Posted at 08 March 2025 / Categories Market Roundups
Market Roundup
•US Average Hourly Earnings (YoY) (Feb) 4.0%, 4.1% forecast 3.9% previous
•US Average Weekly Hours (Feb) 34.1, 34.2 forecast 34.1 previous
•US Government Payrolls (Feb) 11.0K, 44.0K previous
•US Manufacturing Payrolls (Feb) 10K, 5K forecast -5K previous
•US Nonfarm Payrolls (Feb) 151K , 159K forecast 125K previous
•US Participation Rate (Feb) 62.4%, 62.6% previous
•US Private Nonfarm Payrolls (Feb) 140K, 142K forecast 81K previous
•US U6 Unemployment Rate (Feb) 8.0%, 7.5% previous
•US Unemployment Rate (Feb) 4.1%, 4.0% forecast 4.0% previous
•Canada Avg Hourly Wages Permanent Employee (Feb) 4.0% , 3.7% previous
•Canada Capacity Utilization Rate (Q4) 79.8% , 79.2% forecast 79.4% previous
•Canada Employment Change (Feb) 1.1K , 19.7K forecast 76.0K previous
•Canada Full Employment Change (Feb) -19.7K 35.2K previous
•Canada Part-Time Employment Change (Feb) 20.8K, 40.9K previous
•Canada Participation Rate (Feb) 65.3%, 65.5% previous
•Canada Unemployment Rate (Feb) 6.6%, 6.7% forecast 6.6% 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 maintained broad gains, driven by optimism surrounding Germany’s €500 billion ($543 billion) infrastructure fund proposal and positive economic data.Revised figures from Eurostat showed that the eurozone economy expanded by 0.2% in Q4 2024, surpassing the initial 0.1% estimate. However, the upward revision was primarily due to Ireland, where a large multinational sector often skews economic data. Meanwhile, GDP figures for Germany and France remained unchanged, with both economies contracting. The Conservatives and Social Democrats (SPD) reached an agreement to push for a loosening of Germany’s debt brake to enable increased defense spending, while also proposing the establishment of a €500 billion infrastructure fund, party leaders announced on Tuesday .Immediate resistance can be seen at 1.0884 (Daily high), an upside break can trigger rise towards 1.0902(23.6%fib).On the downside, immediate support is seen at 1.0772(38.2%fib), a break below could take the pair towards 1.0657(50%fib).
GBP/USD: The British pound strengthened on Friday as dollar dipped after data showed the U.S added fewer jobs than expected in February. Nonfarm payrolls rose 151,000, below the 160,000 increase forecast and the January payrolls increase was revised down by. 18,000. The unemployment rate edged up to 4.1%. The soft employment report did not significantly shift expectations for Fed cuts later this year with most anticipating weaker jobs numbers lie ahead. Feds Chair Jerome Powell told a business school forum that the U.S economy was in a good place despite elevated uncertainty, downplayed labor's impact on inflation and said the central bank does not need to be in a hurry to adjust interest rates.Immediate resistance can be seen at 1.2938(Daily high), an upside break can trigger rise towards 1.3017(23.6%fib).On the downside, immediate support is seen at 1.2854(38.2%fib), a break below could take the pair towards 1.2706(50%fib)
USD/CAD: The Canadian dollar lost some of its weekly gains against the U.S. dollar on Friday after a weaker-than-expected jobs report reinforced expectations for a potential Bank of Canada rate cut.Canada's economy added just 1,100 jobs in February, well below the 20,000 forecast, while the unemployment rate remained at 6.6%. Meanwhile, U.S. job data also missed expectations, adding to market uncertainty.The loonie fell 0.5%, trading at 1.4360 per U.S. dollar, within a range of 1.4280 to 1.4376. Despite Friday’s decline, the currency remained on track for a 0.7% weekly gain, supported by broad U.S. dollar weakness and the U.S. decision to delay tariffs on Canadian goods.Immediate resistance can be seen at 1.4405 (50%fib), an upside break can trigger rise towards 1.4564 (38.2%fib).On the downside, immediate support is seen at 1.4253(61.8%fib), a break below could take the pair towards 1.4125 (Lower BB)
USD/JPY: The U.S. dollar weakened against the yen on Friday after weaker-than-expected job data signaled a slowdown in the labor market, reinforcing expectations for multiple Federal Reserve rate cuts this year.Following the nonfarm payrolls report, U.S. rate futures priced in 78 basis points of easing in 2024, equivalent to three 25-basis-point rate cuts. Nonfarm payrolls increased by 151,000 in February, below the 160,000 forecast, while January’s figure was revised down to 125,000 from 143,000. On Friday, Fed Chair Powell said a one-time jump in prices due to tariffs does not need a monetary policy response .The dollar index fell 0.4% to 103.81, after earlier hitting its lowest level since early November. Immediate resistance can be seen at 148.96(38.2%fib) an upside break can trigger rise towards 150.57(50%fib). On the downside, immediate support is seen at 146.40(23.6%fib) a break below could take the pair towards 146.22(Lower BB).
Equities Recap
European shares closed Friday lower, as investors grappled with whipsaw changes in U.S. trade policy throughout the week and digested a slightly softer than expected U.S. jobs report earlier in the day.
UK's benchmark FTSE 100 closed down by 0.03 percent, Germany's Dax ended down by 1.75percent, France’s CAC finished the day up by 0.95 percent.
U.S. stocks closed higher on Friday, recovering from early losses after Federal Reserve Chair Jerome Powell reassured markets that the economy was in a good place. However, lingering uncertainty over U.S. trade policy contributed to Wall Street’s biggest weekly decline in months.
Dow Jones closed up by 0.52 %percent, S&P 500 closed up by 0.55 % percent, Nasdaq settled up by 0.70% percent.
Commodities Recap
Gold prices edged lower on Friday but remained on track for a weekly gain, supported by safe-haven demand and a weaker-than-expected U.S. jobs report. The disappointing employment data reinforced expectations that the Federal Reserve is likely to cut interest rates later this year.
Spot gold fell 0.1% to $2,906.04 an ounce as of 01.46 p.m. (1846 GMT). Bullion has gained about 1.7% so far this week, as U.S. President Donald Trump's ever-shifting tariff policies fanned uncertainty.
Oil prices rose on Friday but pulled back from session highs after U.S. President Donald Trump warned of sanctions on Russia if it fails to negotiate a cease-fire with Ukraine.
Brent crude futures settled at $70.36 a barrel, up 90 cents, or 1.3%. West Texas Intermediate futures finished at $67.04, up 68 cents, or 1.02%.