Posted at 22 April 2025 / Categories Market Roundups
Market Roundup
• Spanish Trade Balance (Feb)-3.42B, -6.19B previous
• Spanish 3-Month Letras Auction 2.100%, 2.359% previous
•Belgium Consumer Confidence (Apr) -14, -10 previous
• EU Government Budget to GDP -3.1% ,-3.5% previous
• EU Government Debt to GDP 87.4%,87.3% previous
• EU German 2-Year Schatz Auction 1.670%, 2.010% previous
Looking Ahead Economic Data(GMT)
•12:30 Canada PPI (YoY) (Mar) 4.9% previous
•12:30 Canada IPPI (MoM) (Mar) 0.3% forecast, 0.4% previous
•12:30 Canada RMPI (YoY) (Mar) 9.3% previous
•12:30 Canada RMPI (MoM) (Mar) 0.0% forecast, 0.3% previous
•13:00 US Redbook (YoY) 6.6% previous
•13:00 US Fed Governor Jefferson Speaks
•13:00 French 12-Month BTF Auction 2.013% previous
•13:00 French 3-Month BTF Auction 2.192% previous
•13:00 French 6-Month BTF Auction 2.101% previous
•14:00 US Richmond Manufacturing Index (Apr) -6 forecast,-4 previous
•14:00 US Richmond Manufacturing Shipments (Apr) -7 previous
•14:00 US Richmond Services Index (Apr) -4 previous
•14:00 EU Consumer Confidence (Apr) -15.0 forecast,-14.5 previous
Looking Ahead Economic Data(GMT)
•13:30 US FOMC Member Harker Speaks
•17:00 ECB's De Guindos Speaks
•18:00 UK BoE Breeden Speaks
•18:00 US FOMC Member Kashkari Speaks
Currency Forecast
EUR/USD: The euro hovered near 3-1/3-year peak on Tuesday as President Donald Trump's attacks on the Federal Reserve raised concerns about the central bank's independence. Trump ramped up his criticism of Fed chief Jerome Powell on Monday in a Truth Social post, calling him a major loser and demanding that he lower interest rates or risk an economic slowdown. On Friday, White House economic adviser Kevin Hassett said the president and his team was continuing to study whether they could fire Powell, a day after Trump said Powell's termination cannot come fast enough. Markets kept a close eye on the Ukraine war as the Kremlin said Tuesday there were no concrete plans for talks, though discussions could happen if Ukraine removed certain obstacles. Immediate resistance can be seen at 1.1567(23.6%fib), an upside break can trigger rise towards 1.1627(Higher BB).On the downside, immediate support is seen at 1.1359(38.2%fib), a break below could take the pair towards 1.1178(50%fib).
GBP/USD: Sterling steadied against the dollar on Tuesday as investors digested Bank of England policymaker's remarks on U.S. tariffs. BoE's Megan Greene said UK inflation may fall due to Trump’s tariffs, as Britain’s choice not to impose reciprocal tariffs could attract cheaper goods from Asia and Europe.Her comments come as global policymakers balance inflation worries with economic growth prospects.The BoE's next monetary policy meeting is on May 8. Financial markets on Tuesday priced in a 100% chance of a rate cut. Sterling was down 0.12% at $1.3358 after surging as high as $1.3421 for the first time since September to start the week. Immediate resistance can be seen at 1.3417(23.6%fib), an upside break can trigger rise towards 1.3505(Higher BB).On the downside, immediate support is seen at 1.3259(April 21t low ), a break below could take the pair towards 1.3223(38.2%fib).
AUD/USD: The Australian dollar steadied near four-month peak on Tuesday as Trump’s renewed criticism of Fed Chair Powell added pressure to markets already rattled by trade war fears. On Monday, President Trump escalated his criticism of Fed Chair Jerome Powell, labeling him a 'major loser' and demanding an immediate cut to interest rates. Australia data calendar is light week with few scheduled data releases or events, leaving the movements of the Australian currencies largely driven by U.S. dollar flows. Trump’s attack followed Powell’s comments that the Fed can stay patient on rates, waiting to see if tariffs lead to lasting inflation. At GMT 04:58, the Australian dollar was trading higher 0.33% at $0.6365 against US dollar. Immediate resistance can be seen at 0.6452(23.6%fib), an upside break can trigger rise towards 0.6525(Higher BB).On the downside, immediate support is seen at 0.6371(April 21st low), a break below could take the pair towards 0.6344(38.2%fib)
USD/JPY: The dollar slipped lower on Tuesday as trade war concerns, global recession fears, and contrasting BoJ-Fed policies boosted demand for the yen. On Monday, China accused Washington of abusing tariffs and warned countries against making deals with the U.S. at its expense, escalating the trade war. The Bank of Japan is expected to signal next week that the risks posed by higher U.S. tariffs are unlikely to disrupt the ongoing cycle of rising wages and inflation key factors supporting further interest rate hikes. At its two-day policy meeting ending May 1, the BOJ is expected to lower its economic growth forecasts and highlight escalating risks from Trump's tariffs, which are set to impact global demand. The dollar was down 0.40% at 140.28 yen , after falling below the psychological 140 level for the first time since mid-September. Immediate resistance can be seen at 141.34(Daily high) an upside break can trigger rise towards 142.34(50%fib). On the downside, immediate support is seen at 139.63(38.2%fib) a break below could take the pair towards 139.00(Psychological level).
Equities Recap
European stock markets dipped on Tuesday following fresh criticism of the Federal Reserve by U.S. President Donald Trump, deepening market unease already fueled by trade disputes.
At GMT (12:16) UK's benchmark FTSE 100 was last trading up at 0.25 percent, Germany's Dax was down by 0.49 percent, France’s CAC was down by 0.33 percent.
Commodities Recap
Gold prices briefly broke above $3,500 per ounce to an all-time high on Tuesday, after U.S. President Donald Trump criticised Federal Reserve Chair Jerome Powell, rattling investors and increasing demand for the safe-haven asset.
Spot gold was up about 1% at $3,457.12 an ounce by 1025 GMT, after earlier rising as far as $3,500.05. U.S. gold futures gained 1.3% to $3,469.50.
Oil prices rebounded on Tuesday as equity markets recovered, but worries remain about tariffs and U.S. monetary policy potentially weakening fuel demand.
Brent crude futures rose 80 cents, or 1.2%, to $67.06 a barrel by 1108 GMT. The U.S. West Texas Intermediate crude contract for May , which expires on Tuesday, was up $1.06, or 1.7%, at $64.14.