Posted at 22 April 2025 / Categories Market Roundups
Market Roundup
• US Leading Index (MoM) (Mar) -0.7% -0.5% forecast, -0.2% previous
• US 3-Month Bill Auction 4.225%, 4.225% previous
• US 6-Month Bill Auction 4.050%, 4.060% previous
Looking Ahead Economic Data(GMT)
• 10:30 Japan BoJ Core CPI (YoY) 2.4% forecast, 2.2% previous
Looking Ahead Events And other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro touched a three-year high on Monday as dollar slipped lower as anxiety over tariffs and public criticism of the Federal Reserve by President Donald Trump hit sentiment. Trump launched a series of attacks against Fed Chair Jerome Powell on Thursday, with his team evaluating whether they could fire Powell, a move that has great consequence for the central bank's independence and for global markets. Chicago Federal Reserve President Austan Goolsbee said on Sunday that he hopes the United States is not moving to an environment where the ability of the central bank to set monetary policy independent of political pressure is questioned. Trump's tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession. Immediate resistance can be seen at 1.1550(23.6%fib), an upside break can trigger rise towards 1.1571(Higher BB).On the downside, immediate support is seen at 1.1399(Daily low), a break below could take the pair towards 1.1312(38.2%fib).
GBP/USD: The British pound strengthened against the U.S. dollar on Monday as investor confidence in the U.S. economy took another hit over President Donald Trump's plans to shake up the Federal Reserve.Trump launched a series of attacks against Federal Reserve Chair Jerome Powell, with his team evaluating whether they could fire Powell . A 90-day reprieve on some duties for all trading partners except China has done little to arrest the dollar's decline or to tame the heightened volatility in the foreign exchange markets. Trading was thin with most European markets and those in Australia and Hong Kong closed for Easter Monday. Immediate resistance can be seen at 1.3410(23.6%fib), an upside break can trigger rise towards 1.3485(Higher BB).On the downside, immediate support is seen at 1.3227(38.2%fib), a break below could take the pair towards 1.3165(April 15th low).
USD/CAD: The Canadian dollar strengthened against the U.S. dollar on Monday as the Trump administration's statement about considering options to fire Powell, a day after Trump's criticism, fueled concerns about the central bank's autonomy. Canadian retail sales data due later this week will provide valuable insights into consumer spending trends amid the ongoing trade war. This also marks the final week of campaigning before Canada’s election on April 28, with Prime Minister Mark Carney vowing to establish a new economic framework that reduces the country’s dependence on the U.S. The loonie was trading 1% higher at 1.4090 per U.S. dollar , after touching its strongest intraday level since December 6 at 1.4028.Immediate resistance can be seen at 1.3860 (Daily high), an upside break can trigger rise towards 1.3700 (50%fib).On the downside, immediate support is seen at 1.3782 (50%fib), a break below could take the pair towards 1. 3932 (Lower BB)
USD/JPY: The dollar slipped to seven month low against the Japanese yen on Monday as the dollar weakened amid the ongoing uncertainty over U.S. tariff policies. Trump's sweeping tariffs and uncertainty over his trade policies have sent global markets into a tailspin and darkened the outlook for the world's largest economy, in turn weakening the dollar as investors pull money out of U.S. assets.China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiralling trade war between the world's two biggest economies. Against a basket of currencies, the dollar slid to a three-year low of 98.164 on Monday. Immediate resistance can be seen at 142.28 (Daily high) an upside break can trigger rise towards 143.00(Psychological level) On the downside, immediate support is seen at 140.23 (23.6%fib) a break below could take the pair towards 139.78(Lower BB).
Equities Recap
European stock markets remained closed on Monday in observance of Easter Monday.
U.S. stocks plunged on Monday as President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell, raising concerns about the central bank’s independence.
Dow Jones closed down by 2. 48 %percent, S&P 500 closed down by 2. 36% percent, Nasdaq closed down by 2. 55% percent.
Commodities Recap
Gold surged above $3,400 to a record high on Monday, as the dollar weakened and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion.
Spot gold rose 2.7% to $3,417.62 an ounce at 1:46 p.m. ET (1746 GMT). Prices hit a record high of $3,430.18 earlier in the session.U.S. gold futures settled 2.9% higher at $3,425.30.
Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained concerned about economic headwinds from tariffs that could curb demand for fuel.
Brent crude futures were down $1.70, or 2.5%, at $66.26 a barrel, after closing up 3.2% on Thursday. Thursday was the last settlement day last week because of the Good Friday holiday.
U.S. West Texas Intermediate crude fell $1.60, or 2.5%, to $63.08 a barrel, after settling up 3.54% in the previous session.