Posted at 13 March 2025 / Categories Market Roundups
Market Roundup
•US Core CPI (MoM) (Feb) 0.2% , 0.3% forecast, 0.4% previous
•US Core CPI (YoY) (Feb) 3.1% , 3.2% forecast, 3.3% previous
•US Core CPI Index (Feb) 325.48 , 324.74 previous
•US CPI (YoY) (Feb) 2.8% , 2.9% forecast, 3.0% previous
•US CPI (MoM) (Feb) 0.2% , 0.3% forecast, 0.5% previous
•US CPI Index, n.s.a. (Feb) 319.08 , 319.22 forecast, 317.67 previous
•US CPI Index, s.a. (Feb) 319.78 , 319.09 previous
•US CPI, n.s.a. (MoM) (Feb) 0.44% , 0.65% previous
•US Real Earnings (MoM) (Feb) 0.1% , -0.3% previous
•US Crude Oil Inventories 1.448M , 2.100M forecast, 3.614M previous
•Canada BoC Interest Rate Decision 2.75%, 2.75% forecast, 3.00% previous
•US Cleveland CPI (MoM) (Feb) 0.3%, 0.3% previous
Looking Ahead Economic Data(GMT)
•00:30 Australia Building Approvals (MoM) (Jan) 6.3% forecast, 0.7% previous
•00:30 Australia Private House Approvals (Jan) 1.1% forecast, -3.0% previous
Looking Ahead Events And Other Releases(GMT)
• 02:30 Australia RBA Assistant Governor Jones Speaks
Currency Summaries
EUR/USD: The euro eased from five-month high on Wednesday as markets digest US inflation data and global trade tensions. U.S. President Donald Trump's increased tariffs of 25% on all steel and aluminium imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired. The European Union announced on Wednesday that it will impose counter tariffs on 26 billion euros ($28.39 billion) worth of U.S. goods from April, in response to blanket U.S. tariffs on steel and aluminium that came into force earlier in the day. The European Commission said it will end its current suspension of tariffs on U.S. products on April 1 and that its tariffs will be fully in place by April 13.The euro was trading up 0.02% at $1.0885. The currency has gained nearly 5% against the U.S. dollar so far in March .Immediate resistance can be seen at 1.0946 (23.6%fib), an upside break can trigger rise towards 1.0990(Higher BB).On the downside, immediate support is seen at 1.0835(38.2%fib), a break below could take the pair towards 1.0803(March 10th low).
GBP/USD: The British pound edged lower on Wednesday as investors digested tariff uncertainty and a cooler inflation report. Data showed the U.S. Consumer Price Index (CPI) rose 0.2% in February, down from 0.5% in January. However, the gain may be short-lived as tariffs on imports are expected to drive up costs in the coming months. President Trump imposed a 25% tariff on all steel and aluminium imports, including from the U.K. Britain's government said on Wednesday it was disappointed with President Donald Trump's decision to impose tariffs on steel and aluminium imports but did not follow the European Union in retaliating. President Donald Trump’s trade policies have been a persistent source of market uncertainty, impacting currencies, equities, and commodities worldwide. Investors await the UK’s January GDP report on Friday, which will offer key insights into the country’s economic performance. Immediate resistance can be seen at 1.2971(23.6%fib), an upside break can trigger rise towards 1.3020(Higher BB).On the downside, immediate support is seen at 1.2876(March 10th low), a break below could take the pair towards 1.2812(38.2%fib)
USD/CAD: The Canadian dollar edged higher on Wednesday after the Bank of Canada (BoC) cut rates by 25 bps to 2.75%, as expected, but refrained from signaling further easing.The BoC warned of "a new crisis" as it sought to shield the economy from the impact of Trump’s tariffs, while Canada announced retaliatory tariffs on the U.S.Despite concerns over economic risks, the BoC emphasized a cautious approach to future rate decisions, balancing inflation pressures and growth uncertainties. Trump's higher tariffs on all U.S. steel and aluminum imports took effect Wednesday. In response, Canada America’s largest foreign supplier imposed 25% retaliatory tariffs on C$29.8 billion worth of U.S. goods. The loonie was trading 0.2% higher at 1.44 per U.S. dollar. Immediate resistance can be seen at 1.4500(38.2%fib), an upside break can trigger rise towards 1.4576 (Higher BB).On the downside, immediate support is seen at 1.4364(38.2%fib), a break below could take the pair towards 1.4189 (50%fib)
USD/JPY: The dollar gained some ground against the yen on Wednesday as inflation slowdown concerns were outweighed by fears of Trump's tariff-driven inflationary risks.Ongoing trade tensions fueled by Trump’s unpredictable tariff policies have created market uncertainty, unsettling investors.In the latest development, Trump vowed to retaliate against the EU's plan to impose counter-tariffs on €26 billion ($28 billion) worth of U.S. goods next month, following his blanket tariffs on steel and aluminum imports. Labor Department data showed a lower-than-expected increase in U.S. consumer prices to 0.2% last month, compared with the average forecast of 0.3%.The dollar strengthened 0.37% to 148.31 yen against the Japanese yen. Immediate resistance can be seen at 148.88(38.2%fib) an upside break can trigger rise towards 150.49(50%fib). On the downside, immediate support is seen at 147.13(23.6%fib) a break below could take the pair towards 147.00(Psychological level).
Equities Recap
European shares rebounded on Wednesday after four consecutive declines, driven by optimism over Ukraine-Russia developments and a cooler-than-expected U.S. inflation report, which boosted market sentiment.
UK's benchmark FTSE 100 closed up by 0.53 percent, Germany's Dax ended up by 1.56 percent, France’s CAC finished the day up by 0.59 percent.
U.S. stocks rose on Wednesday as cooler-than-expected inflation data helped ease a sharp selloff, though gains were limited by the escalation of Trump's unpredictable tariff war.
Dow Jones closed down by 0.20 %percent, S&P 500 closed up by 0.49% percent, Nasdaq settled up by 1.22% percent.
Commodities Recap
Safe-haven gold rose on Wednesday, supported by tariff uncertainty and a cooler inflation report that reinforced expectations for a U.S. rate cut
Spot gold was up 0.7% at $2,935.59 an ounce as of 02:32 p.m. ET (1832 GMT). U.S. gold futures settled 0.9% higher at $2,946.80.
Oil prices rose 2% on Wednesday after U.S. government data showed tighter-than-expected crude and fuel inventories, signaling stronger demand.
Brent futures settled $1.39, or 2%, higher at $70.95 a barrel. U.S. West Texas Intermediate crude futures gained $1.43, or 2.2%, to $67.68 a barrel.