Posted at 01 March 2025 / Categories Market Roundups
Market Roundup
• US Core PCE Price Index (MoM) (Jan) 0.3%, 0.3% forecast, 0.2% previous
• US Core PCE Price Index (YoY) (Jan) 2.6%, 2.6% forecast, 2.9% previous
• US Goods Trade Balance (Jan) -153.26B, -116.90B forecast, -122.01B previous
• US PCE Price Index (YoY) (Jan) 2.5%, 2.5% forecast, 2.6% previous
• US PCE Price Index (MoM) (Jan) 0.3%, 0.3% forecast, 0.3% previous
• US Personal Income (MoM) (Jan) 0.9%, 0.4% forecast, 0.4% previous
• US Personal Spending (MoM) (Jan) -0.2%, 0.2% forecast, 0.8% previous
• US Real Personal Consumption (MoM) (Jan) -0.5%,0.5% previous
• US Retail Inventories Ex Auto (Jan) 0.4%, -0.1% previous
• US Wholesale Inventories (MoM) (Jan) 0.7%, 0.1% forecast, -0.4% previous
• Canada GDP Implicit Price (QoQ) (Q4) 0.90%, 0.60% previous
• Canada GDP (YoY) (Q4) 2.36%, 1.88% previous
• Canada GDP (QoQ) (Q4) 0.6%, 0.5% previous
• Canada GDP (MoM) (Dec) 0.2%, 0.2% forecast, -0.2% previous
• Canada GDP Annualized (QoQ) (Q4) 2.6%, 1.9% forecast, 2.2% previous
• US Chicago PMI (Feb) 45.5, 40.5 forecast, 39.5 previous
• Canada Budget Balance (YoY) (Dec) -21.72B, -22.72B previous
• Canada Budget Balance (Dec) 1.00B, -8.21B previous
• US Atlanta Fed GDPNow (Q1) -1.5%, 2.3% forecast, 2.3% previous
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro fell on Friday after a meeting between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump ended in failure, undermining hopes for a swift peace deal in the ongoing war with Russia. The two leaders exchanged sharp words during the discussion, which was meant to strengthen Ukraine's position and persuade the U.S. not to align with Russian President Vladimir Putin. Zelenskiy left the White House abruptly, having failed to secure an agreement with the U.S. on joint natural resource development. The euro slumped after the meeting and was last down 0.29% at $1.0367 after dropping to $1.0359, its lowest since February 12.Immediate resistance can be seen at 1.0399(50%fib), an upside break can trigger rise towards 1.3044Higher BB).On the downside, immediate support is seen at 1.0353(38.2%fib), a break below could take the pair towards 1.0297(23.6%fib).
GBP/USD: The pound eased on Friday as anxious investors turned to the dollar, amid growing concerns over the U.S. economy with President Donald Trump's tariffs set to take effect. Traders are anticipating that both the Federal Reserve and the Bank of England will implement two rate cuts this year, with a possible third. They expect U.S. rates to end the year at 3.73%, slightly lower than Britain’s forecasted 3.8%. The gap is even wider with the European Central Bank, which is expected to cut euro zone rates at least three more times, leaving them below 2%. Despite this, sterling is still on track for its first monthly gain since September, driven more by the expectation that UK rates will fall more slowly than those elsewhere than by optimism about the UK economy. Immediate resistance can be seen at 1.2670(38.2%fib), an upside break can trigger rise towards 1.2815(Higher BB).On the downside, immediate support is seen at 1.2556(50%fib), a break below could take the pair towards 1.2442(61.8%fib).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as investors assessed domestic data that showed stronger-than-expected economic growth and awaited the potential implementation of U.S. trade tariffs. Canada's gross domestic product expanded by 2.6% on an annualized basis in the fourth quarter, surpassing expectations for an increase of 1.8%, helped by a jump in consumer spending. Canada and Mexico sought to show U.S. President Donald Trump's administration evidence of progress in curbing the flow of fentanyl opioids into the U.S. ahead of a March 4 deadline for punishing 25% tariffs on their goods imports The loonie was trading dwn 0.20% at 1.4466 per U.S. dollar. Immediate resistance can be seen at 1.3501 (23.6%fib), an upside break can trigger rise towards 1.434(Higher BB).On the downside, immediate support is seen at 1.4407(Daily low), a break below could take the pair towards 1.4334(38.2%fib).
USD/JPY: The dollar strengthened against the yen on Friday following a largely expected inflation report, though consumer spending unexpectedly dropped. The Personal Consumption Expenditures (PCE) price index rose 0.3% in January, matching economists’ expectations, after a 0.3% gain in December. Over the 12 months through January, prices increased by 2.5%, slightly lower than December's 2.6%. However, consumer spending, which makes up over two-thirds of U.S. economic activity, fell by 0.2% in January, following a revised 0.8% increase in December. The dollar strengthened 0.54% to 150.60 against the Japanese yen . Immediate resistance can be seen at 151.11(38.2%fib) an upside break can trigger rise towards 152.00(Psychological level). On the downside, immediate support is seen at 148.78(23.6%fib) a break below could take the pair towards 148.03(Lower BB).
Equities Recap
European shares marked their 10th consecutive weekly gain on Friday, extending their strong performance into the new year. However, sentiment wavered toward the end of the week due to concerns over trade tariff threats from U.S. President Donald Trump.
UK's benchmark FTSE 100 closed up by 0.61 percent, Germany's Dax ended flat , France’s CAC finished the day up by 0.11 percent.
Wall Street closed higher on Friday following a volatile trading session, with Dell Technologies dipping while other tech stocks rose. The market reaction followed a disastrous meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy.
Dow Jones closed up by 1.39% percent, S&P 500 closed up by 1.58% percent, Nasdaq settled up by 1.63% percent
Commodities Recap
Gold prices dropped more than 1% on Friday as the dollar remained near two-week highs, following U.S. inflation data that met expectations. This reinforced the view that the Federal Reserve may take a cautious approach to further rate cuts.
Spot gold was down 1% at $2,846.19 an ounce by 01:44 p.m. ET (1844 GMT). Bullion has so far lost 3.1% for the week, its steepest weekly fall since November.U.S. gold futures settled 1.6% lower at $2,848.50.
Oil prices fell on Friday as markets reacted to a heated Oval Office argument between the U.S. and Ukrainian presidents, concerns over Washington's upcoming tariffs, and Iraq's decision to resume oil exports from the Kurdistan region.
Brent crude futures , which expired on Friday, settled at $73.18 a barrel, down 86 cents, or 1.16%. U.S. West Texas Intermediate crude futures finished at $69.76 a barrel, losing 59 cents, or 0.84%.