The European Commission said that it would react firmly and immediately against unjustified barriers to free and fair trade , in response to Trump's tariffs. U.S. President Donald Trump's threat to introduce tariffs on European Union imports would undermine the bloc's companies and its workforce and require a strong response from the EU, Italy's business lobby said late on Wednesday. Trump has said his administration will soon announce a 25% "reciprocal" tariff on goods from the EU, including cars. Immediate resistance can be seen at 1.0529(23.6%fib), an upside break can trigger rise towards 1.0438(38.2%fib).On the downside, immediate support is seen at 1.0369(50%fib), a break below could take the pair towards 1.0312(61.8%fib).
GBP/USD: The pound declined on Thursday as U.S. President Donald Trump's latest tariff comments overshadowed signs of slower economic growth. The greenback initially pared gains after data showed weekly initial jobless claims rose by 22,000 to a seasonally adjusted 242,000, above the 221,000 estimate of economists . But the dollar quickly rebounded after Trump said 25% tariffs on Mexican and Canadian goods will go into effect on March 4 as scheduled because drugs are still pouring into the United States from those countries. Other data from the Commerce Department showed gross domestic product increased at a 2.3% annualized rate last quarter after accelerating at a 3.1% pace in the July-September quarter in its second estimate of the data. Immediate resistance can be seen at 1.2695(23.6%fib), an upside break can trigger rise towards 1.2735(Higher BB).On the downside, immediate support is seen at 1.2593(38.2%fib), a break below could take the pair towards 1.2515(50%fib)
USD/CAD: The Canadian dollar hit a three-week low against the greenback on Thursday as U.S. President Donald Trump said that tariffs on Canadian goods will go into effect on March 4, clearing up some confusion on the timing and dashing hopes of a reprieve. The loonie was trading 0.8% lower at 1.4425 per U.S. dollar, or 69.32 U.S. cents, after touching its weakest intraday level since February 4 at 1.4442. It was the fifth straight day of declines for the currency. Trump said that his proposed 25% tariffs on Mexican and Canadian goods will go into effect next week as scheduled because drugs are still pouring into the U.S. from those countries .Immediate resistance can be seen at 1.4471 (23.6%fib), an upside break can trigger rise towards 1.4485(Higher BB).On the downside, immediate support is seen at 1.4291(38.2%fib), a break below could take the pair towards 1.4152 (50%fib).
USD/JPY: The dollar gained against the yen on Thursday as the dollar rallied after President Trump affirmed that 25% tariffs on Canada and Mexico will go into effect next week. On the data front U.S. economic growth slowed to a 2.3% annualized rate in Q4, down from 3.1% in Q3, according to the government’s revised estimate. The slowdown is expected to continue into the new quarter, with cold weather and concerns over tariffs potentially driving higher prices and affecting consumer spending. The greenback had fallen earlier this week nearly 4% from a more than two-year high in January on renewed worries about U.S. economic growth and inflation as Trump shifted tariff deadlines on Canada and Mexico. The dollar strengthened 0.52% to 149.85 against the Japanese yen .Immediate resistance can be seen at 150.32(38.2%fib) an upside break can trigger rise towards 151.71(50%fib). On the downside, immediate support is seen at 148.39(23.6%fib) a break below could take the pair towards 147.96(Lower BB).
Equities Recap
European shares retreated from record highs on Thursday, with automakers leading declines as investors evaluated the impact of U.S. President Donald Trump's potential tariffs on the European Union.
UK's benchmark FTSE 100 closed up by 0.28 percent, Germany's Dax ended down by 1.07 percent, France’s CAC finished the day down by 0.51 percent.
Major Wall Street indexes closed lower on Thursday as fresh U.S. data hurt sentiment and tech stocks weighed, and European stock markets fell following a threat from U.S. President Donald Trump to impose 25% tariffs on imports from the region.
Dow Jones closed down by 0.44% percent, S&P 500 closed down by 1.58% percent, Nasdaq settled down by 2.78% percent.
Commodities Recap
Gold prices fell to a two-week low on Thursday as the U.S. dollar strengthened, with investors awaiting key inflation data to gauge the Federal Reserve's future monetary policy decisions.
Spot gold was down 1.1% at $2,885.13 an ounce as of 01.50 p.m. ET (1850 GMT), after hitting its lowest level since February 12 earlier in the session. Prices hit a record high of $2,956.15 on Monday, driven by safe-haven flows.U.S. gold futures settled 1.2% lower at $2,895.9.
Oil prices surged over 2% on Thursday as supply concerns emerged after U.S. President Donald Trump revoked a license allowing U.S. oil giant Chevron to operate in Venezuela.
Brent crude oil futures settled up $1.51, or 2.1%, at $74.04 a barrel. U.S. West Texas Intermediate crude oil futures rose $1.73, or 2.5%, to $70.35.